Three months after boasting of an estimated net worth of $3.6bn, Chairman of Conoil and the founder of Globacom, Mike Adenuga, has lost $300 million in his net-worth, now valued at $3.3bn, Nairametrics reports.

The recent decline can be attributed to the performance of his holdings in Conoil and the persistent fall in the value of the Nigerian naira against the United States dollar.

Adenuga, who is the third richest person in Nigeria, amassed his wealth through his ventures in the telecommunications and oil production sectors. Globacom, his mobile phone network, has millions of subscribers and controls a large chunk of the market. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.

The official exchange rate from the Central Bank of Nigeria, as of October 19, 2023, stands at N860/$. 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.

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