Globacom Founder, Mike Adenuga’s Net Worth Nears $7 Billion

Nigerian billionaire Mike Adenuga has once again proven his resilience and financial acumen as his net worth approaches the $7 billion mark. After experiencing a dip in mid-March due to currency fluctuations, Mike Adenuga’s fortune has made a remarkable recovery, showcasing his status as one of Africa’s wealthiest individuals.

The resurgence of Mike Adenuga’s wealth

In January, Forbes reassessed the value of Adenuga’s mobile phone network, Globacom, elevating his net worth to $7.4 billion. However, the devaluation of the naira saw his wealth decrease to $6 billion by mid-March. 

The tide has turned, with his net worth bouncing back to $6.9 billion, thanks to the strengthening naira against the U.S. dollar. This rebound places Mike Adenuga among the world’s 400 richest people and cements his position as one of the top five wealthiest individuals in Africa.

The role of the naira and central bank policies

The naira’s recent gains in both official and parallel markets have played a significant role in Mike Adenuga’s financial recovery. The Central Bank of Nigeria’s (CBN) commitment to settling all valid foreign exchange backlogs, led by Governor Olayemi Cardoso, has been instrumental in this resurgence. 

With $1.5 billion of the $7 billion in claims already cleared, confidence in the naira has surged, leading to a decrease in dollar holdings by speculators.

Beyond telecoms: Adenuga’s diverse investments

Mike Adenuga’s business interests extend well beyond the telecommunications sector. He holds significant stakes in the oil industry through Conoil Producing and Conpetro. Additionally, he has investments in construction group Julius Berger, valued at over $17 million, and a 0.86-percent stake in Transnational Corporation of Nigeria Plc (Transcorp), led by Tony Elumelu. 

Adenuga’s 30.63-percent stake in Sterling Financial Holding further solidifies his position among Nigeria’s financial elite. Under his leadership, Globacom aims to build Africa’s most extensive telecommunications network, with millions of subscribers in Nigeria and Ghana, holding roughly 28 percent of the Nigerian market share.