Mike Adenuga, a Nigerian telecom billionaire and oil mogul, has seen his stake in Conoil Plc drop by $9 million in the past 200 days.

Conoil, one of Nigeria’s largest petroleum marketing businesses, has experienced a surge in its share price, leading investors to book profits in the company.

Adenuga, the chairman of Conoil and the founder of telecom service provider Globacom, holds a majority (74.4-percent) stake in the oil marketing business.

Conoil sells diesel, kerosene, low-pour fuel, aviation fuel, and gasoline, and produces and markets lubricants under the “Quatro” brand name, and it has seen its retained earnings grow to over $45.7 million in recent years.

Shares in the oil marketing company Conoil have plunged in the past 200 days, wiping millions off the fortune of its majority shareholder, Nigerian telecom billionaire Mike Adenuga.

As of December 14, Conoil shares were trading at N26.5 ($0.0594), unchanged from their opening price, as investors continued to monitor the market and snap up shares with strong financial performance.

Since May 29, exactly 200 days ago, Conoil shares have fallen from N34.25 ($0.0767) to N26.5 ($0.0594), leading investors to sell off their stakes in the company after making millions in profits during the first five months of the year.

Adenuga’s stake in the company has decreased from N17.68 billion ($39.6 million) on May 29 to N13.68 billion ($30.6 million) at the time of writing this report, resulting in a loss of N4 billion ($9 million) for the Nigerian billionaire.

However, his stake in the oil marketing business has still increased by more than $5.2 million so far this year, and he has also received N1.29 billion ($3.1 million) in dividends from his stake in the Lagos-based petroleum marketing company.