Nigerian billionaire Mike Adenuga’s net worth takes hit, dips to $3.3 billion
Mike Adenuga [Forbes]
Nigerian billionaire and business magnate Mike Adenuga, Chairman of Conoil and founder of Globacom, has seen a substantial decrease in his net worth.
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.
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.
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