Telecom billionaire Mike Adenuga has regained the position of Nigeria’s second-richest person with a net worth of $7.4 billion, surpassing Abdul Samad Rabiu, who is now in the third position.
Forbes re-evaluated the worth of Adenuga’s mobile phone network, Globacom, contributing to the surge in his wealth.
Initially, Adenuga had slipped to the third position due to a considerable drop in his net worth. However, the recent reassessment by Forbes restored him to the second-richest position in Nigeria, just behind Aliko Dangote.
Earlier in June 2023, Adenuga faced a significant decline in net worth, dropping to $3.6 billion, influenced by factors such as the unification of the naira and a downturn in the performance of his stake in Conoil.
Chairman of Conoil and founder of Globacom, Adenuga’s net worth has experienced fluctuations, reaching $7.3 billion in 2022 and a peak of $10 billion in 2015.
Despite challenges, Adenuga remains committed to philanthropy. The Mike Adenuga Foundation allocates nearly $20.5 million in scholarships and aid annually, supporting students worldwide.
In 2011, he donated N500 million to aid flood victims in Bayelsa State, Nigeria. In response to the COVID-19 pandemic, Adenuga contributed N1.5 billion towards virus-combatting efforts and donated $250,000 to Nigeria’s football team, the Super Eagles.
