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Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes - Business - Nairaland

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Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by AkinPhysicist: 2:44pm On Jan 01, 2017
By Kate Vinton
Forbes.

Exactly half of Africa’s 20 billionaires got richer in 2016. The continent's biggest gainer -- in both dollar and percentage terms - is Nigerian oil and telecom tycoon Mike Adenuga, whose net worth increased $2.7 billion to $5.8 billion since December 31, 2015. No other African billionaire added more than $1 billion to his or her net worth in the past year. Overall, the combined net worths of African billionaires decreased $3.1 billion in 2016.

The increase in Adenuga’s net worth is largely due to new information FORBES obtained in 2016 about the value of his assets. Adenuga owns Nigerian telecom company Globacom and Nigerian oil company Conoil Producing. While Adenuga's net worth has increased since the beginning of 2016, it has dropped significantly since March 2016, when FORBES valued his fortune at $10 billion on the 2016 Billionaires List. Since then, his net worth has dropped $4.2 billion, due to the devaluation of the Nigerian Naira and the country's struggling oil sector. Adenuga was the only Nigerian billionaires whose net worth increased this year. (Aliko Dangote, the richest Nigerian and Africa's richest man, saw his fortune drop nearly 28% to $12.4 billion over the course of 2016.)

South African mining billionaire Patrice Motsepe and Egyptian billionaires Nassef Sawiris and Naguib Sawiris were the next biggest gainers in Africa, each adding $500 million to their fortunes over the year. Motsepe was also Africa's second biggest percentage gainer; his net worth increased by 32% in 2016, bringing his fortune to $1.5 billion. The stock price of Motsepe’s African Rainbow ARBJY +% Minerals has risen nearly 130% in the past year, following a steep decline in 2015.

Nassef Sawiris the richest billionaire in Egypt with a fortune that FORBES pegs at $5.2 billion, runs one of the largest nitrogen fertilizer producers in the world, OCI, and also owns 7% of Adidas and nearly 5% of cement giant LafargeHolcim. While OCI stock is down 27% over the past year, Adidas stock is up 58% and LafargeHolcim is up 7%, leading to the bump in his net worth. Egyptian telecom billionaire Naguib Sawiris, who has a $3.5 billion fortune announced that he was stepping down as CEO of Orascom Telecom Media & Technology in December 2016.

Egypt and South Africa were the only African countries where more than half of the country’s billionaires got richer in 2016. In both, four out of seven billionaires added to their wealth in the past year. In Nigeria, meanwhile, only one of four billionaires got richer this year.

In total, the twelve African billionaires whose net worths increased this year added a combined $6.2 billion to their fortunes in 2016. The continent outperformed the overall FORBES World Billionaires List, where only 46% of billionaires saw their fortunes increase in 2016. The year's biggest global gainer, American billionaire Warren Buffett, has a fortune that jumped almost twice that amount in 2016.


http://www.forbes.com/sites/katevinton/2016/12/31/nigerian-telecom-tycoon-mike-adenuga-is-africas-biggest-billionaire-gainer-in-2016/#38b425714e9a

11 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Godfullsam(m): 2:53pm On Jan 01, 2017
Ok
congratulations to Chief Adenuga.

28 Likes 2 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by tobillionaire(m): 2:53pm On Jan 01, 2017
Forbes will know me soon

22 Likes 2 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Godfullsam(m): 2:54pm On Jan 01, 2017
Ok
congratulations to Chief Adenuga.

Ayam gonner be the highest gainer this year 2017 no matter the economic situation and value of naira in Jesus name.

30 Likes 3 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ayoxelee(m): 3:01pm On Jan 01, 2017
I envy u, congrat sha

2 Likes 1 Share

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by crazygod(m): 3:04pm On Jan 01, 2017
I don't understand this post. Its somehow contradictory.

5 Likes 2 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ikp120(m): 3:06pm On Jan 01, 2017
After scamming Nigerians with terribly slow Internet browsing speed? undecided

21 Likes 4 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Bitterleafsoup: 3:12pm On Jan 01, 2017
Those 3 countries citzenshave seen the worst of recession, yet the elite have gotten richer.

Gotta love capitalism....

7 Likes 1 Share

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Khd95(m): 3:29pm On Jan 01, 2017
crazygod:
I don't understand this post. Its somehow contradictory.
whats contradictory here ehn :/

2 Likes 1 Share

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by laudate: 2:24am On Jan 03, 2017
Someone should do a documentary on this man. wink

2 Likes 2 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Nobody: 5:55am On Jan 03, 2017
ikp120:
After scamming Nigerians with terribly slow Internet browsing speed? undecided
Did he force you to use GLO? The fact that GLO has snail speed in your area does not mean it has for all Nigerians.

67 Likes 5 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ikp120(m): 5:59am On Jan 03, 2017
Bolustic:

Did he force you to use GLO? The fact that GLO has snail speed in your area does not mean it has for all Nigerians.


undecided

4 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Nobody: 6:04am On Jan 03, 2017
The new king, Adenuga. Otedola, Dangote, Ibeto and co should keep fighting, sha. We are rooting for them all.

2 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Toketimt: 6:09am On Jan 03, 2017
Khd95:
whats contradictory here ehn :/



While Adenuga's net worth has increased since the beginning of 2016, it has dropped significantly since March 2016, when FORBES valued his fortune at $10 billion on the 2016 Billionaires List. Since then, his net worth has dropped $4.2 billion, due to the devaluation of the Nigerian Naira and the country's struggling oil sector.

7 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Corrinthians(m): 6:14am On Jan 03, 2017
ikp120:
After scamming Nigerians with terribly slow Internet browsing speed? undecided
What has your village brothers and sisters ever done for Nigerians?

Jealousy. angry

44 Likes 3 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ikp120(m): 6:21am On Jan 03, 2017
Corrinthians:
What has your village brothers and sisters ever done for Nigerias?

Jealousy. angry

6 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ettybaba(m): 6:40am On Jan 03, 2017
That man is a don.
A billionaire that hardly talks or seen in the public.

21 Likes 2 Shares

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by wristbangle: 6:43am On Jan 03, 2017
Congrats to him. cool

Glo needs to work on their Internet speed and provide CSR to society.

2 Likes 1 Share

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by BermudaTriangle(m): 9:06am On Jan 03, 2017
ikp120:
After scamming Nigerians with terribly slow Internet browsing speed? undecided


His wealth is clean, unlike money made from crime, drug-related and sub-standard products.
Thats why he can be mentioned by Forbes.
They don't consider scammers, the self-aclaimed "business men" of Nigeria for mention because they are worthless even with their wealth that stinks to heaven.

40 Likes 1 Share

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by adonbilivit: 9:11am On Jan 03, 2017
Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Janetessy(f): 9:12am On Jan 03, 2017
Nice one
Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Segadem(m): 9:12am On Jan 03, 2017
...after me

1 Like

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Nobody: 9:12am On Jan 03, 2017
Smh.

I stopped using my glo line for data when I observed that my over 3gig data doesn't last me for a month even tho I don't stream or download videos, I don't have lots of apps on my phone, I don't do a lot of Facebook or Instagram.

I know prefer to buy MTN 3.5 gig for 2k, cause I still roll over my data of usually over 1.5gig.

3 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Segadem(m): 9:13am On Jan 03, 2017
BermudaTriangle:



His wealth is clean, unlike money made from crime, drug-related and sub-standard products.
Thats why he can be mentioned by Forbes.
They don't consider scammers, the self-aclaimed "business men" of Nigeria for mention because they are worthless even with their wealth that stinks to heaven.
hmnn
Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by XXLDICK(m): 9:13am On Jan 03, 2017
ikp120:
After scamming Nigerians with terribly slow Internet browsing speed? undecided
You weren't forced to use glo, were you

If not for glo driving the price down, I doubt you would be able to afford data

24 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by barrybanbi: 9:15am On Jan 03, 2017
So??

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Thisis2raw(m): 9:15am On Jan 03, 2017
And they left me out of the list again
Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by ALAYORMII: 9:16am On Jan 03, 2017
Oluwa bless us this 2017

3 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by maxwelloweezy(m): 9:17am On Jan 03, 2017
JESUS CHRIST IS MY NETWORTH

8 Likes

Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by martineverest(m): 9:19am On Jan 03, 2017
Khd95:
whats contradictory here ehn :/
i think u have a problem with comprehension
Re: Mike Adenuga Is The Biggest Billionaire Gainer In Africa In 2016 - Forbes by Nobody: 9:20am On Jan 03, 2017
Mike is your mentor if you want to learn how to be a true business success.

11 Likes

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