In a remarkable turnaround, telecom billionaire and oil magnate Mike Adenuga has reclaimed the position of Nigeria’s second-richest individual, with an impressive net worth valuation of $7.4 billion, according to Forbes. This resurgence in wealth is attributed to Forbes’ recent reassessment of the valuation of Adenuga’s mobile phone network, Globacom, which currently stands as Nigeria’s third-largest telecom service provider.
Adenuga had temporarily ceded the second-richest position following a substantial drop in net worth. However, the recent evaluation by Forbes has propelled him back to the second spot, with only Aliko Dangote ahead in the rankings.
Earlier in June 2023, Adenuga experienced a notable decline in net worth, plummeting to $3.6 billion, as reported by Nairametrics. Factors contributing to this decline included the adverse effects of the naira unification in June and a downturn in the performance of his stake in Conoil.
The Chairman of Conoil and founder of Globacom has encountered fluctuations in his net worth over the years, reaching $7.3 billion in 2022 and achieving its zenith at an impressive $10 billion in 2015. Adenuga’s resurgence underscores the dynamic nature of his business ventures and the impact of strategic evaluations on his financial standing in the global market.
