Mike Adenuga is only Nigerian to gain over half a billion dollars in wealth this year

Omokolade Ajayi -

Key Points

  • Mike Adenuga’s net worth surged by $600 million in 2024, reaching $6.7 billion despite Nigeria’s economic turbulence.
  • Adenuga’s Globacom and Conoil Plc show strong performance; Glo celebrates 21 years, and Conoil reports a 107% revenue increase in H1 2024.
  • Despite Nigeria’s currency crisis, Adenuga’s telecommunications giant, Glo, remains a market leader.

In a year marked by economic turbulence and a steep depreciation of the Nigerian naira, telecoms and oil magnate Mike Adenuga has emerged as a rare exception among the country’s billionaires, seeing his wealth swell by over half a billion dollars. 

According to Forbes’ real-time billionaires list, Adenuga’s net worth has increased by $600 million since January, rising from $6.1 billion at the start of the year to $6.7 billion. This cements his position among the continent’s richest and most influential figures, as his diverse business empire, spanning oil, gas, telecommunications, banking, construction, and real estate, continues to deliver robust returns.

Another Nigerian billionaire who has bucked the trend is Femi Otedola. Rejoining the billion-dollar club in January, Otedola has seen his net worth climb by $400 million to $1.4 billion, reflecting the resilience of his investments.

Mike Adenuga’s net worth climbs, Glo maintains market stability

Nigeria’s currency crisis has ravaged household incomes and corporate balance sheets, with MTN Group’s Nigerian unit, MTN Nigeria, shouldering over $770 million in foreign exchange losses in the first half of 2024. Yet, Adenuga, renowned as Nigeria’s most liquid billionaire, has weathered the storm better than most. His telecommunications behemoth, Globacom Limited (Glo), remains a dominant force in the African telecommunications industry, celebrating 21 years of delivering on its promise of supporting technological advancement across the continent.

Over the past decade, Adenuga’s net worth has surged from $4.2 billion to $6.7 billion, reflecting the consistent growth of his business interests. Glo, under the leadership of Adenuga’s daughter, Bella Disu, who has taken on an increasingly prominent role in the company, continues to expand its footprint across Africa.

The company’s Glo 1 submarine cable, which connects the United Kingdom to Nigeria, recently marked eight years of flawless operation, a testament to its resilience in an industry fraught with challenges. Despite widespread disruptions faced by other network providers in Nigeria and neighboring countries, Glo has maintained a strong and stable presence in the market.

Adenuga among world’s top 500 richest individuals

With a current net worth of $6.7 billion, Mike Adenuga ranks among the top 500 richest individuals globally, making him the second Nigerian on the list behind Aliko Dangote and the fifth African, joining the ranks of South Africa’s Johann Rupert and Nicky Oppenheimer, as well as Egypt’s Nassef Sawiris.

In addition to his telecommunications empire, Adenuga’s publicly listed petroleum marketing company, Conoil Plc, has also shown strong performance in 2024. The company reported a 107 percent increase in revenue, reaching over $110 million in the first half of the fiscal year.

Gross profit rose to N17.53 billion ($10.56 million), up from N12.2 billion in the same period last year, while profit after tax climbed to N8.02 billion ($4.9 million) from N6.25 billion ($3.8 million) in the prior-year period. This growth comes despite rising direct costs and operating expenses, highlighting Conoil’s resilience in a challenging economic environment.