Nigerian billionaire, Mike Adenuga, has seen his net worth experienced a $300 million shrink with his total net worth now estimated at $3.3 billion.
Adenuga, the Chairman of Conoil and the founder of Globacom, had in July 2023 boasted an estimated net worth of $3.6 billion but the performance of his holdings in Conoil and the persistent devaluation of the Nigerian naira against the U.S. dollar saw his fortune dip.
Nigeria’s official exchange rate from the Central Bank of Nigeria, as of October 19, 2023, stands at N860/$ but the unofficial (black) market had a dollar trading at N1,186/$1.
Adenuga having amassed his wealth through his ventures in the telecommunications and oil production sectors is set to be badly hit by the naira decline.
His mobile phone network company, Globacom, currently ranks as Nigeria’s third-largest operator, with millions of subscribers while his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.
The Billionaire in July 2023 had a reduction of his net worth to $3.6 billion dollars, a significant loss of $2.7 billion influenced by several factors, including the unification of the naira in June.
Adenuga downward spiral in fortune could be largely attributed to his privately held businesses where he holds stakes (Conoil and Globaco).
Adenuga in 2003 founded Globacom to compete with the then Econet Wireless and MTN and has since grown to become one of Nigeria’s largest telecommunications companies.
His net worth has over the years had fluctuations, reaching its peak with $7.3 billion in 2022 and $10 billion in 2015.
