Over the past 43 days, Nigerian billionaire Mike Adenuga has experienced a significant $100-million slump in his net worth due to a downturn in the market value of his privately held businesses in the telecom and energy sectors.
According to Forbes, a U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals around the world, Adenuga, who ranks as Nigeria’s third-richest man, has seen his net worth decline by $100 million in the past 43 days, dropping from $6.2 billion on Jan. 26 to $6.1 billion at the time of this report.
Adenuga is the founder of Globacom, one of Nigeria’s largest telecom service providers, and the majority owner of Conoil Plc, a leading petroleum marketing firm that sells a range of products, including diesel, kerosene, low-pour fuel, aviation fuel, and gasoline.
In 2022, he received a significant dividend payout of $3.1 million due to his substantial stake in Conoil.
The decline in his wealth figures can be attributed to the slump in the value of his privately held businesses, including his investments in the telecom company Globacom Limited and in the Nigerian oil industry through Conoil Producing and Conpetro Limited.
Despite recent wealth decline, Mike Adenuga’s net worth is up $500 million YTD
Despite experiencing a recent decline in his net worth, Adenuga’s overall wealth remains on an upward trajectory, with estimated year-to-date gains of $500 million, thanks to the strong performance of his well-diversified businesses.
In just the first 26 days of 2023, his net worth experienced a $600-million bump, largely attributed to the success of his private holdings in his telecom business, Globacom, which closely tracked the performance of its peers on the stock market.
Currently, with a net worth of $6.1 billion, Adenuga is the 402nd richest person in the world and the fifth richest in Africa, trailing behind Egyptian billionaire Nassef Sawiris and Nigerian cement tycoon Abdul Samad Rabiu, who occupy the fourth and fifth positions, respectively.