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Nigerian Billionaire Mike Adenuga Suffers $7.5-Million Loss 

- September 7, 2023

After recording impressive gains this year, Nigerian billionaire Mike Adenuga has seen a substantial dip in his net worth due to a significant dip in the market value of his shares in Conoil Plc, a leading petroleum marketing company.

According to the data gathered by Billionaires.Africa, the market value of Adenuga’s stake in Conoil has decreased by N5.7 billion ($7.5 million) over the past 35 days due to the recent pullback in the company’s shares on the Nigerian Exchange.

The sudden dip in Adenuga’s wealth comes after an astonishing N17.30 billion ($22.27 million) surge in his Conoil shares. During the period spanning from June 16 to July 12, his stake in the company skyrocketed from N40.79 billion ($52.53 million) to N58.08 billion ($74.79 million).

Conoil, under Adenuga, has solidified its position as a dominant player in Nigeria’s petroleum marketing industry. The company is renowned for its expertise in the sale of diesel, kerosene, aviation fuel, gasoline, and a range of lubricants marketed under the “Quarto” brand.

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.

Over the past 35 days, Conoil’s share price has slumped by 10 percent, falling from N110 ($0.1453) on July 31 to N99 ($0.131) at the time of writing.

Consequently, the market value of Adenuga’s stake in Conoil has fallen from N56.8 billion ($75.03 million) on July 31 to N51.11 billion ($67.52 million) at the time of writing. This translates to a total loss of N5.68 billion ($7.5 million) for the billionaire businessman.

Despite this setback, Adenuga stands as one of the wealthiest tycoons on the continent, a prominent figure in both the African oil and gas industry and the telecom sector.

His astute leadership has played a pivotal role in propelling Conoil to unprecedented heights of success within the Nigerian oil industry. Simultaneously, he maintains an iron grip on the African telecommunications sector through his telecom juggernaut, Globacom.

Culled from Billionaires Africa

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