$2.7B loss: Mike Adenuga’s net worth slumps to $3.6B

The Chairman of Conoil and CEO of Globacom, Mike Adenuga, has experienced a significant decline in his net worth, which now stands at $3.6 billion.  

Data gathered by newsmen reveals a significant decline in billionaire wealth, dropping from the initial $6.3 billion recorded in January according to Forbes.

As Nigeria’s third richest man, Adenuga has amassed his fortune through his ventures in the telecom and oil production sectors. 

 Globacom, his mobile phone network, ranks as Nigeria’s third-largest operator, in Nigeria with millions of subscribers. Additionally, his oil exploration company, Conoil Producing, operates six oil blocks in the Niger Delta. 

How did Mike Adenuga lose $2.7 billion?

Several factors contributed to the $2.7 billion loss suffered by Mike Adenuga.  

Firstly, the unification of the naira in June negatively impacted on his net worth. This move also affected the evaluation of Aliko Dangote’s net worth, pushing Dangote to second place according to Forbes.  

Furthermore, the decline in net worth is attributed to the privately held businesses in which Adenuga owns stakes, such as Conoil and Globacom. 

Background

In 2003, Adenuga founded Globacom, which has since become one of Nigeria’s largest telecommunications companies, with operations in Ghana and the Republic of Benin. 

 His net worth has fluctuated over the years, reaching $7.3 billion in 2022 and reaching its peak at an impressive $10 billion in 2015. 

Despite his billionaire status, Mike Adenuga has faced challenges throughout his career.  

Previously, Nairametrics reported his involvement in debt and scandals. In 2006, the Economic and Financial Crimes Commission conducted a raid on the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil, summoning Adenuga for questioning regarding a money laundering case.  

Subsequently, he was implicated and detained. Adenuga later resided in London until he received a pardon from the regime of late President Umaru Musa Yar’Adua, allowing him to return to Nigeria. 

In June 2016, it was revealed that Adenuga was being pursued for a combined debt of over $140.5 million by two foreign and one local company.  

Reports indicated that Conoil had failed to settle its debts with multiple creditors, including the French oil giant Total.