After Two Solid Years, Mike Adenuga Overcomes BUA Boss As Second Richest Man In Africa

Mike Adenuga, the Nigerian tycoon behind Globacom, has risen to the second spot on the list of Africa’s richest people, according to Forbes.

He surpassed Abdul Samad Rabiu, the founder of BUA Group, who held the position for two years, following Forbes’ reevaluation of his mobile phone network, Globacom.

Adenuga’s current net worth is now $7.4 billion, solidifying his influential standing in Africa’s business landscape.

As the founder of Nigeria’s third-largest telecom service provider, Globacom, he temporarily lost the second-richest position to Rabiu a year and a half ago but regained it after Forbes’ recent reassessment.

Adenuga is now second only to Aliko Dangote in Nigeria’s wealth ranking and holds the fifth spot among Africa’s wealthiest individuals.

In addition to his telecommunications venture, Adenuga’s diverse business portfolio includes significant investments in the oil industry through Conoil Producing and Conpetro.

His notable presence in Sterling Financial Holding, with a 30.63-percent stake, further cements his status among Nigeria’s financial elite.

Under Adenuga’s leadership, Globacom has actively pursued the goal of establishing Africa’s most extensive telecommunications network, amassing millions of subscribers in Nigeria and Ghana, and commanding around 28 per cent of the market share in Nigeria.