Globacom Chairman, Dr. Mike Adenuga Jr., has ascended to the position of Nigeria’s second-richest individual, boasting a net worth of $7.4 billion, as reported by Forbes in its latest valuation.
Earlier in June 2023, Adenuga’s net worth had experienced a decline to $3.6 billion.
This significant increase in wealth is attributed to Forbes’ recent reassessment of the valuation of his telecom giant, Globacom, which he founded and is currently the second-largest telecom service provider in Nigeria.
Adenuga’s net worth had faced a downturn, falling from $6.3 billion in January last year to $3.6 billion in June 2023.
Factors influencing this decline included the unification of the naira in June and the performance downturn of his stake in Conoil.
Despite these fluctuations, Adenuga has consistently engaged in philanthropy.
The Mike Adenuga Foundation, for instance, allocates nearly $20.5 million in scholarships and aid to support students annually. The foundation supports female students
In 2011, Adenuga donated N500 million to aid flood victims in Bayelsa State, demonstrating his commitment to societal well-being.
Additionally, during the global COVID-19 pandemic, he contributed a substantial N1.5 billion towards efforts to combat the virus.
Beyond health and education, Adenuga’s generosity extends to sports, as seen in his $250,000 donation to Nigeria’s football team, the Super Eagles, showcasing a multifaceted commitment to making a positive impact in various spheres of society.
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