Billionaire Mike Adenuga’s Conoil triples nine-month profit

Conoil Plc, the Nigerian fuel marketer controlled by billionaire Mike Adenuga, more than tripled its profit in the first nine months of 2026 as higher fuel sales lifted revenue, though rising borrowing costs ate into its earnings in the third quarter.

Profit after tax rose 262% to ₦5.31 billion ($3.9 million) in the nine months to Sept. 30, from ₦1.46 billion a year earlier, the Lagos-listed company said in unaudited results approved by its board on Oct. 29. Profit before tax climbed to ₦5.98 billion ($4.4 million) from ₦1.88 billion, and earnings per share rose to 765 kobo from 211 kobo.

Revenue increased 37% to ₦280.1 billion ($205 million) from ₦203.8 billion. Almost all of it came from white products, the petrol, diesel, kerosene and aviation fuel Conoil sells through its service stations and to commercial customers. Sales of white products rose 40% to ₦274.3 billion, while lubricant sales fell 24% to ₦5.86 billion. Gross profit jumped 56% to ₦26 billion.

Interest costs weigh on the quarter

The third quarter was weaker. Conoil’s revenue rose 56% to ₦100.2 billion ($73 million) in the three months to September, but profit after tax fell 75% to ₦152.8 million from ₦608.4 million a year earlier, and pre-tax profit dropped to ₦206.5 million from ₦775 million.

Gross profit rose to ₦7.31 billion from ₦6.05 billion, but finance costs nearly doubled to ₦4.7 billion in the quarter from ₦2.47 billion, and reached ₦12.99 billion ($9.5 million) for the nine months. Conoil funds much of its business with bank overdrafts, which carry interest of about 32% a year. Its overdraft balance rose to ₦64.8 billion ($47.5 million) at the end of September, from ₦54.9 billion at the end of December, after the company raised its total overdraft facility to ₦73 billion from ₦55 billion. The company said the larger overdraft reflected heavier investment in inventory and more sales on credit. Cash and bank balances fell to ₦9.09 billion from ₦12.91 billion.

Total assets rose to ₦149.1 billion and shareholders’ equity increased to ₦44.5 billion from ₦39.2 billion. Conoil paid no dividend this year, after paying ₦2.43 billion in 2025.

Adenuga’s stake

Adenuga controls Conoil through Conpetro Ltd., which owns 516.3 million shares, or 74.4% of the company. Conoil shares traded at ₦210 on Tuesday, giving the company a market value of about ₦145.7 billion ($106.8 million). At that price, Conpetro’s stake is worth about ₦108.4 billion ($79.4 million).

Adenuga took control of the company, then called National Oil and Chemical Marketing Co. and once Shell’s marketing arm in Nigeria, in 2000 and later renamed it Conoil. It is separate from Conoil Producing Ltd., his oil exploration company, which holds a 10% stake in the offshore block OPL257 alongside TotalEnergies SE and TY Danjuma’s South Atlantic Petroleum.

Adenuga is best known as the founder of Globacom, one of Nigeria’s largest mobile operators. He is the country’s third-richest person, with a net worth of $6.8 billion, according to Forbes.

Figures were converted at ₦1,365 to the dollar.