Dangote’s stepbrother, Sayyu Dantata, gains $2.4 million from MRS stake in 48 hours

Feyisayo Ajayi -

Nigerian businessman Sayyu Dantata, stepbrother of billionaire Aliko Dangote, has added a whopping $2.4 million to his net worth, thanks to his stake in MRS Oil, a fully integrated and efficient downstream player with leading positions in the Nigerian oil industry.

According to data tracked by Billionaires.Africa, Dantata’s stake in MRS Oil Nigeria has soared by N1.85 billion ($2.41 million) in just 48 hours, driven by a surge in the company’s share price, aggregating his year-to-date gain to a whopping $21.38 million.

MRS Oil Nigeria, a prominent Nigerian oil marketing company, operates in three segments: retail, commercial and industrial, aviation, and lubricants. Its operations span several West African countries, including Benin, Togo, Cameroon, and Cote d’Ivoire.

At present, MRS Oil Nigeria is ranked as the 46th most valuable stock on the Nigerian Exchange, boasting a market capitalization of N35.7 billion ($47.32 million), accounting for 0.095 percent of the local bourse’s total equity market.’

Dantata owns an impressive 60 percent of MRS Oil Nigeria Limited, through his investment company, MRS Africa Holdings. This significant stake, amounting to 205,730,806 ordinary shares in the company, positions him as one of the wealthiest investors in the Nigerian Exchange (NGX).

Over the past two days on the NGX, the share price of MRS Oil Nigeria has experienced an impressive ascent, surging from N95.00 ($0.123) on September 19 to N104.00 ($0.134) at the time of writing, resulting in a 9.47-percent gain for shareholders.

The latest surge in the company’s shares has propelled the market value of Dantata’s stake in MRS Oil Nigeria from $19.57 billion ($25.45 million) on Sept. 19 to $21.42 billion ($27.86 million) on Sept. 21.

This recent upswing has translated into an outstanding gain of $2.41 million (N1.85 billion) for the Nigerian businessman in just two days, further cementing his position as one of the country’s top business executives.

With his exceptional business acumen and strategic positions within MRS Oil Nigeria through MRS Africa Holdings, Dantata continues to make waves in the Nigerian business landscape, solidifying his status as a highly successful and influential entrepreneur.