Home » Nigerian billionaire Mike Adenuga’s net worth slumps by $200 million since start of 2022

Nigerian billionaire Mike Adenuga’s net worth slumps by $200 million since start of 2022

by Omokolade Ajayi
Mike Adenuga

Mike Adenuga, the founder of Nigerian multinational telecom company Globacom Limited, has seen his net worth plummet by millions of dollars since the start of the year. The wealth loss is due to a revaluation of his stake in Globacom, one of Nigeria’s leading telecom services providers.

Adenuga, who has a fortune of $6.7 billion at the time of writing this report, derives the majority of his wealth from his telecom company and his investments in the Nigerian oil industry through Conoil Plc and Conpetro Limited.

Since the start of business and trading this year, the Nigerian billionaire’s net worth has dropped from $6.7 billion on Jan. 1 to $6.5 billion at the time of writing. This represents a three-percent net-worth loss, or a $200-million decrease in his wealth, since the year began.

The revaluation of his interest in Globacom Limited, Nigeria’s second-largest telecom service provider, is responsible for the $200-million loss in his wealth.

According to data from the Nigerian Communications Commission, Globacom is the second-largest telecom services operator in Nigeria as of December 2021, with a 28.09-percent market share and a subscriber base of more than 54.8 million.

Meanwhile, MTN Nigeria, the operating subsidiary of South African telecom behemoth MTN Group, controls 37.7 percent of the country’s market share, with 73.6 million subscribers.

Nearly four months ago, the Nigerian multinational telecommunications company agreed to extend its network with Ceragon Networks Limited, an Israeli network equipment supplier specializing in wireless backhaul solutions for telecom companies.

With the network extension agreement with Ceragon, the Nigerian telecom services provider will rely on the technologies of its technical partner to expand the scope and quality of its telecom services in Nigeria, as it competes with MTN for market share in the country.

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