Prime Business AfricaIn the first half (H1) of 2025, Mike Adenuga, a Nigerian business mogul, lost N94.60 billion in his investment in Conoil Plc, according to Prime Business Africa’s analysis.
Adenuga holds indirect shares of 103.25 million and another indirect shareholding of 516,29 million, through Conpetro Limited, bringing his total shares in the oil and gas company to 619.55 million.
Join our WhatsApp ChannelPrime Business Africa’s analysis showed that the businessman’s total shares, which represent an 89.27 percent controlling stake, are valued at N145.28 billion at the end of the second quarter.
However, Adenuga’s shares were valued at N239.89 billion at the beginning of the first quarter, indicating the value of his investment in Conoil depreciated by 39.43 percent between January 2 and June 30.
Profit-takers drove the loss, as they milked the 361.50 percent gain recorded by the company’s share last year, when Conoil’s share price appreciated from N83.90 kobo to N387.20 kobo.
With the value of the share reaching a peak of N387.20 kobo and the price rising by N303.3 kobo within 12 months of last year, equity traders in the stock market were bearish on Conoil, as reflected in the share value depreciating by 89.27 percent within the first six months of 2025.
The bearish sentiment costs Adenuga N94.60 billion, which is part of the N105.96 billion loss recorded by all the shareholders of Conoil.
Also, the company’s market valuation declined during the same period under review, from N268.69 billion recorded at the start of the first half to N162.73 billion at the end of the same period.
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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.
