Nigerian billionaire Mike Adenuga Conoil stake skyrockets by $24 million

Mike Adenuga, Nigerian billionaire known for his business interests in telecom and oil ventures who serves as the chairman and CEO of Globacom Limited, one of Nigeria’s prominent telecom service providers, has experienced a notable surge in the market value of his stake in Conoil Plc, a leading Nigerian petroleum marketing company.

Adenuga’s fortune swept forward since the start of this year as a result of the sustained buying interest in the company’s shares on the Nigerian Exchange.

Data obtained from the Nigerian Exchange showed Adenuga’s impressive increase of N11.31 billion ($24.4 million) in the market value of his stake in Conoil since the beginning of the year.

Conoil, a petroleum marketing firm who specializes in the sale of diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. Also, it has a line of lubricants marketed under the “Quatro” brand name.

How Conoil stake increased

The Nigerian businessman holds a majority stake of 74.4 percent in this oil marketing business, consolidating his position as one of Africa’s wealthiest businessmen. 

As at the time of this report, Conoil’s share price has soared by 82.6 percent, skyrocketing from N26.5 ($0.0572) on January 1 to N48.4 ($0.104). This impressive increase has generated substantial gains for shareholders, particularly Adenuga, who possesses the majority of the oil marketing company.

This caused Adenuga’s stake in Conoil to experience a significant upswing of N11.3 billion ($24.4 million) since the start of the year, increasing from N13.68 billion ($29.52 million) on January 1 to N24.98 billion ($53.92 million) at the time of this report.

Furthermore, the surge of $24.4 million in Adenuga’s stake solidifies his stature as one of the leading businessmen with investments in publicly listed companies on the Nigerian Exchange.

The company posted a profit of $13.5 million at the end of its 2022 fiscal year, positioning it as one of Nigeria’s most profitable oil marketing firms.

Then, analysts attributed the recent surge in Conoil’s shares to optimistic forecasts of another remarkable financial performance this year.

The positivism would likely enticed investors, contributing to the surge in share prices and ultimately boosting Adenuga’s market value.

The Nigerian billionaire reaffirms his status as a prominent figure in both the telecom and oil sectors, poised to make further strides in the years to come With the juicy reward in his strategic investments.