Nigerian billionaire Mike Adenuga earns over $3.6 million in single day from Conoil

Nigerian billionaire Mike Adenuga’s stake in Conoil Plc increased in value by more than $3.6 million during today’s trading session on the Nigerian Exchange, as investors renewed their buying interest in the oil company after its share price fell from an all-time high.

Conoil is a Nigerian petroleum marketing company led by Adenuga, a wealthy billionaire businessman and founder of Globacom. He owns 74.4 percent of the company.

Conoil, which manufactures and sells lubricants under the “Quarto” brand, as well as gasoline, kerosene, diesel, aviation fuel, and low-pour fuel, has seen its stock rise by more than 40 percent since the year began.

Given the double-digit increase in the company’s share share price since the start of the year, its stock has yet again become the talk of the town for Nigerian and international investors.

Conoil shares rose from N29.1 ($0.07) per share at the start of trading on the local bourse on Monday to N32 ($0.077) per share at the close of the day, representing a 9.97-percent gain for shareholders in less than 12 hours.

The near-double-digit gains come as market participants double down on fundamentally strong companies as part of a move to strategically preserve and grow wealth in the short to medium term.

As a result of the share price hike, the market value of Adenuga’s 74.4-percent stake in the petroleum marketing company increased by N1.5 billion ($3.6 million) during today’s trading session, while the firm’s market capitalization soared above $53 million.

According to data obtained by Billionaires.Africa, the market value of his equity position has risen from N15.02 billion ($36.2 million) at the start of business this morning to N16.52 billion ($39.8 million) at the time of writing this report.

So far this year, the company’s shares have increased by 45.4 percent from N22 ($0.053) to N32 ($0.077), bringing the valuation of Adenuga’s stake to $39.8 million.