Mike Adenuga Regains Position As Nigeria’s Second-Richest Person

Renowned Nigerian telecom and oil tycoon, Mike Adenuga, has reclaimed the title of Nigeria’s second-richest individual, surpassing Abdul Samad Rabiu after Forbes reevaluated the worth of his mobile phone network, Globacom.

Adenuga’s current net worth stands at $7.4 billion, reinforcing his prominent position in Africa’s business landscape.

Founder of the third-largest telecom service provider in Nigeria, Globacom, Adenuga had temporarily lost the second-richest position to Rabiu a year and a half ago.

However, following Forbes‘ recent reassessment, he now holds the title of Nigeria’s second-richest person, trailing only behind Aliko Dangote.

With a net worth of $7.4 billion, Adenuga also secures the fifth spot among Africa’s wealthiest individuals.

Beyond his telecommunications venture, his extensive business portfolio includes substantial investments in the oil industry through Conoil Producing and Conpetro.

His notable presence in Sterling Financial Holding, where he holds a 30.63-percent stake, further solidifies his status among Nigeria’s financial elite.

Under Adenuga’s leadership, Globacom has actively pursued the objective of establishing Africa’s most extensive telecommunications network, accumulating millions of subscribers in Nigeria and Ghana and commanding around 28 per cent of the market share in Nigeria.

Despite his billionaire status, Adenuga’s career has encountered challenges, including the recent announcement that Globacom faces a partial disconnection by MTN over interconnect debt. Globacom Ltd. disputes any outstanding interconnect charges owed to MTN, asserting that the purported N1.6 billion had been paid without dispute.

Reflecting on 2006, Adenuga faced scrutiny from the Economic and Financial Crimes Commission (EFCC) over a money laundering case, leading to his implication and detention. He chose to leave the country and reside in London until late President Umaru Musa Yar’Adua granted him a pardon.

Despite challenges, Adenuga remains committed to philanthropy. The Mike Adenuga Foundation allocates nearly $20.5 million in scholarships and aid annually, supporting students worldwide. In 2011, he donated N500 million to aid flood victims in Bayelsa State, Nigeria. In response to the COVID-19 pandemic, Adenuga contributed N1.5 billion towards virus-combatting efforts and donated $250,000 to Nigeria’s football team, the Super Eagles.

January 12, 2024