Mike Adenuga Reclaims Position As Nigeria’s Second Richest Man

Prominent oil and telecom magnate from Nigeria, Mike Adenuga, has surpassed Abdul Samad Rabiu to become the country’s second richest person after Forbes reassessed the value of his Globacom mobile phone network.

With a $7.4 billion net worth, Adenuga is one of the major players in the African commercial scene.

Adenuga, who founded Globacom, an indigenous telecom service company, briefly lost his ranking as the second-richest person to Rabiu a year and a half ago.

Only Aliko Dangote is now wealthier than him in Nigeria, according to Forbes’ most recent reevaluation.

Adenuga ranks fifth among the wealthiest people in Africa with a net worth of $7.4 billion.

In addition to his telecommunications company, he has significant holdings in the oil industry through Conoil Producing and Conpetro.

He further cemented his standing as one of Nigeria’s financial elites with his noteworthy involvement in Sterling Financial Holding, where he owns a 30.63-percent part.

Globacom has aggressively pursued the goal of building Africa’s largest telecom network under Adenuga’s direction, gaining millions of users in Ghana and Nigeria and holding a roughly 28% market share in the former.

Forbes: Dangote Reclaims Spot As Africa Richest Man

Meanwhile, In a significant shift in the rankings of the world’s wealthiest individuals, Aliko Dangote, a prominent Nigerian business magnate, has reclaimed his status as the richest person in Africa.

This update comes from Forbes Real-Time Billionaires, a daily ranking platform tracking the net worth of high-net-worth individuals globally.

Naija News had previously reported that Johann Rupert, a South African business tycoon, briefly overtook Dangote as Africa’s wealthiest individual.

However, as of January 8, 2024, Dangote’s net worth has increased by $10 million, bringing it to a total of $10.1 billion.

This increment has enabled him to surpass Rupert, who is involved in luxury goods and whose net worth stood at $10 billion on the same date, a decrease from $10.7 billion as of January 30, 2023.