Nigerian billionaire businessman Mike Adenuga has experienced remarkable financial gains from his stake in Conoil over the past 22 days, recouping some losses incurred in June due to currency devaluation.

According to data tracked by Billionaires.Africa, the market value of Adenuga’s stake in Conoil, a prominent petroleum marketing firm, has now surged closer to $75 million, thanks to the latest N17.30 billion ($22.27 million) increase in his stake since June 16.

The surge in Conoil’s shares price can be attributed to renewed buying interest following the company’s impressive first-quarter financial results.

Conoil, known for its expertise in the sale of diesel, kerosene, low-pour fuel, aviation fuel, and gasoline, has witnessed a remarkable increase in its share price. The company’s line of lubricants, marketed under the brand name “Quatro,” has also contributed to its success.

Adenuga, one of Africa’s richest billionaires, owns a majority stake of 74.4 percent, totaling 516,298,603 shares, in the oil marketing business.

Over the past 22 days, Conoil’s share price has surged by an impressive 42.4 percent, skyrocketing from N79.0 ($0.1017) on June 16 to N112.50.4 ($0.14) at the time of writing.

Consequently, the market value of Adenuga’s stake in Conoil has grown from N40.79 billion ($52.53 million) to N58.08 billion ($74.79 million), representing an increase of N17.30 billion ($22.27 million) since June 16.

Financial analysts attribute the recent surge in Conoil’s shares to the company’s impressive financial performance in the first quarter of 2023 when its profit increased by 440 percent from $1.21 million in the first quarter of 2022 to $6.5 million.

According to figures contained in the group’s financial results, Conoil’s revenue from the sale of petroleum products increased by 34 percent, rising from N26.15 billion ($56.6 million) to N34.97 billion ($75.77 million).

The exceptional financial performance resulted in a significant boost in Conoil’s total assets, which surged from N65.91 billion ($142.83 million) to N76.34 billion ($165.4 million).