Mike Adenuga, the Chairman of Conoil and the founder of Globacom has experienced a notable setback, with a $300 million decrease in his net worth estimated at $3.3 billion, Nairametrics report.
Just three months ago, in July, he boasted an estimated net worth of $3.6 billion.
According to the report, the recent dip can be attributed to the performance of his Conoil holdings and the Nigerian naira’s persistent devaluation against the U.S. dollar.
As Nigeria’s third-richest individual, Adenuga has amassed his wealth through telecommunications and oil production ventures.
Globacom, his mobile phone network, ranks as Nigeria’s third-largest operator, with millions of subscribers.
His oil exploration company, Conoil Producing, also manages six oil blocks in the Niger Delta.
In July, Adenuga suffered a significant loss of $2.7 billion, reducing his net worth to $3.6 billion.
This loss was influenced by several factors, including the unification of the naira in June, which also affected the evaluation of Aliko Dangote’s net worth, causing him to slip to second place, according to Forbes.
Furthermore, the decline in net worth can be attributed to privately held businesses in which Adenuga has stakes, such as Conoil and Globacom.
Over the years, his net worth has experienced fluctuations, reaching $7.3 billion in 2022 and peaking at an impressive $10 billion in 2015.
