Africa’s 2nd Richest MAN, Adenuga, Is The Biggest Gainer In Africa: 2016

Mike Adenuga

Nigerian-born billionaire, founder of Globacom and Chairman of Conoil is richer now, according to FORBES. Michael Adeniyi Agbolade Ishola Adenuga [(Mike Adenuga Jr.) a business mogul, tycoon and the second richest person in Nigeria and Africa, just got richer in 2016 . . .

In a new valuation and classification by FORBES, Africa’s biggest gainer in both dollar and percentage terms – is Nigerian oil and telecom tycoon Mike Adenuga, whose net worth increased from $2.7 billion to $5.8 billion since December 31, 2015.

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Mike Adenuga Towers, Lagos | Head Office

The increase in Adenuga’s net worth is largely due to new information FORBES obtained in 2016 about the value of his assets. Adenuga owns Nigerian telecom company Globacom and Nigerian oil company Conoil Producing.

While Adenuga’s net worth has increased since the beginning of 2016, it has dropped significantly since March 2016, when FORBES valued his fortune at $10 billion on the 2016 Billionaires List. Since then, his net worth has dropped $4.2 billion, due to the devaluation of Nigeria’s local currency, Naira, and the country’s struggling oil sector.

Adenuga was the only Nigerian billionaire whose net worth increased this year. (Aliko Dangote, the richest Nigerian and Africa’s richest man, saw his fortune drop nearly 28% to $12.4 billion over the course of 2016.).

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CONCISE BIO: Mike Adenuga

Michael Adeniyi Agbolade Ishola Adenuga Jr (born 29 April 1953) is a Nigerian business tycoon, and the second richest person in Nigeria. He was issued a conditional GSM licence in 1999; after it was revoked he received a second one when the government held another auction in 2003.

His telecom company Globacom spread quickly and started challenging the giant MTN Group. It launched services in Benin in 2008, and has continued its spread across Ghana and Côte d’Ivoire, with more licences currently being prospected in other West African countries. His company Globacom is Nigeria’s second-largest telecom operator (glo network), and also has a presence in Ghana and Benin.

History: Early Life & Education

His father, the Oloye Michael Agbolade Adenuga Sr, was a school teacher, his mother Juliana Oyindamola Adenuga (née Onashile of Okesopin, Ijebu Igbo) a businesswoman of royal Ijebu descent.

Adenuga received his secondary school education at the Ibadan Grammar School, Ibadan and Comprehensive High School, Aiyetoro for his Higher School Certificate (HSC). He worked as a taxi driver to help fund his university education. He graduated from Northwestern Oklahoma State University and Pace University, New York with degrees in Business Administration.

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He also owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company). FORBES has estimated his net worth at $10 billion as of 2016, which makes him second wealthiest Nigerian behind Aliko Dangote,as well as the second richest person in Africa.

© 2017 Madjack Business Report

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Africa’s 2nd Richest MAN, Adenuga, Is The Biggest Gainer In Africa: 2016