Nigerian billionaire Mike Adenuga has emerged as one of the biggest financial success stories of 2024 so far, with a remarkable increase in his net worth.
According to data tracked by Forbes, Adenuga’s personal fortune has grown by a staggering $600 million since the start of the year, rising from $6.1 billion in 2023 to $6.7 billion currently. At one point during the year, his net worth even peaked at an impressive $7.4 billion.
Adenuga, who is Nigeria’s second-richest man, has built his vast wealth primarily through his thriving telecommunications and oil production businesses.
His mobile network, Globacom, is the second-largest operator in Nigeria with over 60 million subscribers. This massive customer base has been a key driver in Globacom’s revenue growth and, consequently, Adenuga’s personal net worth.
Beyond telecoms, Adenuga also has significant interests in the oil and gas sector through his company Conoil Producing, which operates six oil blocks in the Niger Delta region. This diversified portfolio has solidified his status as a major player in Nigeria’s economy.
Further bolstering Adenuga’s wealth is his ownership of Glo-1, a 6,100-mile submarine internet cable that connects Nigeria to the UK via Ghana and Portugal. This strategic infrastructure asset has enhanced his influence in the telecommunications industry.
Interestingly, Adenuga’s holdings are not limited to privately owned entities. He also has substantial stakes in publicly traded companies, including a 74% share in the gasoline firm Conoil Plc and just under 6% in the Nigerian bank Sterling Financial Holding.
Conoil Plc’s performance on the Nigerian Stock Exchange (NGX) has been particularly noteworthy this year. As of the latest trading day on August 30, 2024, the company’s share price stood at NGN 144.00, reflecting a strong year-to-date appreciation of 71.6%. This has significantly contributed to the growth of Adenuga’s net worth.
However, Adenuga’s financial journey has not been without its challenges. In June 2023, his net worth plummeted to $3.6 billion, down from $6.3 billion in January 2023, largely due to the unification of the naira and a downturn in the performance of his stake in Conoil Plc.
Despite these fluctuations, Adenuga has demonstrated remarkable resilience and adaptability in navigating the complex economic landscape of Nigeria and beyond. His net worth reached a peak of $10 billion in 2015, and after dipping to $7.3 billion in 2022, it has now seen a substantial recovery this year.
Adenuga’s ability to bounce back from significant losses and achieve substantial gains illustrates the dynamism of his investment strategy and his commitment to leveraging opportunities across various sectors. As one of Africa’s leading business magnates, Adenuga continues to be a formidable force in the region’s economic narrative.
