Adenuga Bounces Back as Fortune Rises to $7.4bn
Globacom Chairman, Dr. Mike Adenuga, Jr., has regained his earlier position as Nigeria’s second-richest man as his fortune is now reported to be worth $7.4 billion, according to the latest valuation report by Forbes.
His networth was reported to have fallen to $3.6 billion in June 2023
The astronomical rise in his wealth can be attributed to Forbes’ recent reassessment of the valuation of his mobile phone network, Globacom.
Adenuga founded the network, which currently stands as the second-largest telecom service provider in Nigeria.
He had for some time been rated behind Abdul Samad Rabiu who was rated as the second richest man in Nigeria.
However, with Forbes reevaluations, he now stands as the second-richest person in Nigeria, trailing only behind Aliko Dangote.
Adenuga’s net worth was reported to have fallen to $3.6 billion in June 2023 before bouncing back. The decline, from the initial $6.3 billion recorded in January last year, according to Forbes, was influenced by multiple factors.
The unification of the naira in June was said to have adversely affected his net worth, coupled with the performance downturn of his stake in Conoil.
The Chairman of Conoil and founder of Globacom, according to Nairametrics, had experienced fluctuations in his net worth over the years, with it reaching $7.3 billion in 2022 and attaining its pinnacle at an impressive $10 billion in 2015.
Adenuga remains committed to philanthropy, consistently contributing to society through generous donations.
An exemplary illustration of his charitable endeavours is the annual commitment of the Mike Adenuga Foundation, which allocates nearly $20.5 million in scholarships and aid to support students.
The foundation extends its support by awarding scholarships to female students pursuing undergraduate, master’s, and Ph.D. studies in various locations, including Africa, the USA, the UK, Canada, Australia, China, Japan, Indonesia, and India.
In 2011, demonstrating his commitment to societal well-being, the Nigerian tycoon donated N500 million to aid flood victims in Bayelsa State.
Furthermore, in response to the global COVID-19 pandemic, Adenuga contributed a substantial N1.5 billion towards efforts to combat the virus.
His generosity extends beyond health and education, as evidenced by a $250,000 donation to Nigeria’s football team, the Super Eagles, showcasing a multifaceted commitment to making a positive impact in various spheres of society.