Renowned Nigerian telecom and oil magnate Mike Adenuga has regained the title of Nigeria’s second-richest individual, surpassing Abdul Samad Rabiu, according to Forbes’ recent reassessment of the value of his mobile phone network, Globacom.
Adenuga’s net worth is now estimated at $7.4 billion, reinforcing his prominent position in Africa’s business landscape.
The founder of Nigeria’s third-largest telecom service provider, Globacom, had temporarily relinquished the second-richest position to Rabiu a year and a half ago.
However, Forbes’ reassessment has propelled him back to the second spot, with Aliko Dangote holding the lead.
Adenuga’s business empire extends beyond telecommunications, encompassing significant investments in the oil industry through Conoil Producing and Conpetro.
His notable stake in Sterling Financial Holding, where he holds 30.63 per cent, further establishes him among Nigeria’s financial elite.
Ranked as the fifth wealthiest individual in Africa, Adenuga’s leadership at Globacom has been instrumental in the pursuit of creating Africa’s most extensive telecommunications network.
The company has garnered millions of subscribers in Nigeria and Ghana, commanding around 28 per cent of the market share in Nigeria.