Mike Adenuga Net Worth Hits $7.4 Billion, Becomes Nigeria’s Second Richest

Telecom billionaire and one of Nigeria’s oil barons Mike Adenuga makes a comeback as Nigeria’s second-richest man with a $7.4 billion net worth valuation, pushing Abdul Samad Rabiu to third position.

This surge in wealth can be attributed to Forbes’ recent reassessment of the valuation of his mobile phone network, Globacom, which he founded and currently stands as the third-largest telecom service provider in Nigeria.

Adenuga had ceded the second-richest position to Abdul Samad Rabiu due to a heavy drop in net worth value. However, with Forbes revisiting their evaluations, he now stands as the second-richest person in Nigeria, trailing only behind Aliko Dangote.

Recall that Adenuga had faced a significant dip in his net worth, plummeting to $3.6 billion in June 2023, as reported by Nairametrics. The decline, from the initial $6.3 billion recorded in January according to Forbes, was influenced by multiple factors.

The unification of the naira in June adversely affected his net worth, coupled with the performance downturn of his stake in Conoil.

The Chairman of Conoil and founder of Globacom has experienced fluctuations in his net worth over the years, with it reaching $7.3 billion in 2022 and attaining its pinnacle at an impressive $10 billion in 2015.

Mike Adenuga’s philanthropy

Mike Adenuga remains committed to philanthropy, consistently contributing to society through generous donations. An exemplary illustration of his charitable endeavours is the annual commitment of the Mike Adenuga Foundation, which allocates nearly $20.5 million in scholarships and aid to support students.

Each year, the foundation extends its support by awarding scholarships to female students pursuing undergraduate, master’s, and Ph.D. studies in various locations, including Africa, the USA, the UK, Canada, Australia, China, Japan, Indonesia, and India.

In 2011, demonstrating his commitment to societal well-being, the Nigerian tycoon donated N500 million to aid flood victims in Bayelsa State, Nigeria.

Furthermore, in response to the global COVID-19 pandemic, Adenuga contributed a substantial N1.5 billion towards efforts to combat the virus.

His generosity extends beyond health and education, as evidenced by a $250,000 donation to Nigeria’s football team, the Super Eagles, showcasing a multifaceted commitment to making a positive impact in various spheres of society.

SOURCE: NAIRAMETRICS