Billionaire businessman Mike Adenuga, the Chairman of Conoil and founder of Globacom, has experienced a significant setback, with his net worth declining by $300 million, now estimated at $3.3 billion at the time of this report. This represents a drop from his estimated net worth of $3.6 billion just three months ago in July.
This dip can be attributed to the performance of his holdings in Conoil and the continued devaluation of the Nigerian naira against the U.S. dollar. Data from Nairametrics indicates that the official exchange rate from the Central Bank of Nigeria, as of October 19, 2023, is N860/$. However, unofficial markets, where the naira is traded more freely, have witnessed even more significant declines, with an exchange rate of N1,186/$1 on the peer-to-peer (P2P) market.
Mike Adenuga, Nigeria’s third-richest individual, has amassed his wealth primarily through his ventures in the telecommunications and oil production sectors. Globacom, his mobile phone network, is Nigeria’s third-largest operator with a vast subscriber base. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.
This recent dip in net worth is not the first for Mike Adenuga. In July, he suffered a substantial loss of $2.7 billion, which reduced his net worth to $3.6 billion. Various factors, including the unification of the naira in June, played a role in this loss. The performance of privately held businesses in which Adenuga holds stakes, such as Conoil and Globacom, also contributed to the decline.
Over the years, Mike Adenuga’s net worth has experienced fluctuations, reaching a peak of $10 billion in 2015. Despite his billionaire status, he has faced challenges in his career, including being implicated in a money laundering case in 2006 and being detained following a raid on the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil by the Economic and Financial Crimes Commission. He later resided in London until receiving a pardon, which allowed his return to Nigeria.
In June 2016, Adenuga was pursued for a combined debt of over $140.5 million by two foreign and one local company.*
