Mike Adenuga, Nigeria’s second-richest man and owner of Globacom, has emerged as one of the biggest winners in the billionaire ranks in 2024, recording a substantial increase in his net worth.
According to data tracked by Forbes, Adenuga’s fortune has grown by $600 million in 2024 so far, rising from $6.1 billion in 2023 to $6.7 billion this year.
At one point during the year, his net worth even surged to $7.4 billion.
Adenuga, who built his wealth primarily through telecommunications and oil production, has solidified his position as a key player in Nigeria’s economy.
His mobile network, Globacom, is the second-largest operator in Nigeria, boasting over 60 million subscribers. This substantial customer base has been instrumental in driving the company’s revenue growth and, by extension, Adenuga’s personal wealth.
Beyond telecommunications, Adenuga’s business interests extend to oil exploration through Conoil Producing, which operates six oil blocks in the Niger Delta.
His diversified portfolio also includes ownership of Glo-1, a 6,100-mile submarine internet cable connecting Nigeria to the UK via Ghana and Portugal, further enhancing his influence in the telecommunications sector.
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Adenuga’s holdings are not limited to privately owned entities. He also has significant stakes in publicly traded companies, holding a 74% share in the gasoline firm Conoil Plc and just under 6% in the Nigerian bank Sterling Financial Holding.
The performance of Conoil Plc on the Nigerian Stock Exchange (NGX) has been particularly noteworthy this year.
As of the latest trading day on August 30, 2024, Conoil Plc’s share price stood at NGN 144.00, reflecting a strong year-to-date performance. The stock began the year at NGN 83.90 and has since appreciated by 71.6%, ranking it 16th on the NGX in terms of performance.
Over the past three months, Conoil has traded a total volume of 11.3 million shares across 2,615 deals, valued at NGN 1.46 billion.
However, Adenuga’s financial journey has not been without its challenges. In June 2023, his net worth plummeted to $3.6 billion, down from $6.3 billion in January 2023, largely due to the unification of the naira and a downturn in the performance of his stake in Conoil.
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Despite these fluctuations, Adenuga has demonstrated resilience and adaptability in navigating the complex economic landscape of Nigeria and beyond. His net worth reached a peak of $10 billion in 2015, and after dipping to $7.3 billion in 2022, it has seen a notable recovery this year.
Adenuga’s career, marked by both remarkable successes and notable setbacks, is a testament to his enduring presence in Nigeria’s business environment. His ability to bounce back from significant losses and achieve substantial gains illustrates the dynamism of his investment strategy and his commitment to leveraging opportunities across various sectors. As one of Africa’s leading business magnates, Adenuga continues to be a formidable force in the region’s economic narrative.
