Mike Adenuga: Nigeria’s Second Richest Person

Mike Adenuga: Nigeria’s Second Richest Person

Mike Adenuga, a well-known Nigerian businessman in the telecom and oil industries, has regained his position as Nigeria’s second-richest individual. This happened after Forbes reevaluated the value of his mobile phone network, Globacom.

Adenuga’s Net Worth

Currently, Adenuga’s net worth is $7.4 billion, which solidifies his prominent position in Africa’s business landscape.

Previous Rankings

A year and a half ago, Adenuga temporarily lost the second-richest position to Abdul Samad Rabiu. However, Forbes’ recent reassessment has placed Adenuga back in the second spot, with only Aliko Dangote ahead of him. Adenuga’s net worth of $7.4 billion also secures him the fifth spot among Africa’s wealthiest individuals.

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Business Ventures

Besides his successful telecommunications company, Globacom, Adenuga has made substantial investments in the oil industry through Conoil Producing and Conpetro. He also holds a 30.63-percent stake in Sterling Financial Holding, further establishing his status among Nigeria’s financial elite.

Globacom’s Success

Under Adenuga’s leadership, Globacom has actively pursued the goal of establishing Africa’s most extensive telecommunications network. The company has gained millions of subscribers in Nigeria and Ghana, and it currently holds around 28 percent of the market share in Nigeria.

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