Victor Ezeja
AdminThree months after boasting of an estimated net worth of $3.6bn, Chairman of Conoil and the founder of Globacom, Mike Adenuga, has lost $300 million in his net-worth, now valued at $3.3bn, Nairametrics reports.
The recent decline can be attributed to the performance of his holdings in Conoil and the persistent fall in the value of the Nigerian naira against the United States dollar.
Adenuga, who is the third richest person in Nigeria, amassed his wealth through his ventures in the telecommunications and oil production sectors. Globacom, his mobile phone network, has millions of subscribers and controls a large chunk of the market. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.
The official exchange rate from the Central Bank of Nigeria, as of October 19, 2023, stands at N860/$. The exchange rate on the peer-to-peer (P2P) market, where forex is covertly traded through the crypto market, suggests a steady decline, with N1,186/$1 being quoted.
READ ALSO: Dangote, Rabiu, Adenuga Make Forbes 2023 World Billionaire Rankings
Adenuga’s significant loss of $2.7bn which reduced his net worth to $3.6bn was influenced by several factors, including the unification of the naira in June, which also affected the evaluation of Aliko Dangote’s net worth, causing him to slip to second place according to Forbes.
Furthermore, the decline in net worth can be attributed to privately held businesses in which Adenuga holds stakes, such as Conoil and Globacom.
In 2003, Adenuga founded Globacom, which has since grown to become one of Nigeria’s largest telecommunications companies, with operations in Ghana and the Republic of Benin.
Over the years, Mike Adenuga’s net worth has experienced fluctuations, reaching $7.3bn in 2022 and peaking at an impressive $10bn in 2015.
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