Mike Adenuga surpasses Rabiu and becomes the second wealthiest in Nigeria

Nigerian telecommunications and oil magnate, Mike Adenuga, has reclaimed the second position in the ranking of the wealthiest men in Nigeria, surpassing Abdul Samad Rabiu after Forbes reevaluated the value of his mobile telecommunications empire, Globacom. This reassessment has propelled his net worth to $7.4 billion, solidifying his iconic status in the African economic landscape.

Adenuga, the founder of Globacom, the third-largest telecommunications service provider in Nigeria, had lost his position to Rabiu a year and a half ago. However, with Forbes’ recent reevaluation, he now stands as the second richest man in Nigeria, just behind Aliko Dangote. His net worth also positions him as the fifth wealthiest individual in Africa.

Beyond his telecommunications empire, Adenuga’s diversified business portfolio includes significant investments in the oil industry through Conoil Producing and Conpetro. His stakes in companies such as Julius Berger and Transcorp, along with his presence in Sterling Financial Holding, further enhance his status among Nigeria’s financial elite, holding a 30.63% stake in the latter.

Under Adenuga‘s leadership, Globacom has pursued the ambition to create the most extensive telecommunications network in Africa, amassing millions of subscribers in Nigeria and Ghana and holding approximately 28% market share in Nigeria. However, despite recent successes, Adenuga faces a new challenge as Globacom, with its 55 million subscribers, teeters on the brink of service interruption due to unpaid interconnection fees.

The Nigerian Communications Commission (NCC) issued a warning this week about a potential disconnection between Globacom and MTN due to these unpaid fees. Despite opportunities provided to Globacom to rectify the situation, the NCC has approved a partial disconnection. This development comes after Globacom, under Adenuga’s leadership, paid 154 billion nairas (200 million dollars) to the Nigerian government for spectrum license renewal, sparking speculation about a controversial dispute between Adenuga and the Nigerian government, with Forbes estimating Adenuga’s value at $3.2 billion.