Nigerian billionaire strikes gold as Conoil stake skyrockets by $24 million

Nigerian billionaire, Mike Adenuga, who is known for his telecom and oil ventures, has experienced a notable surge in the market value of his stake in Conoil Plc, a leading Nigerian petroleum marketing company.

The sustained buying interest in the company’s shares on the Nigerian Exchange has propelled Adenuga’s fortunes since the start of the year.

Data obtained from the Nigerian Exchange reveals that Adenuga, who serves as the chairman and CEO of Globacom Limited, one of Nigeria’s prominent telecom service providers, has witnessed an impressive increase of N11.31 billion ($24.4 million) in the market value of his stake in Conoil since the beginning of the year.

Conoil, a renowned petroleum marketing firm, specializes in the sale of diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. Furthermore, it boasts a line of lubricants marketed under the “Quatro” brand name.

Adenuga holds a majority stake of 74.4 percent in this oil marketing business, consolidating his position as one of Africa’s wealthiest businessmen.

Throughout the year, Conoil’s share price has soared by 82.6 percent, skyrocketing from N26.5 ($0.0572) on January 1 to N48.4 ($0.104) at the time of this report.

This impressive increase has generated substantial gains for shareholders, particularly Adenuga, who possesses the majority of the oil marketing company.

As a result, Adenuga’s stake in Conoil has witnessed a significant upswing of N11.3 billion ($24.4 million) since the start of the year, increasing from N13.68 billion ($29.52 million) on January 1 to N24.98 billion ($53.92 million) at the time of this report.

This surge of $24.4 million in Adenuga’s stake further solidifies his stature as one of the leading businessmen with investments in publicly listed companies on the Nigerian Exchange.

Analysts attribute the recent surge in Conoil’s shares to optimistic forecast of another remarkable financial performance this year.

The company posted a profit of $13.5 million at the end of its 2022 fiscal year, positioning it as one of Nigeria’s most profitable oil marketing firms.

The positive outlook has likely enticed investors, contributing to the surge in share prices and ultimately boosting Adenuga’s market value.

With Adenuga’s strategic investments continuing to bear fruit, the Nigerian billionaire reaffirms his status as a prominent figure in both the telecom and oil sectors, poised to make further strides in the years to come.