Nigerian telco billionaire Mike Adenuga gains $600 million so far in 2023 - Report

Nigerian telecom billionaire and oil mogul Mike Adenuga has seen his net worth increase by $600 million since the start of the new year as the market value of his private holdings in his telecom business continues to track the performance of its peers on the stock market.

The Nigerian billionaire businessman, who ended the year 2022 with a total wealth loss of $1.1 billion as his net worth fell from $6.7 billion to $5.6 billion, is off to a strong start just 26 days into the new year, according to data tracked by Billionaires.Africa.

According to Forbes, Adenuga, Nigeria’s third-wealthiest man, has seen a significant $600 million increase in his net worth, rising from $5.6 billion at the start of the year to a present total of $6.2 billion. The significant growth has offset part of the $1.1 billion loss he experienced in 2022.

The multimillion-dollar boost in his net worth can be attributed to the market value of his privately held businesses, including his investments in the telecom company Globacom Limited and in the Nigerian oil industry through Conoil Producing and Conpetro Limited.

Adenuga owns 74.4 percent of Conoil Plc, a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand in addition to founding Globacom, one of Nigeria’s largest telecom service providers.

Conoil is a major supplier of fuels such as diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. The petroleum marketing company’s retained earnings have increased to more than $45.7 million as a result of its strong performance in recent years.

In 2022, Adenuga received a substantial payout of $3.1 million in dividends from his significant stake in Conoil. With a net worth of $6.2 billion, Adenuga is ranked as one of the world’s most affluent billionaires, placing him at 409th on Forbes’ global wealth list.