Mike Adenuga Net Worth Hits $7.4billion, Becomes Nigeria’s Second Richest
Mike Adenuga’s Net Worth Soars to $7.4 Billion, Securing Nigeria’s Second Richest Position.
Renowned telecom tycoon and oil magnate, Mike Adenuga, has reclaimed his status as Nigeria’s second-richest individual, boasting a substantial net worth of $7.4 billion. This impressive financial comeback has pushed Abdul Samad Rabiu into the third position.
The surge in Adenuga’s wealth can be attributed to Forbes’ recent reevaluation of his mobile phone network, Globacom, currently standing as Nigeria’s third-largest telecom service provider. Adenuga, the founder of Globacom, experienced a temporary setback, slipping to the third position, but with Forbes revisiting their assessments, he now sits only behind Aliko Dangote in the rankings.
Adenuga faced a notable decline in his net worth, plummeting to $3.6 billion in June 2023, primarily influenced by the unification of the naira and a downturn in his stake in Conoil. However, recent reassessments have restored him to the second-richest position in Nigeria.
Challenges and Controversies:
Despite his billionaire status, Adenuga’s career journey has been marked by challenges. The Nigerian Communications Commission (NCC) recently approved a partial disconnection of Globacom by MTN due to interconnect debt, leading to potential disruptions for Globacom subscribers. Globacom denies any outstanding interconnect charges, claiming that the purported amount of N1.6 billion has been paid without dispute.
Reflecting on the past, Adenuga faced scrutiny from the Economic and Financial Crimes Commission (EFCC) in 2006, resulting in his implication and detention on money laundering charges. He later received a pardon from the administration of late President Umaru Musa Yar’Adua, allowing his return to Nigeria.
In 2016, Adenuga encountered financial challenges when pursued for a substantial debt exceeding $140.5 million by foreign and local entities. Conoil, under his ownership, faced legal issues for defaulting on payments to creditors, affecting affiliated companies like Bellbop and causing disruptions in the oil and gas sector.
Despite these challenges, Adenuga remains committed to philanthropy. The Mike Adenuga Foundation annually allocates nearly $20.5 million in scholarships and aid, supporting students worldwide. His charitable endeavors extend to flood relief in Bayelsa State in 2011, a significant N1.5 billion contribution towards combating the COVID-19 pandemic, and a $250,000 donation to Nigeria’s football team, the Super Eagles. Adenuga’s generosity reflects a multifaceted commitment to making a positive impact across various sectors of society.