Mike Adenuga, Nigeria’s third richest man, has lost his spot on Forbes list, after loosing nearly half of his fortune.
Mike Adenuga’s net worth has dropped significantly, decreasing to $3.6 billion from the previous $6.3 billion estimated by Forbes.
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The country’s exchange rate unification decree, as well as the impact on his privately held firms, such as Conoil and Globacom, are factors contributing to the fall.
Adenuga’s success originates from his operations in the telecom and oil production industries, with Globacom being one of Nigeria’s top telecom corporations and Conoil operating Niger Delta oil blocks.
Mike Adenuga, the CEO of Globacom and Chairman of Conoil in Nigeria, has seen his net worth plummet to $3.6 billion.
Mike Adenuga lost $2.7 billion due to a variety of factors. First and foremost, his net worth plummeted as a result of the newly elected president’s demand to unify the country’s exchange rates.
This same issue also contributed to a considerable drop in the net worth of Africa’s richest man and Nigerian native, Aliko Dangote, who was pushed to second place on Forbes Africa’s list of wealthiest individuals for a period as a result.
Furthermore, Adenuga’s investments in privately held companies such as Conoil and Globacom are blamed for the reduction in net worth.
Adenuga, who presently ranks third in Nigeria in terms of wealth, built his fortune in the telecom and oil production businesses.
Globacom, his mobile phone network, is Nigeria’s third-largest operator, with millions of subscribers. In addition, his oil exploration company, Conoil Producing, operates six oil blocks in the Niger Delta.
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Globacom, which he founded in 2003, has evolved to become one of Nigeria’s largest telecom corporations, with operations in Ghana and the Republic of Benin.
His net worth has fluctuated over the years, reaching a high of $10 billion in 2015 after peaking at $7.3billion in 2022.
