Globacom CEO Adenuga
Global Chief Executive Officer, Mike Adenuga, has reemerged as Nigeria’s second-richest man after displacing the hitherto holder, billionaire industrialist Abdulsamad Rabiu of BUA.
Adenuga now trails only Africa’s richest man Aliko Dangote, who tops the list of Nigeria’s wealthiest people, with a net worth of $19.8 billion.
Rabiu’s net worth has fallen from more than $7 billion to $5.8 billion in less than three months.
Adenuga’s reemergence as Africa’s second-richest man comes nearly two months after an exclusive report by Billionaires Africa.
The report had earlier confirmed that Rabiu had surpassed Adenuga to become the country’s second-wealthiest billionaire.
According to Forbes, Adenuga, who derives the majority of his fortune from his mobile phone network, Globacom, and his oil exploration company, Conoil Plc, has surpassed Rabiu as Nigeria’s richest man, with a net worth of $6.3 billion, compared to Rabiu’s $5.8 billion.
Adenuga, like Rabiu, has recorded a significant decline in his net worth in recent months.
However, the drop in his wealth has been less severe than Rabiu’s, who has lost more than $1.2 billion of his fortune over the past two months.
The revaluation of his interest in Globacom has caused his net worth to fall by more than $400 million since the start of the year, from $6.7 billion to $6.3 billion at the time of writing.
Nearly two weeks ago, Conoil reported a double digit per cent increase in the first half of 2022.
This was despite a significant decrease in top-line performance during the period under review.
In spite of a double-digit decline in revenue, profit increased by 70.5 per cent to N1.81 billion ($4.35 million) in the first half of 2022.
It rose from N1.06 billion ($2.55 million) in the first half of 2021, according to the company’s half-year financial report.
