MRS Oil Nigeria Plc, the energy marketing firm majority-owned by Nigerian tycoon Sayyu Dantata, reported a robust $203 million revenue for 2024—marking one of its strongest performances in recent years and reinforcing its presence as a key player in West Africa’s downstream oil sector.
Revenue surges as fuel, lubricant sales expand
According to the firm’s audited results for the fiscal year ended Dec. 31, 2024, revenue climbed from N182.31 billion ($118.8 million) in 2023 to N312.23 billion ($203.4 million), driven by higher sales of Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Aviation Turbine Kerosene (ATK), and lubricants.
Despite a rise in operating expenses, MRS Oil’s net profit rose by 60 percent, increasing from N4.05 billion ($2.64 million) in 2023 to N6.5 billion ($4.23 million) in 2024. Earnings per share jumped to N18.95 ($0.0123), up from N11.81 ($0.00769) a year earlier.
Sayyu Dantata’s growing energy empire
MRS Oil Nigeria is controlled by Sayyu Dantata, founder of MRS Holdings Ltd and half-brother to Africa’s richest man, Aliko Dangote. Dantata owns 60 percent of MRS Oil through MRS Africa Holdings Ltd, positioning him as one of the most influential shareholders on the Nigerian Exchange.
A quiet billionaire with extensive investments in oil logistics and downstream infrastructure across West Africa, Dantata has expanded MRS Holdings into markets such as Côte d’Ivoire, Togo, Cameroon, and Benin Republic, making it one of the continent’s largest indigenous oil trading and marketing groups.
Assets nearly double as company eyes private market listing
Backed by strong cash flows, MRS Oil nearly doubled its total assets within a year, from N54.83 billion ($35.7 million) in Dec. 2023 to N105.8 billion ($68.9 million) by the end of 2024. Retained earnings rose from N22.44 billion ($14.6 million) to N28.14 billion ($18.3 million), and total liabilities grew from N32.22 billion ($21 million) to N75.73 billion ($49.4 million), reflecting rising operations and trade volumes.
On the back of these record results, the company has decided to delist from the Nigerian Exchange (NGX). According to a corporate filing and disclosures reviewed by Richlist Nigeria, shareholders approved the delisting at an extraordinary general meeting on June 25, 2024.
The board cited the company’s desire to operate with more strategic flexibility and fewer regulatory constraints. The firm will relist on the NASD OTC Securities Exchange, a move pending final approval by the Securities and Exchange Commission (SEC) and NGX.
Exit price for dissenting shareholders
To comply with NGX rules, MRS Oil has committed to buying out shareholders who opposed or were absent from the delisting vote. As of now, the proposed exit consideration for these shareholders remains undisclosed, but Richlist Nigeria has confirmed that MRS Africa Holdings will finance the transaction.
This strategic shift reflects a broader trend among mid-tier Nigerian firms seeking less restrictive listing environments amid currency volatility and increased compliance costs.
A veteran in oil and infrastructure
Dantata, an engineer and former director at the Nigerian National Petroleum Corporation (NNPC), is no stranger to high-stakes decisions. Through MRS Holdings and other investments, he has built a legacy in infrastructure and energy spanning over two decades—cementing his status among Nigeria’s billionaire elite.
With MRS Oil’s delisting and the expected migration to NASD, Dantata may be setting the stage for deeper restructuring, consolidation, or even a potential private equity entry in the near future.
