Nigerian Billionaire, Mike Adenuga’s Net Worth Takes Hit, Dips To $3.3 Billion

Nigerian billionaire and business magnate Mike Adenuga, Chairman of Conoil and founder of Globacom, has seen a substantial decrease in his net worth, he has experienced a notable setback, with a $300 million decrease in his net worth, now estimated at $3.3 billion at the time of this report

According to a report by Nairametrics, Adenuga’s net worth has plummeted by $300 million, dropping from $3.6 billion just three months ago to the current estimation of $3.3 billion.

The report attributes this setback to the performance of his Conoil holdings and the persistent devaluation of the Nigerian naira against the U.S. dollar. Adenuga, known as Nigeria’s third-richest individual, has built his wealth through telecommunications and oil production ventures.

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Globacom, Adenuga’s mobile phone network, stands as Nigeria’s third-largest operator, boasting millions of subscribers. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta region.

This recent decline in net worth follows a significant loss Adenuga suffered in July when his worth dropped by $2.7 billion.

Various factors, including the unification of the naira in June, played a role in this decline. The unification also affected the evaluation of Aliko Dangote’s net worth, causing him to slip to the second position, as reported by Forbes.

Furthermore, privately held businesses in which Adenuga has stakes, such as Conoil and Globacom, also contributed to this decline.

Adenuga’s net worth has experienced fluctuations over the years, reaching a peak of $10 billion in 2015 and dropping to $7.3 billion in 2022.

The exchange rate on the peer-to-peer (P2P) market, where forex is covertly traded through the crypto market, suggests a steady decline, with N1,186/$1 being quoted.

As Nigeria’s third-richest individual, Mike Adenuga has amassed his wealth through his ventures in the telecommunications and oil production sectors.

Globacom, his mobile phone network, ranks as Nigeria’s third-largest operator, with millions of subscribers.

Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.

Backstory

Prior, Nairametrics reported that in July, Mike Adenuga suffered a significant loss of $2.7 billion, reducing his net worth to $3.6 billion.

This loss was influenced by several factors, including the unification of the naira in June, which also affected the evaluation of Aliko Dangote’s net worth, causing him to slip to second place according to Forbes.

Furthermore, the decline in net worth can be attributed to privately held businesses in which Adenuga holds stakes, such as Conoil and Globacom.

In 2003, Adenuga founded Globacom, which has since grown to become one of Nigeria’s largest telecommunications companies, with operations in Ghana and the Republic of Benin.

Over the years, his net worth has experienced fluctuations, reaching $7.3 billion in 2022 and peaking at an impressive $10 billion in 2015.
Despite his billionaire status, Mike Adenuga has faced challenges throughout his career.

Notably, in 2006, he was implicated in a money laundering case and detained following a raid on the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil by the Economic and Financial Crimes Commission.

Subsequently, he resided in London until receiving a pardon from the regime of late President Umaru Musa Yar’Adua, allowing his return to Nigeria.

In June 2016, he was pursued for a combined debt of over $140.5 million by two foreign and one local company.