KEY POINTS
- Gbenga Oyebode Okomu Oil stake gains over $17 million in ten months.
- Okomu Oil’s strong fundamentals drive a 136.5 percent share price increase.
- The company’s growing revenues reflect Nigeria’s expanding agribusiness sector.
Nigerian lawyer and businessman Gbenga Oyebode, the chairman of Okomu Oil Palm Company Plc, has seen his wealth swell after a sharp increase in the company’s share price. The market value of his 4.37 percent stake in the Edo State–based agribusiness has surged by more than $17 million over the past ten months, according to data tracked on the Nigerian Exchange.
As of early November, Oyebode’s holdings were valued at around $30.19 million, up from $12.77 million in January. The rally has translated into a gain of N25.25 billion ($17.43 million) for the veteran corporate lawyer, who has chaired Okomu Oil for several years and remains one of its most prominent individual shareholders.
Strong fundamentals sustain Okomu Oil growth
Okomu Oil’s steady financial rise reflects strong fundamentals and operational discipline. The company produces about 74,000 tonnes of palm oil annually for Nigeria’s food and cosmetics industries while managing roughly 19,000 hectares of plantations in Edo State. Its rubber division, which covers 7,334 hectares, produces more than 9,000 tonnes of dry rubber every year, providing a stable income stream that balances fluctuations in palm oil prices.
The company’s financial results for the nine months ending September 30 underline that growth. Revenue rose to N173.95 billion ($118.5 million), up sharply from N103.95 billion ($70.8 million) during the same period last year. Management credited the expansion to stronger sales of palm oil, palm kernel oil, palm kernel cake, banga, and rubber cup lumps, which together boosted both profit and shareholder value.
Share price rally boosts investor confidence
According to Billionaire Africa, Okomu Oil’s stock has been among the top performers on the Nigerian Exchange this year. The share price has climbed 136.5 percent in ten months, from N444 ($0.31) at the start of the year to N1,050 ($0.72) in early November. That surge lifted the company’s market capitalisation to about $692 million, rewarding long-term investors like Oyebode.
His 4.37 percent holding increased from N18.5 billion ($12.77 million) in January to N43.75 billion ($30.19 million), marking one of the largest wealth jumps among Nigerian corporate insiders this year. For Oyebode, who has built a career advising major companies and institutions, Okomu’s growth highlights how sustained performance and confidence in local enterprise continue to create real value in Nigeria’s capital market.
