- Mike Adenuga, telecom mogul and Chairman of Conoil, is set to smile to the bank with staggering dividends
- The billionaire will earn about N1.29 billion from his shareholding in Conoil, the petroleum marketing company
- Adenuga holds about 74.4% shares of Conoil, amounting to 516,298,603 shares
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Nigerian billionaire and Globacom Chairman Mike Adenuga is set to receive a significant N1.29 billion in dividends from his shareholding in Conoil Plc, a petroleum marketing company.
Adenuga's N1.29 billion dividends, which make up his lion's share of the entire N1.73 billion final dividends approved by the company's shareholders at the 53rd Annual General Meeting on September 22, 2023, would be paid into his account on September 29, 2023.
Conoil shows outstanding performance in Q1 of 2023
The dividends payout delivers the oil company's impressive performance throughout the 2022 financial year.
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Also, the firm has shown outstanding financial strength, with its Q1 2023 profits shooting up by 440%, rising from $1.21 million in the first quarter of 2022 to a massive $6.5 million.
Conoil has demonstrated its dominance in Nigeria's oil marketing sector. It celebrated its leadership in diesel, kerosene, aviation fuel, petrol, and other lubricants.
According to reports, Adenuga owns about 74.4% majority stake in the company, representing 516,298,603 shares.
Conoil's profit jumps 60% first quarter of 2023
Conoil's profit after tax skyrocketed by 60.1% to N6.13 billion in 2022, up from the N3.83 billion recorded in 2021.
The company's profit after tax saw an impressive 60% increase, rising from N3.08 billion to N4.96 billion in the same period.
Conoil's earnings per share hit N7.14, representing a 60.8% increase compared to the N4.44 earned in 2021.
The development led to the company's board of directors approving a final dividend of $2.2 million, a final N2.5 per share.
Wale Tinubu goes home with juicy earnings.
Adenuga is not the only Nigerian billionaire who will earn a mouthwatering sum from their investment in their oil businesses.
Billionaire investor and owner of Oando, Wale Tinubu, has seen the value of his shares in Oando Plc skyrocket by over $40 million on the Nigerian Exchange (NGX) as investors move to lap up the company's shares on the NGX.
According to reports, Tinubu's stakes in Oando have increased by N31.38 billion in the past 17 days as investors in the exchange scramble for the company's shares following moves to acquire 100% stakes in Nigerian Agip Oil Company (NAOC).
Dangote leads list of Top 5 African billionaires with the most considerable wealth losses in 24 hours with N525bn.
Legit.ng reported that Economies in Africa have become very volatile for businesses and entrepreneurs, with industrialists bearing the brunt of the economic policies of governments.
Recently, the Nigerian government decided to unify the exchange rate and float the local naira, which wiped off the country's vast fortunes of many billionaires.
Before that decision on June 14, 2023, most Nigerian billionaires ranked among the first 500 in the world, with Dangote leading the pack with over $21 billion in net worth.