Nigerian billionaire Mike Adenuga gains $22 million from stake in oil firm - Report

Nigerian business magnate Mike Adenuga has witnessed a surge in the market value of his stake in Conoil Plc over the last two months as renewed buying interest in the company shares following its impressive financial performance sent its shares flying on the Nigerian Exchange.

According to data tracked by Billionaires.Africa, Adenuga, who currently ranks as Nigeria’s third-richest man after being displaced by Abdul Samad Rabiu in October 2022, has seen the value of his Conoil stake rise by N10.5 billion ($22.82 million) since the start of the year.

Conoil is a leading petroleum marketing firm that offers a range of products, including diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. The company also produces and markets lubricants under the “Quatro” brand name.

With a majority stake of 74.4 percent in the oil marketing business, Adenuga serves as its chairman and is also the founder of telecom service provider, Globacom.

Since the start of the year, the company has experienced a significant surge in its share price on the Nigerian Exchange, rising by nearly 77 percent from N26.5 ($0.0576) on Jan. 1 to N46.85 ($0.1017) on March 2.

This can be attributed to sustained investor interest in the company’s shares following its outstanding financial performance at the end of its 2022 fiscal year.

As a result, investors continue to accumulate shares in Conoil, making it a highly attractive investment opportunity.

As a result of the remarkable 77-percent year-to-date increase in Conoil’s share price, the value of Adenuga’s stake has risen from N13.68 billion ($29.7 million) at the start of the year to N24.19 billion ($52.53 million) at the time of writing this report.

With a profit of $168.4 million in 2022, Conoil is well-positioned for another substantial dividend payout in 2023, making it a highly attractive investment opportunity for shareholders like Adenuga.

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