Why Nigeria’s 3rd richest man Mike Adenuga has lost almost half of his wealth

Nigerian billionaire Mike Adenuga experiences a significant decrease in net worth, falling to $3.6 billion from the previous $6.3 billion reported by Forbes.

Factors contributing to the decline include the country’s exchange rate unification directive and the impact on his privately owned companies, such as Conoil and Globacom.

Adenuga’s success stems from his ventures in the telecom and oil production industries, with Globacom becoming one of Nigeria’s largest telecom firms and Conoil operating oil blocks in the Niger Delta.

Nigeria’s Mike Adenuga, the CEO of Globacom and Chairman of Conoil, has seen a dramatic fall in his net worth, which is currently $3.6 billion.

According to a report seen in the Nigerian business news agency, Nairametrics, the Nigerian billionaires’ net worth has significantly decreased from the original $6.3 billion reported in January by Forbes to a reported $3.6 billion.

Mike Adenuga lost $2.7 billion as a result of a number of circumstances. First off, his net worth suffered as a result of the directive of the country’s newly elected president in unifying the country’s exchange rates. This same factor also contributed to a significant decline in the net worth of Africa’s richest man and Nigerian native, Aliko Dangote who was for some time, as a result, pushed to second place on Forbes Africa’s list of wealthiest people.

Additionally, Adenuga’s investments in privately owned companies like Conoil and Globacom are blamed for the drop in net value.

Adenuga, who currently ranks third in terms of wealth in Nigeria, made his money through his forays into the telecom and oil production industries. With millions of members, Globacom, his mobile phone network, is the third-largest operator in Nigeria. Additionally, six oil blocks are operated by his oil exploration business, Conoil Producing, in the Niger Delta.

The Nigerian billionaire launched Globacom in 2003, and it has since grown to be one of the biggest telecom firms in Nigeria, with operations in Ghana and the Republic of Benin. Over the years, his net worth has varied, hitting a high of $10 billion in 2015 after peaking at $7.3 billion in 2022.…