Nigerian billionaire and telecom magnate Mike Adenuga has witnessed a substantial surge in the market value of his stake in Conoil Plc, a leading petroleum marketing company in Nigeria.

Adenuga, ranked as the country’s third-richest man and one of Africa’s richest billionaires, has seen his holdings in publicly listed companies soar, with a notable increase of N27.57 billion ($59.7 million) since the beginning of the year.

Conoil, renowned for its expertise in the sale of diesel, kerosene, aviation fuel, and gasoline, as well as its line of lubricants marketed under the “Quarto” brand, has experienced exceptional growth. Adenuga holds a majority stake of 74.4 percent in the company, solidifying his position as a leading investor on the Nigerian Exchange.

Since the start of the year, Conoil’s share price has skyrocketed by an impressive 201.5 percent, surging from N26.5 ($0.0574) on January 1 to N79.9 ($0.1731) on June 7.

The significant increase in the group’s shares propelled the company’s market capitalization above N55 billion ($120 million) at the time of reporting.

As a result of this extraordinary rise, the market value of Mike Adenuga’s stake in Conoil has surged by N27.57 billion ($59.7 million) since the beginning of the year, growing from N13.68 billion ($29.63 million) to N41.25 billion ($89.35 million) today.

The surge in Conoil’s share price can be attributed to the company’s robust financial performance throughout the 2022 fiscal year and its impressive 2023 first-quarter results.

Conoil’s profit for the first quarter of its 2023 fiscal year reached a record-breaking $6.5 million, a staggering 440-percent increase from the previous year’s first-quarter profit of $1.21 million.

This impressive achievement comes alongside a substantial 34 percent growth in revenue, rising from N26.15 billion ($56.6 million) in Q1 2022 to N34.97 billion ($75.77 million) in Q1 2023.

Conoil’s exceptional performance in the first quarter of 2023 nearly matches its entire profit of N3.08 billion ($6.68 million) for the entirety of 2021, during which the company’s revenue soared above $270 million.

With Conoil’s latest financial performance, the company continues to make a significant impact in the Nigerian petroleum industry, setting new records and presenting promising prospects for the future.