Mike Adenuga, the esteemed Chairman of Conoil and founder of Globacom, has reportedly suffered a significant financial setback.
His net worth, previously estimated at $3.6 billion in July, has seen a substantial decrease of $300 million, bringing it down to an estimated $3.3 billion, according to a report by Nairametrics.
The report suggests that the dip in Adenuga’s fortune is largely due to the performance of his Conoil holdings and the persistent devaluation of the Nigerian naira against the U.S. dollar.
Adenuga, who ranks as Nigeria’s third-richest individual, has built his wealth through successful ventures in telecommunications and oil production.
His mobile phone network, Globacom, is Nigeria’s third-largest operator, with millions of subscribers. Also, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.
In July, Adenuga’s net worth took a hit of $2.7 billion due to several factors, including the unification of the naira in June.
This event also impacted the net worth of Aliko Dangote, causing him to slip to second place on Forbes’ list.
The decline in Adenuga’s net worth can also be attributed to privately held businesses in which he has stakes, such as Conoil and Globacom.
Over the years, his net worth has seen several fluctuations, reaching a high of $10 billion in 2015 and $7.3 billion in 2022.