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Forbes list: Mike Adenuga returns as second richest Nigerian

by Maryam Olaniyi
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Renowned Nigerian telecom and oil tycoon, Mike Adenuga, has reclaimed the title of Nigeria’s second-richest individual, surpassing Abdul Samad Rabiu after Forbes reevaluated the worth of his mobile phone network, Globacom.

Adenuga’s current net worth stands at $7.4 billion, reinforcing his prominent position in Africa’s business landscape.

Founder of the third-largest telecom service provider in Nigeria, Globacom, Adenuga had temporarily lost the second-richest position to Rabiu a year and a half ago.

However, following Forbes‘ 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.

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