In a year marked by economic turbulence and a steep depreciation of the Nigerian naira, telecoms and oil magnate Mike Adenuga has emerged as a rare exception among the country's billionaires, seeing his wealth swell by over half a billion dollars.
According to Forbes' real-time billionaires list , Adenuga's net worth has increased by $600 million since January, rising from $6.1 billion at the start of the year to $6.7 billion. This cements his position among the continent's richest and most influential figures, as his diverse business empire, spanning oil, gas, telecommunications, banking, construction, and real estate, continues to deliver robust returns.
Another Nigerian billionaire who has bucked the trend is Femi Otedola. Rejoining the billion-dollar club in January, Otedola has seen his net worth climb by $400 million to $1.4 billion, reflecting the resilience of his investments.
Mike Adenuga's net worth climbs, Glo maintains market stabilityNigeria's currency crisis has ravaged household incomes and corporate balance sheets, with MTN Group's Nigerian unit, MTN Nigeria, shouldering over $770 million in foreign exchange losses in the first half of 2024 . Yet, Adenuga, renowned as Nigeria's most liquid billionaire, has weathered the storm better than most. His telecommunications behemoth, Globacom Limited (Glo), remains a dominant force in the African telecommunications industry, celebrating 21 years of delivering on its promise of supporting technological advancement across the continent.
