Nigerian billionaire businessman Mike Adenuga’s net worth has rebounded significantly in recent weeks, nearing the $7-billion mark after plunging to $6 billion in mid-March amid the country’s recent currency woes.
The billionaire businessman had seen his net worth surge to $7.4 billion in January after Forbes reassessed the value of his mobile phone network, Globacom, the second-largest telecom service provider in Nigeria. However, the devaluation of the naira caused it to fall to $6 billion by mid-March. It has since recovered to $6.9 billion at the time of writing.Â
Adenuga’s net worth climbs $900 million
With a net worth of $6.9 billion, according to Forbes, Adenuga remains among the world’s 400 richest people and one of the top five wealthiest individuals in Africa. He trails only fellow Nigerian billionaire Aliko Dangote, South African billionaires Johann Rupert and Nicky Oppenheimer, and Egyptian billionaire Nassef Sawiris.
The recent $900 million rebound in his fortune, from $6 billion on March 15 to $6.9 billion presently, is linked to the strengthening of the naira against the U.S. dollar. The local currency has experienced notable gains in both the official and parallel markets. Renewed confidence in the naira has led to a wave of speculators offloading their dollar holdings, further bolstering the currency’s position.
The Central Bank of Nigeria’s (CBN) announcement regarding the final settlements of all valid foreign exchange backlogs has also played a key role in the currency’s revival. The apex bank governor, Olayemi Cardoso, initiated this pledge to address a substantial backlog of $7 billion in claims. Recent efforts have seen $1.5 billion cleared.
Mike Adenuga’s expansive investment portfolio
Adenuga’s vast business portfolio extends beyond telecoms. He has significant stakes in the oil industry through Conoil Producing and Conpetro. He also holds investments in construction group Julius Berger (valued at over $17 million) and a 0.86-percent stake in Transnational Corporation of Nigeria Plc (Transcorp), a conglomerate led by Tony Elumelu.
Adenuga further cements his status among Nigeria’s financial elite through his 30.63-percent stake in Sterling Financial Holding. Under his leadership, Globacom has pursued the ambitious goal of creating Africa’s most extensive telecommunications network, amassing millions of subscribers in Nigeria and Ghana and holding roughly 28 percent of the Nigerian market share.
