Prime Business AfricaFive major investors of oil companies listed on the Nigerian Exchange Limited (NGX), also known as the Nigerian stock market, recorded a decline in their investments within the first half (H1) of 2025, according to Prime Business Africa’s analysis.
PBA gathered that Mike Adenuga, Wale Tinubu, Sayyu Dantata, Okechukwu Enelamah and Augustine Avuru are some of the major investors who recorded losses during the period under review.
Join our WhatsApp ChannelOil Billionaires Who Recorded Losses In H1 2025
Okechukwu Enelamah
Cardinalstone/CAPE IV Limited, a fund managed by African Capital Alliance (ACA), a company owned by Okechukwu Enelamah, is the majority investor in the company with 691.95 million shares, representing a 15.93 percent stake.
The shareholder lost N57.77 billion between January and June, after the share value of the oil firm dropped by 13.96 percent during the period.
CAPE IV’s investment value in Aradel dropped to N356.01 billion at the end of June, from N413.79 billion the shares were valued at the start of the year, as the share price declined from N598 to N514.50 kobo.
Note that while the investment is placed under Enelamah, the shares do not belong to him alone, as some investors contributed to the fund used by his company to invest in Aradel.
Mike Adenuga
After the share price of Conoil dropped by 39.43 percent, Mike Adenuga, the chairman of the oil firm, lost N94.60 billion in his investment within the company within six months.
The share price of Conoil had declined from N387.20 kobo recorded at the beginning of the first quarter to N234.50 kobo at the close of the second quarter, indicating the company struggled to attract equity traders.
As a result of the N152.7 kobo drop in price, Adenuga, who held 619.55 million shares in Conoil, saw the value of his shares plunge from N239.89 billion to N145.28 billion in the first half.
Sayyu Dantata
Between January and June, Sayyu Dantata, the founder of MRS Africa Holdings Limited, lost N12.73 billion in his investment in MRS Oil, representing a 28.42 percent decline in six months.
Within the first half, the value of Dantata’s shares (205.73 million, representing a 60 percent controlling stake) in MRS Oil declined from N44.80 billion on January 2 to N32.07 billion on June 30.
The decline was driven by the N61.9 kobo decrease in MRS Oil’s share price, which dropped from N217.80 kobo to N155.90 kobo during the period under review.
Wale Tinubu
At the start of this year, Wale Tinubu’s 4.75 billion shares in Oando Plc were valued at N313.11 billion, however, following a 16.48 percent decline in the company’s share price, their worth decreased to N261.48 billion.
This represents a N51.63 billion loss for Tinubu, who is the group chief executive officer of the firm, as Oando’s share price closed the second quarter with N54.95 kobo, compared to the N65.80 kobo a share of the company was sold at the start of January.
Augustine Avuru
Augustine Avuru, founder of Professional Support Limited, is the fourth majority shareholder in Seplat, where he holds 50,01 million shares, worth N285.10 billion at the start of the second quarter.
However, the value of the shares dropped to N272.60 billion at the end of June, indicating Avuru, who was a co-founder and former chief executive officer (CEO) of Seplat, lost N12.50 billion.
The 4.58 percent decline in Avuru’s investment value followed a N250 drop in Oando’s share price, which depreciated from N5,700 to N5,450 within the first half.
Avuru made the list due to the first three substantial investors being foreigners.
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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.
