By the end of 2024, Forbes estimated that Michael Adenuga’s net worth, which started the year at $6.1 billion, had grown to $6.8 billion, ranking him as the 448th richest person in the world.

Due to the resiliency and diversification of his business empire, Adenuga, who made his fortune in oil extraction and telecommunications, witnessed a $700 million increase in his net worth in 2024.

The billionaire entrepreneur cemented his place among the richest people on the continent and among the 450 richest people worldwide during a year in which the value of the currency declined in several African countries, including Nigeria.

Beyond telecommunications Adenuga's riches are based on his ownership of Globacom, the second-biggest supplier of digital services and mobile telecoms in Nigeria with more than 60 million customers.

Beyond telecoms, Adenuga possesses significant holdings in banking, oil and gas, real estate, construction, and manufacturing.

Among his principal holdings are construction giant Julius Berger, oil exploration company Conoil Producing, which operates six blocks in the Niger Delta with recoverable oil reserves exceeding 400 million barrels, and Sterling Financial Holdings.

In addition to having 1.8 trillion cubic feet of gas reserves, Conoil Producing supplies 20,000 barrels of oil every day. Other businesses include Abumet Nigeria Limited, which focuses on glass and aluminium solutions, Conoil Plc, and Cobblestone Properties & Estates Limited.

Meanwhile, with significant expenditures in network expansion and customer benefits, Globacom continues to be the jewel in Adenuga's crown, propelling Nigeria's digital transformation.

Adenuga’s wealth

The narrative of Adenuga's rise to fame is a classic example of self-made success. He earned his business administration degrees from Pace University in New York and Northwestern Oklahoma State University after starting out as a taxi driver to pay for his studies.

Billionaire.africa reported that Adenuga made his first million at the age of 26 by distributing soft drinks and trading lace. These early business triumphs made his ground-breaking accomplishments in the oil and gas sector possible.

His company, Consolidated Oil, became the first Nigerian to strike oil in the shallow waters of Ondo State in 1991, making history.

Building on his successes in the oil industry, Adenuga focused on Nigeria's telecoms industry, turning it from an exclusive luxury to an accessible necessity. Adenuga's founding of Globacom democratized access and completely changed the telecom industry.

By lowering the cost of SIM cards, Adenuga empowered millions of Nigerians and greatly increased the use of mobile phones throughout the nation.

The completion of the Glo-1 undersea cable, a 6,100-mile underwater connection that connects Nigeria to the UK via Portugal and Ghana, further exemplified his innovative leadership.