Mike Adenuga returns as Nigeria’s 2nd richest man

Maureen Aguta

Nigeria’s telecom and oil magnate, Mike Adenuga, has reclaimed the position of Nigeria’s second-richest man, surpassing BUA chairman, Abdul Samad Rabiu. This is coming on the heels Forbes’ reassessment of the value of his mobile phone network, Globacom.

Adenuga’s current net worth is now at $7.4 billion, solidifying his prominent standing in Africa’s business arena.

The founder of Nigeria’s third-largest telecom service provider, Globacom, had temporarily yielded the second-richest position to Rabiu a year and a half ago.

However, following 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.