In this year 2024, the wealth of global billionaires has seen a skyrocketing growth, and among these financial titans stands Nigerian visionary Mike Adenuga. Known to helm Nigeria’s second-largest telecommunications services provider, Adenuga has climbed the ranks to secure the fifth spot among Africa’s richest men as per Forbes’ annual ranking.
Mike Adenuga is no stranger to the African business landscape. His company, Globacom Limited (Glo), was launched in August 2003, revolutionizing the telecommunications sector across the continent. With diversified investments in sectors such as oil, gas, banking, construction, and real estate, Adenuga has built an impressive financial empire.
Mike Adenuga‘s net worth reached $6.9 billion in 2024, a significant increase from the $6.1 billion of the previous year. This steady growth solidifies his position as the fifth richest man in Africa and the second richest in Nigeria, even surpassing his compatriot Abdul Samad Rabiu on the Forbes list.
Yet, these figures might underestimate Adenuga’s true wealth. Known to be one of Africa’s most liquid billionaires, his stakes in publicly traded companies and other investments may not be fully disclosed to the public.
Adenuga‘s investments are not limited to telecommunications. He also holds significant stakes in companies such as Conoil Producing and Conpetro in the oil sector, as well as stakes in construction giants like Julius Berger. These investments contribute to strengthening his position among Nigeria’s financial elite.
On a global scale, Adenuga ranks 400th on Forbes’ list of global billionaires, a testament to his influence and success internationally. His company, Globacom, has had an impressive journey, notably with the construction of the Glo-1 submarine cable in 2009, which established a vital connection between Nigeria and the United Kingdom.
Globacom’s resilience was recently demonstrated during an internet outage that affected millions of people in West Africa, where the company remained operational. Furthermore, by launching its payment services banking unit, MoneyMaster PSB, Glo has solidified its position in the Nigerian market, competing with giants such as 9Mobile, MTN, and Airtel.
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