Mike Adenuga’s net worth grows by $700m in 2024

The net worth of Nigerian billionaire businessman, Mike Adenuga, has surged by $700 million in 2024, increasing from $6.1 billion at the start of the year to $6.8 billion by December.

Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, reported that Adenuga’s fortune, pegged at $6.1 billion as of January 1, 2024, grew to $6.8 billion by December 31, 2024.

According to Billionaires.Africa news magazine, despite widespread currency depreciation in Africa, including Nigeria, Adenuga maintained his position among the continent’s wealthiest individuals and ranked as the 448th richest person globally.

Adenuga’s business interests span telecommunications, oil production, banking, real estate, and manufacturing. However, much of his fortune stems from the success of Globacom, Nigeria’s second-largest telecom operator, which boasts over 60 million subscribers.

Globacom, often credited with revolutionising Nigeria’s telecommunications sector, remains a cornerstone of his business empire.

In 2024, Globacom continued to expand its influence by unveiling digital innovation hubs to foster entrepreneurship and technological growth. 

The first hub was launched in Lagos, with additional hubs planned for Port Harcourt, Ibadan, and Abuja by mid-2025. 

Globacom fintech arm, MoneyMaster Payment Service Bank, also gained momentum by leveraging a network of 100,000 agents to enhance financial inclusion for Nigeria’s underserved population.

Beyond telecommunications, Adenuga’s ventures include Conoil Producing, a major oil exploration company with significant reserves, and Cobblestone Properties, which develops high-end real estate projects.

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