Nigerian telecom billionaire and oil mogul Mike Adenuga has seen his net worth drop by a billion dollars since the start of the year as the valuation of his privately held businesses continues to plummet.
Adenuga, who had a net worth of $5.7 billion at the time of writing, derives the majority of his fortune from his privately held telecom company, Globacom Limited, as well as his investments in the Nigerian oil industry through Conoil Producing and Conpetro Limited.
According to data tracked by Billionaires.Africa, the Nigerian billionaire’s net worth has declined by $1 billion, from $6.7 billion at the start of the year to $5.7 billion at the time of writing this report, joining billionaires such as Aliko Dangote, Johann Rupert, and Strive Masiyiwa, who have also seen their net worths fall by more than a billion dollars year-to-date.
With the recent decline in his net worth, which reduced his wealth to $5.7 billion, Adenuga has yet to recoup previous losses. Meanwhile, some African billionaires have seen their net worth rise in recent weeks due to a surge in the market value of publicly traded businesses, as investors cherry-pick shares of companies that are trading at large discounts after their prices cratered in October.
The billion-dollar drop in Adenuga’s net worth caused him to lose his position as Nigeria’s second-wealthiest billionaire to tycoon Abdul Samad Rabiu, who is having a fantastic year following the listing of his food business, which added nearly $2 billion to his wealth figures.
With a net worth of $5.7 billion, Adenuga is one of the world’s 500 richest billionaires, ranking 429th on the global wealth list tracked and compiled by U.S. business magazine Forbes.
In addition to founding one of Nigeria’s largest telecom service providers, Adenuga owns 74.4 percent of Conoil Plc, a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand.