Nigeria’s oil and telecommunications mogul, Mike Adenuga, net worth more than doubled in 12 months, increasing from $2.7bn to $5.8bn since December 31, 2015.
According to Forbes, the 114.81 per cent increase in Mr. Adenuga’s net worth is due to new information FORBES obtained in 2016 about the value of his assets.
However, Adenuga, who owns Globacom and Conoil Producing, has seen his net worth dropped significantly since March 2016, when FORBES valued his fortune at $10 billion on the 2016 Billionaires List. The billionaires net worth dropped $4.2bn due to the devaluation of the Naira and a struggling oil sector.
Adenuga was the only Nigerian billionaire whose net worth increased this year.
The richest man in Africa, Aliko Dangote, saw his fortune drop nearly 28% to $12.4bn in 2016.
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