Prime Business Africa
Mike Adenuga, the founder of Globacom, a telecommunications company, and the third richest person in Africa, experienced mixed fortunes in the Nigerian Exchange (NGX), also known as the stock market, in 2025.
According to an analysis of his investment portfolios in the Nigerian Exchange by Prime Business Africa, Adenuga holds 11.25 billion shares in the stock market through Conoil, an oil and gas company, and Sterling Financial Holdings Limited, a financial institution.
Join our WhatsApp ChannelPBA gathered that at the start of 2025, Adenuga’s shares were valued at N262.53 billion, however, at the end of last year, the billionaire’s investment depreciated by N90.15 billion to N172.38 billion.
The breakdown of his investment showed that the decline was caused by a N200 drop in Conoil’s share price, which fell from N387.20 kobo to N187.20 kobo between January and December last year.
According to Prime Business Africa’s analysis, the drop in Conoil’s share price resulted in a 51.65 percent decline in the value of shares held by Adenuga, as his investment in the oil company fell to N96.65 billion at the end of 2025.
This indicates a N103.25 billion loss in the investment held by Adenuga, as the businessman’s shares held through Conpetro Limited, which are 516.29 million as of September 2025, representing a 74.40 percent controlling stake, were valued at N199.91 billion on January 2, 2025.
However, this was offset by the N13.10 billion gain recorded by Adenuga in his investment in Sterling Financial, which increased from the N62.62 billion his shares were valued at on January 2, 2025, to N75.72 billion on December 31, 2025.
Adenugu saw his investment in the bank appreciate by 20.92 percent after high demand for Sterling Financial’s shares raised the company’s share price by N1.22 kobo, from N5.83 kobo at the start of the first quarter (Q1) last year to N7.05 at the end of the fourth quarter (Q4) of 2025.
The billionaire holds 10.74 billion shares, representing a 20.61 percent stake in Sterling Financial, through his investment vehicle, Silverlake Investments Limited, as of September 31, 2025.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
