Home » Nigerian billionaire Mike Adenuga’s oil firm rakes in over $140 million in revenue in 2023

Nigerian billionaire Mike Adenuga’s oil firm rakes in over $140 million in revenue in 2023

Adenuga's visionary leadership propels Conoil to new heights in Nigeria's oil sector

by Omokolade Ajayi
Mike Adenuga

Conoil Plc, the leading petroleum marketing company controlled by Nigerian billionaire Mike Adenuga, has announced a landmark financial performance for the 2023 fiscal year, surpassing investors’ expectations with record-breaking revenue surpassing $140 million.

The unaudited financial statements for the period ended Dec. 31, 2023, revealed a remarkable 53.2-percent surge in revenue for Conoil, climbing from N131.42 billion ($93 million) in 2022 to an impressive N201.39 billion ($142.4 million) in 2023.

The surge in revenue is attributed to a substantial increase in sales of Premium Motor Spirit (PMS), Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO), and Automotive Gasoline/grease Oil (AGO), which soared from N120.37 billion ($85.1 million) in 2022 to N194.96 billion ($137.9 million) in 2023.

Adenuga’s visionary leadership propels Conoil to new heights in Nigeria’s oil sector

Adenuga’s leadership and the company’s strategic focus on diesel, kerosene, aviation fuel, and gasoline sales, coupled with the success of its lubricants under the brand name “Quarto,” have solidified Conoil’s position in the Nigerian oil industry.

Adenuga, renowned telecom mogul and one of Africa’s wealthiest billionaires, owns a 74.4-percent stake, equivalent to 516,298,603 shares, in Conoil. As the chairman, Adenuga’s strategic leadership has propelled the company to unparalleled heights, solidifying its position in Nigeria’s oil industry.

Under Adenuga’s guidance, Conoil’s total assets witnessed a substantial surge in 2023, rising from N65.91 billion ($46.61 million) at the start of the year to N107.99 billion ($76.4 million) by December 31, 2023.

Exceptional year-long profit growth propels Conoil Plc’s retained earnings above $20 million

The company’s retained earnings also experienced unprecedented growth, climbing from N20.84 billion ($14.74 million) as of December 31, 2022, to N28.73 billion ($20.32 million) as of Dec. 31, 2023, fueled by exceptional profit growth throughout the year.

In a move to further strengthen its operations, Conoil Plc, affiliated with the Major Oil Marketers Association of Nigeria (MOMAN), has positioned itself as one of the oil marketers registered to distribute fuel from the Dangote Oil Refinery in Nigeria, aligning with its strategic expansion efforts.

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