Adenuga holds a majority 74.4-percent stake in the petroleum marketing firm.
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"Conoil"
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Adenuga holds a 74.4-percent stake in the oil marketing business.
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So far this year, the company’s share price has increased by 45.4 percent.
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Adenuga’s 74.4-percent stake in the company is worth $32.6 million.
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Conoil is a petroleum marketing corporation led by Adenuga, who owns 74.4 percent of the company.
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Local contractors accuse Nigerian billionaire Mike Adenuga’s Conoil of failing to pay debts
Adenuga, the founder of Globacom and a billionaire businessman, is the chairman of the board of Conoil.
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Oil mogul Mike Adenuga earns $7.6 million as investors react to 213-percent increase in Conoil’s half-year profits
As of Sept. 24, shares in the company were trading at a record three-year high of $0.0596 per share.
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Its revenue expanded from $139.63 million to $164.27 million.
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Stake of Nigeria’s second richest man Mike Adenuga in Conoil gains $2.26 million in 21 days
The gains follow a surge in the oil marketing company’s share price.
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Africa’s fourth richest billionaire Mike Adenuga to pocket $1.88 million in Conoil dividends
Conoil has been a leading petroleum marketer in Nigeria since the proliferation of cars in the 1920s.