Home » Nigerian billionaire Mike Adenuga gains $16.3 million from Conoil shares

Nigerian billionaire Mike Adenuga gains $16.3 million from Conoil shares

Adenuga’s stake in Conoil Plc soars above $60 million

by Yusuf Abdulfatai
Mike Adenuga

Nigerian billionaire and telecom magnate Mike Adenuga has added millions of dollars in gains to his billion-dollar fortune, as the market value of his stake in Nigeria’s leading petroleum marketing company, Conoil Plc surged by double-digits percent.

According to data tracked by Billionaires.Africa, Adenuga’s stake in Conoil has increased by N14.61 billion ($16.26 million) in just 25 days. This surge closely aligns with the recent bullish pressure on the Nigerian Exchange that has pushed the share prices of publicly listed companies upward, including the share price of Conoil on the Nigerian Exchange (NGX).

Conoil shares surge by more than 33 percent, pushing market capitalization above $85 million

Conoil, a leading petroleum marketing firm, offers a diverse range of products, including diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. Additionally, the company is known for producing and marketing lubricants under the “Quatro” brand.

Recently, Conoil, along with six other oil marketers, has joined Sub-Saharan Africa’s largest petrochemical complex, the $20-billion Dangote Oil Refinery, owned by billionaire Aliko Dangote. This collaboration aims at the lifting and distribution of refined petroleum products.

Since the start of the year, Conoil shares have risen by 33.7 percent, going from N83.9 ($0.093) to N112.20 ($0.125) at the time of this report. This pushed Conoil’s market capitalization above $85 million, ranking it 40th among NGX’s most valuable stocks.

Adenuga’s stake in Conoil Plc soars above $60 million 

Adenuga, a leading telecom mogul and one of Africa’s wealthiest billionaires, owns a majority stake of 74.4 percent, or 516,298,603 shares, in the oil marketing business, cementing his position as one of the top players in the African oil industry.    

The recent upswing in Conoil shares has boosted the value of Adenuga’s stake in the petroleum marketing company. In just 25 days, his stake has climbed from N43.32 billion ($48.21 million) on Jan. 1 to N57.93 billion ($64.47 million), marking a N14.61-billion ($16.26 million) gain.

This swift increase underscores Adenuga’s adept strategic investments, propelling his total fortune to $7 billion and securing his position among the world’s wealthiest individuals.

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