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Sayyu Dantata, half-brother to billionaire Aliko Dangote, has emerged as Nigeria’s most powerful fuel distributor after NNPC, leveraging his MRS network to benefit from Dangote Refinery’s rise.
The growth was fueled by higher sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Aviation Turbine Kerosene (ATK), and lubricants.
This follows Dangote Oil Refinery’s recent move to lower its ex-depot price by 6.3 percent, from N950 ($0.64) to N890 ($0.60), after a drop in global crude oil prices.
MRS Oil’s ability to navigate inflationary headwinds and leverage supply chain efficiencies highlights its resilience in Nigeria’s volatile energy sector.
Dantata’s decision to sell the mansion coincides with reports that he is contemplating a return to his hometown of Kano State.
Revenue for the first nine months of 2024 climbed to N248.71 billion ($151.42 million), up from N100.88 billion ($61.42 million) in the prior-year period.
Revenue for the first three months of 2024 climbed to N79.16 billion ($62.6 million), up from N30.78 billion ($23.83 million) in the prior-year period.
Following a successful delisting, the board intends to seek shareholder authorization to list the company’s shares on the NASD OTC Securities Exchange.
The leading businessman known for his affinity for luxury and lavish assets, is reportedly contemplating a return to his hometown of Kano State.
Similarly, the company’s profit saw a substantial increase of over 270 percent from $1.37 million $5.14 million, indicating improved operational efficiency and cost-effectiveness.
Dantata, a multimillionaire businessman and the majority stakeholder in MRS Oil Nigeria, owns 60 percent of the company, or 205,730,806 ordinary shares.
The rehabilitation contracts have drawn both praise and criticism from industry stakeholders.
Dantata owns an impressive 60 percent of MRS Oil Nigeria Limited, through his investment company, MRS Africa Holdings.
Dantata, a multimillionaire businessman and half-brother of Nigerian billionaire Aliko Dangote, is the majority owner of MRS Oil Nigeria.