Dangote’s Billionaire Brother, Dantata, Gains Over $10m From Stake in MRS Oil
- Sayyu Dantata's ownership in MRS Oil has increased by nearly $10 million due to a rise in the company’s share price
- Dantata is one of the wealthiest Nigerian investors in Nigeria's stock market
- Through his investment firm, MRS Africa Holdings, he owns a whopping 60% of MRS Oil Nigeria Limited
Half-brother of billionaire Aliko Dangote and a Nigerian businessman, Sayyu Dantata, has experienced a stunning gain in his net worth of more than $10 million from his ownership of MRS Oil Nigeria.
Legit.ng earlier reported how MRS Holdings, the oil marketing firm owned by Dantata, aided the provision of cash used by Nigeria National Petroleum Company Limited (NNPC) to purchase two shallow-water oil assets from Chevron Corporation.
According to information compiled by Billionaires Africa, a rise in the share price of the company caused Dantata's ownership in MRS Oil Nigeria to increase by nearly $10 million (N8.37 billion) in the last 39 days as a result of a rise in the stock price of the company.
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Source: UGC
How Dantata made the gain
The Nigerian oil marketing company engages in various business categories; retail, commercial and industrial, aviation, and lubricants. Its operations are spread across several West African nations, including Benin, Togo, Cameroon, and Cote d'Ivoire.
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With a market value of N37.5 billion ($47.32 million), or 0.104% of the equity market on the Nigerian Exchange, MRS Oil Nigeria is now the 45th most valuable stock.
Dantata, through his investment firm, MRS Africa Holdings, owns a whopping 60% of MRS Oil Nigeria Limited. He is one of the wealthiest investors on the Nigerian Exchange (NGX) thanks to this enormous holding, which equates to 205,730,806 ordinary shares in the corporation.
Legit.ng can confirm that the share price of MRS Oil Nigeria has increased dramatically over the past 39 days on the Nigerian Exchange, rising from N68.75 ($0.087) on June 16 to N109.45 ($0.138) as of July 27, 2023, 1:50 pm, representing a significant gain for owners of 59.20% of the business.
The market value of Dantata's interest in MRS Oil Nigeria increased from $17.85 million (N14.14 billion) on June 16 to $28.42 million (N22.52 billion) on July 25 due to the recent jump in the company's shares.
The Nigerian businessman's recent upswing has resulted in an exceptional gain of $10.57 million (N8.37 billion) during the past 39 days, further solidifying his status as one of the nation's top business executives. It demonstrates the significant financial gains from his investments and tactical participation in the oil marketing company.
Dangote Reclaims Africa's Richest Man on Forbes, Earns N613 Billion in One Day
Legit.ng earlier reported that Aliko Dangote had reclaimed his title on Forbes as Africa's richest man, ousting South Africa's Johann Rupert from the position he held for two weeks.
Before Rupert briefly surpassed Dangote in early July due to Nigeria's currency devaluation, which impacted the shares of Dangote Cement, his primary source of income, he held the position for 12 years.
According to the magazine, Dangote is the only Nigerian on the list of the top 200 richest persons in the world. His estimated net worth is $14.2 billion, up from $12.1 billion the year before.
Source: Legit.ng
