Mike Adenuga, a Nigerian billionaire and telecom mogul, has seen his net worth by $5 million as a result of his stake in Conoil Plc, a Nigerian petroleum marketing company.
According to data tracked by Billionaires.Africa, the N2.17-billion ($5.23 million) increase in the market value of Adenuga’s stake since the start of the year can be attributed to the sustained increase in the shares of the petroleum marketing company, as investors increased buying interest in the firm after it posted a triple-digit percent increase in profit.
Conoil is a Nigerian petroleum marketing company led by Adenuga, a wealthy businessman and Globacom founder who owns 74.4 percent of the company. The oil company manufactures and sells lubricants under the “Quarto” brand in addition to selling regulated gasoline, kerosene, diesel, aviation fuel and low-pour fuel.
According to the company’s financial statement, profits at the end of 2021 increased by 114 percent from N1.44 billion ($3.46 million) in 2020 to N3.08 billion ($7.41 million) as a result of pricing benefits from the increase in the price of petroleum products and a combination of cost-cutting tactics employed by management.
The group’s total assets increased from N48.86 billion ($117.55 million) to N53.98 billion ($129.87 million) as a result of the strong financial performance, while retained earnings increased from N15.35 billion ($36.93 million) to N17.62 billion ($42.4 million).
Conoil’s stock price has risen by more than 19 percent since the beginning of the year, from N22 ($0.053) per share on Jan. 1 to N26.2 ($0.0632) per share at the time of writing.
The market value of Adenuga’s stake has increased from N11.36 billion ($27.4 million) at the start of business this year to N13.53 billion ($32.63 million) at the time of writing this report, owing to the double-digit percent increase in Conoil shares.
This amounts to a total gain of N2.17 billion ($5.23 million) for the billionaire businessman, who is currently valued at $7.1 billion, according to Forbes.