Mike Adenuga loses $300 million as net worth further declines to $3.3 billion

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, now estimated at $3.3 billion at the time of this report.

Just three months ago, in July, he boasted an estimated net worth of $3.6 billion.

The recent dip can be attributed to the performance of his holdings in Conoil and the persistent devaluation of the Nigerian naira against the U.S. dollar.

According to data tracked by Nairametrics, the official exchange rate from the Central Bank of Nigeria, as of October 19, 2023, stands at N860/$.

However, an earlier report by Nairametrics indicates that the unofficial market, where the naira is traded freely, has witnessed a more severe decline.

The exchange rate on the peer-to-peer (P2P) market, where forex is covertly traded through the crypto market, suggests a steady decline, with N1,186/$1 being quoted.

As Nigeria’s third-richest individual, Mike Adenuga has amassed his wealth through his ventures in the telecommunications and oil production sectors.

Globacom, his mobile phone network, ranks as Nigeria’s third-largest operator, with millions of subscribers.

Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.

Backstory
Prior, Nairametrics reported that in July, Mike 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 holds stakes, such as Conoil and Globacom.

In 2003, Adenuga founded Globacom, which has since grown to become one of Nigeria’s largest telecommunications companies, with operations in Ghana and the Republic of Benin.

Over the years, his net worth has experienced fluctuations, reaching $7.3 billion in 2022 and peaking at an impressive $10 billion in 2015.

Despite his billionaire status, Mike Adenuga has faced challenges throughout his career.

Notably, in 2006, he was implicated in a money laundering case and detained following a raid on the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil by the Economic and Financial Crimes Commission.

Subsequently, he resided in London until receiving a pardon from the regime of late President Umaru Musa Yar’Adua, allowing his return to Nigeria.

In June 2016, he was pursued for a combined debt of over $140.5 million by two foreign and one local company.

[url=https://www.google.com/amp/s/nairametrics.com/2023/10/23/mike-adenuga-loses-300-million-as-net-worth-further-declines-to-3-3-billion/%3famp=1]Source: Nairametrics[/url]

How he carry be our problem?

Wetin concern us?

You win some and lose some. It's actually a temporary loss for men like him. He is called The Bull for a reason.

As long as naira remains in free fall he'll keep losing money. He should invest in upgrading Glo network infrastructure instead of just signing rubbish brand ambassadors up and down.
Celebrities can't influence people to use crappy network, the only thing that can influence the people's choice is good performance. A friend of mine once said Glo network is only fast on advert, lol.

Tesla is the best selling car and they have never done a TV commercial not to talk of paying brand ambassadors. It's performance and word of their customers that speak for them.

Small Money

He's still a billionaire. Now imagine millions of Nigerians still living in abject poverty. And you'll know that he won't feel this a bit

Who calculate am

Adenuga is a quiet billionaire. An extreme introvert who is rarely seen.

I love how he raised his children who are now classy young adults.

He should send me his account number and I'll credit him with the money he lost. Am a very generous somebody.

Ego touch everyone las las.

He will bounce back

This is huge!

Over 100k out of my savings was mutilated by POS debits and bank wahala during cashless policy drama, up till now i am yet to recover part of the money.
Just suffered for what i know nothing about, what's my crime?
Being a Nigeria.
Someone said he will rather be a tree in a working country than be a Nigeria in his next life.

Lol

Nigeria happened to him

post=126568238:
He will bounce back

I doubt it. . Most of his investments are in naira. . And current govt don't even seem to have an idea of the value dwindling issue.

I doubt Globacom is even financially solvent currently. .

he will be back

7.3 in 2022, 3.3 now? By next year he will be finished kpatakpata. Meanwhile Igbos continue to wax stronger at the middle level multi millionaire category by spreading wealth without any government backing

$300m money wey e go recover within 48hrs from only GLO recharge card ....


Mtcwwwwww nonsense story

Business language is profit & loss. Meanwhile, he is currently enjoying his share of the super highway economy.

Ohhhh so sorry sir. May Almighty God replenish it back in hundreds folds ijn

And e still dey breathe, I for just dey faint anyhow 😭🥶

MANNABBQGRīLLS:
He will bounce back

You are funny. I have yet to see anything that comes down (bounce back) after going up in Nigeria since the last decade.

Poor And Common Nigerians Have Lost More,

I no get pass 10k for my aza this morning
Nobody post am online say my money don reduce to 10k as at this morning oo

Journalists God go judge u people for me I know that for sure

He will get it back

Here will recover with time

How does it help the common man in the street. Go to Major junctions like Jakande, Lagos, you see small boys loitering on the road looking for something to eat.