Mike Adenuga Loses N5.7bn As Conoil Shares Plunge

Nigerian billionaire businessman, Mike Adenuga has suffered a huge loss after Coinoil Plc shares plunged by N11 to settle at N99 per share from N110 previously traded.

Conoil lost a whopping N7.63bn due to the fall in the share price which dropped its market capitalization from N76.3bn to N68.7bn on Wednesday.

This is Conoil’s worst share drop since July 6, 2023, when it traded N99.5 per share.

The billionaire owner of Globacom, a telecom company founded in August 2003 has the controlling share in Conoil through Conpetro Ltd.

Conpetro Ltd is a company wholly owned by Adenuga.

Based on findings by THE WHISTLER, Conpetro Ltd controls 516,298,603 (74.4 per cent) shares of Conoil while other shareholders control the remaining 25.6 per cent with a total shareholding of 177,653,514.

Before the shares tumbled, Adenuga’s shares through Conpetro Ltd were worth N56.97bn at the N110 per share but fell to N51.1bn on Wednesday.

He consequently lost N5.67bn.

In the first half of 2023, the oil company posted a 54.9 increase in its revenue from N56.24bn in 2022 to N87.14bn in 2023.

Conoil’s profit before tax rose by 222.4 per cent to N6.25bn in the half year of 2023 as against the N1.8bn the company posted in 2022.