Mike Adenuga becomes Nigeria’s second-richest man as Forbes revalues Globacom

Nigerian telecom and oil magnate Mike Adenuga has regained the title of Nigeria’s second-richest man, surging past Abdul Samad Rabiu after Forbes reassessed the value of his mobile phone network, Globacom.

His net worth now stands at $7.4 billion — solidifying his position as a top figure in Africa’s business landscape.

Adenuga, the founder of the third-largest telecom service provider in Nigeria, Globacom, lost the second-richest position to Rabiu a year and a half ago. However, with Forbes’ recent reassessment, he is now Nigeria’s second-richest individual, trailing only behind Aliko Dangote.

Wealth and influence: The multibillion-dollar ventures of Mike Adenuga, Africa’s fifth richest

With his net worth pegged at $7.4 billion, Adenuga also holds the fifth position among Africa’s richest individuals. Apart from his telecom venture, Adenuga’s vast business portfolio includes significant stakes investments in the oil industry through Conoil Producing and Conpetro.

Adenuga also holds stakes in construction giant Julius Berger, valued at more than $20 million, and has a 0.86-percent stake in Transcorp. His presence in Sterling Financial Holding, where he holds a 30.63-percent stake, further cements his status among Nigeria’s financial elite.

Under Adenuga’s leadership, Globacom has pursued the goal of creating Africa’s most extensive telecommunications network, amassing millions of subscribers in Nigeria and Ghana and holding approximately 28 percent of the market share in Nigeria.

NCC issues warning: Adenuga’s Globacom on brink of service disruption

After impressive success in recent years, Adenuga who made his first million at age 26 selling lace and distributing soft drinks faces a new challenge as Globacom, with 55 million subscribers, is on the verge of a service disruption that could affect its users’ ability to call MTN lines.

The Nigerian Communications Commission (NCC) issued a public notice this week, warning of a possible disconnection between Globacom and MTN due to unsettled interconnect charges. The NCC indicated that opportunities were given to Globacom to address the situation before the approval of partial disconnection.

This development comes just three months after Globacom, under Adenuga’s leadership, remitted N154 billion ($200 million) to the Nigerian government for spectrum license renewal fees. Speculations and reports suggest a contentious dispute between Adenuga and the Nigerian government, with Forbes estimating Adenuga’s worth at $3.2 billion.