Mike Adenuga's Net Worth Rises, Overtakes Rabiu As Second Richest Man in Nigeria
- Mike Adenuga has reclaimed his position as the second richest man in Nigeria behind Aliko Dangote
- Adenuga, who is the chairman of telecommunication giant Globacom, made $2 million on Thursday
- Abdulsamad Rabiu, who now sits third, also recorded a positive day, according to Forbes data
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Nigerian billionaire Mike Adenuga has reclaimed his position as Nigeria's second-richest man ahead of Abdulsamad Rabiu who drops to third.
Data from the Forbes billionaire index shows that the chairman of Globacom and one of Nigeria's richest oil investors now has a $7.4 billion net worth valuation as of Thursday, January 11, 2024.
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This is more than Rabiu's current net worth valuation of $6.2 billion.
Why did Mike Adenuja's wealth jump?
Legit.ng understands that Adenuga's wealth surge is due to Forbes' recent reassessment of the valuation of his mobile phone network, Globacom.
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For long, Adenuga has been behind Rabiu, who witnessed a remarkable increase in wealth in 2023.
As of the start of 2024, Adenuga's net worth stood at $3.4 billion, while Rabiu's was $6.4 billion.
In 10 days in 2024, the net worth of Adenuga has increased by $4 billion.
Source of Adenuga's wealth
Adenuga built his fortune in telecom and oil production.
His mobile phone network, Globacom, is the third largest operator in Nigeria, with over 55 million subscribers.
Adenuga also has an oil exploration outfit, Conoil Producing, which operates six oil blocks in the Niger Delta.
It has, however, not been a smooth ride for Adenuga, as his journey to wealth started by selling lace and distributing soft drinks.
Nigerian richest men and net worth as of Jan 11, 2024
- Aliko Dangote: $14.3 billion
- Mike Adenuga: $7.4 billion
- Abdulsamad Rabiu: $6.2 billion
- Femi Otedola: $1.2 billion
Femi Otedola Becomes 4th Richest Man in Nigeria
Earlier, Legit.ng reported that Femi Otedola re-joined the Forbes elite list of wealthiest men in the world following the strong performance of his investments.
Forbes Billionaire Index shows that the billionaire currently has assets worth over $1 billion.
Geregu Power PLC, a Nigeria-based power generation company, is one of his priced assets.
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Source: Legit.ng
