Mike Adenuga’s Net Worth Slumps to $3.6B After Loosing $2.7B

Mike Adenuga, Chairman of Conoil and CEO of Globacom, has witnessed a drop in his net worth, which is currently at $3.6 billion.  

According to research on Forbes and Nairametrics, it shows a big drop in Mike Adenuga’s wealth, from the previous $6.3 billion recorded in January.

Adenuga acquired his fortune as Nigeria's third richest man through his businesses in the telecom and oil production sectors. Now on the list of Top 3 Nigerian Billionaires, we’ve Aliko Dangote, Abdulsamad Rabiu, and Mike Adenuga.

Mike Adenuga’s well-preparedness has given his mobile phone network, Globacom, a rise in prominence making it Nigeria's third-largest operator, with millions of members. The Conoil oil exploration business has six oil blocks operating in the Niger Delta. 

What Led to Mike Adenuga’s Net Worth Decline?

However, several causes contributed to Mike Adenuga's $2.7 billion loss.  His net worth started experiencing possibilities of a decline after the naira's unification. This decision also had an impact on Aliko Dangote's net worth.

Furthermore, the drop in net worth is related to Adenuga's investments in privately owned enterprises like Conoil and Globacom where he owns high stakes.

Trials and Investigation

Globacom, which Adenuga created in 2003, has now grown to become one of Nigeria's major telecommunications businesses, with operations in Ghana and the Republic of Benin. 

His net worth has varied throughout the years, peaking at an astonishing $10 billion in 2015 and down to $7.3 billion in 2022. 

Mike Adenuga has experienced hurdles throughout his career, despite his billionaire position.  

News outlet Nairametrics reported on his participation in debt and controversies. The Economic and Financial Crimes Commission raided the headquarters of Globacom, Equitorial Trust Bank (ETB), and Conoil in 2006, and summoned Adenuga for interrogation in connection with a money laundering investigation.  

As a result, he was charged and imprisoned. Adenuga then lived in London until the government of late President Umaru Musa Yar'Adua granted him a pardon, allowing him to return to Nigeria. 

In June 2016, it was discovered that Adenuga was being chased by two international and one local company for a total debt of more than $140.5 million.  

According to reports, Conoil failed to satisfy its debts with several creditors, including the French oil company Total. 

Quick Facts About Mike Adenuga

• Adenuga is Nigeria's third richest man and has his fortune built in telecom and oil production.

• His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers after MTN and Airtel

• His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

• Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver.

• He made his first million at age 26 selling lace and distributing soft drinks.