Business

Mike Adenuga Net Worth Hits $7.4 Billion, Becomes Second Richest In Nigeria

VerseNews learnt that Adenuga had ceded the second-richest position to Abdul Samad Rabiu,,,

Published

12 months ago

January 12, 2024

VerseNews

Mike Adenuga

Telecom billionaire, Mike Adenuga has reclaimed the position of Nigeria’s second-richest man with a net worth of $7.4 billion, pushing Abdul Samad Rabiu to third place.

VerseNews learnt that Adenuga had ceded the second-richest position to Abdul Samad Rabiu due to a heavy drop in net worth value.

However, Forbes reassessed Adenuga’s net worth following a decline in June 2023, attributed to factors like the unification of the naira and a downturn in Conoil’s performance.

Recall that Adenuga had faced a significant dip in his net worth, plummeting to $3.6 billion in June 2023.

The decline, from the initial $6.3 billion recorded in January according to Forbes, was influenced by multiple factors.

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The unification of the naira in June adversely affected his net worth, coupled with the performance downturn of his stake in Conoil.

The Chairman of Conoil and founder of Globacom has experienced fluctuations in his net worth over the years, with it reaching $7.3 billion in 2022 and attaining its pinnacle at an impressive $10 billion in 2015.

Despite his billionaire status, Adenuga’s career journey has not been without challenges.