Renowned Nigerian billionaire, mike Adenuga, has encountered a substantial setback in his net worth, reportedly losing an astounding $300 million.
This decline has been attributed to a combination of factors, including the performance of his holdings in Conoil and the ongoing devaluation of the Nigerian naira against the U.S. dollar.
As of the latest data from October 19, 2023, the official exchange rate, according to the Central Bank of Nigeria, stands at N860/$. However, the unofficial market, where the naira is exchanged more freely, indicates a more severe decline, with rates quoted at N1,186/$1.
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Adenuga, holding the position of Nigeria’s third-richest individual, amassed his wealth through ventures in telecommunications and oil production.
His mobile network, Globacom, ranks as Nigeria’s third-largest operator, with millions of subscribers. Additionally, his oil exploration company, Conoil Producing, manages six oil blocks in the Niger Delta.
This recent dip follows a previous loss of $2.7 billion in July, which brought Adenuga’s net worth down to $3.6 billion.
Factors contributing to this decline include the unification of the naira in June and evaluations of privately held businesses, such as Conoil and Globacom.
Adenuga’s career has seen its share of challenges, notably a money laundering case in 2006 that led to his detainment. He later received a pardon, allowing his return to Nigeria.
In 2016, he faced pursuit for a combined debt of over $140.5 million by two foreign and one local company.
Despite these setbacks, Mike Adenuga remains a prominent figure in Nigeria’s business landscape, with a legacy marked by entrepreneurial success and resilience.
