Nigerian Billionaire, Mike Adenuga Defies Naira Loss to Gain Millions of Dollar
- Mike Adenuga, a telecom and oil magnate, has seen a rise in wealth of over $500 billion
- As a result, he stands out among the country's billionaires in an otherwise turbulent year
- Adenuga's net worth increased from $6.1bn at the start of the year to $6.7bn after a $600m gain since January
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Telecom and oil tycoon Mike Adenuga has seen his wealth increase by more than half a billion dollars, making him a rare exception among the nation's billionaires in a year characterised by economic volatility and a sharp devaluation of the Nigerian naira.
Source: UGC
Adenuga's net worth grew by $600 million since January, from $6.1 billion at the beginning of the year to $6.7 billion, according to Forbes' real-time billionaires list.
His position as one of the richest and most powerful people on the continent is cemented by the fact that his varied business empire—which includes businesses in construction, banking, real estate, oil and gas, and banking—continues to yield strong profits.
Billionaire.africa reported that Femi Otedola is another Nigerian billionaire who has defied the norm. Otedola's net worth increased by $400 million to $1.4 billion after he joined the billion-dollar club in January, demonstrating the strength of his assets.
Mike Adenuga’s continues to increase
Due to the currency crisis in Nigeria, both corporate and household balance sheets have suffered greatly.
However, Adenuga—who is known as the most liquid millionaire in Nigeria—has fared better throughout the storm than most.
Adenuga's net worth increased from $4.2 billion to $6.7 billion over the last 10 years, which is indicative of the steady expansion of his business ventures.
Glo is still growing its presence throughout Africa, led by Bella Disu, Adenuga's daughter, who has assumed a more significant role within the organization.
The Glo 1 underwater cable of the business, which links Nigeria and the United Kingdom, recently celebrated eight years of faultless operation, demonstrating its tenacity in a challenging industry. Despite the numerous setbacks that other network providers in Nigeria and its surrounding nations have experienced, Glo has remained a powerful and steady force in the industry.
List of properties developed by billionaire daughter
Legit.ng reported that Bella Disu is continuing to play a crucial role in the development and growth of Globacom Limited, one of Africa's telecommunications groups.
Like her father, Mike Adenuga, she has established herself as a multifaceted leader with a strong presence across various sectors in Nigeria.
Disu began her career with Globacom at the tender age of 18, and she is currently Executive Vice Chairman of the renowned telecom provider. She rose to prominence in the African business world very rapidly.
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Source: Legit.ng
