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Nigerian lawyer and businessman Gbenga Oyebode, the chairman of Okomu Oil Palm Company Plc, has seen the market value of his stake in the Nigerian-listed company rise by more than $17 million following a steady climb in its share price over the past 10 months.
Oyebode, who holds a 4.37-percent stake in the Edo State–based company, has benefited from a steady rally in Okomu Oil’s share price since the start of the year. According to data tracked on the Nigerian Exchange, the market value of his holdings has increased by N25.25 billion ($17.43 million), lifting the total value of his stake to around $30.19 million as of early November.
Strong fundamentals support steady growth
Okomu Oil's emphasis on sustainability and efficiency is evident in its performance. The company produces about 74,000 tonnes of palm oil a year for the food and cosmetics industries, managing about 19,000 hectares of oil palm plantations. Its 7,334-hectare rubber division produces over 9,000 tonnes of dry rubber annually, giving it a stable income base that balances out changes in the price of palm oil.
The company’s results for the nine months ended Sept. 30 underscore this expansion. Okomu reported revenue of N173.95 billion ($118.5 million), a sharp increase from N103.95 billion ($70.8 million) in the same period last year. Management attributed the growth to stronger sales of palm oil, palm kernel oil, palm kernel cake, banga and rubber cup lumps.
Rising share price drives investor returns
Okomu Oil’s stock has been one of the standout performers on the Nigerian Exchange (NGX) this year. The share price has climbed 136.5 percent in 10 months, rising from N444 ($0.31) at the start of the year to N1,050 ($0.72) at the time of drafting this report.
That rally boosted the company’s market cap to $692 million, rewarding long-term investors like Oyebode. His stake rose from N18.5 billion ($12.77 million) in early January to N43.75 billion ($30.19 million), marking one of the most notable wealth gains among Nigerian corporate insiders this year.
