Mike Adenuga Reclaims Position as Nigeria’s Second-Richest Man

Ikenna ChurchillJanuary 11, 20241 Mins read215

Nigeria’s telecom billionaire and oil magnate, Mike Adenuga, has reclaimed the position of the country’s second-richest individual, boasting a net worth valuation of $7.4 billion. This resurgence is attributed to Forbes’ recent reevaluation of his mobile phone network, Globacom, now the third-largest telecom service provider in Nigeria.

Earlier, Adenuga had slipped to the third position behind Abdul Samad Rabiu due to a significant drop in net worth, hitting $3.6 billion in June 2023. Forbes revisiting their assessments has now placed him second, with only Aliko Dangote ahead in the rankings.

Various factors contributed to Adenuga’s earlier wealth decline, including the unification of the naira and a downturn in his stake in Conoil. Despite fluctuations in his net worth over the years, ranging from $10 billion in 2015 to $7.3 billion in 2022, Adenuga remains a prominent figure in Nigeria’s business landscape.

Facing challenges, including a recent partial disconnection of Globacom by MTN over interconnect debt, Adenuga’s business empire remains resilient. Contrary to reports, Globacom denies outstanding charges, asserting that the alleged N1.6 billion had been paid without dispute.

Reflecting on Adenuga’s career journey, it includes challenges such as a money laundering case in 2006, where he left the country and returned after a presidential pardon. In 2016, he faced debt-related issues with Conoil affecting various entities, leading to operational halts and layoffs.

Despite these challenges, Adenuga has a philanthropic side, exemplified by the annual contributions of the Mike Adenuga Foundation, allocating nearly $20.5 million in scholarships and aid. His commitment extends to societal well-being, with notable donations to flood victims, COVID-19 relief efforts, and Nigeria’s football team, the Super Eagles. Adenuga continues to make a multifaceted positive impact in various spheres of society.