* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 1, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Mavs CEO holds firm on new arena, entertainment district in Dallas – Dallas News

    Mavs CEO Stands Strong on Vision for New Arena and Entertainment District in Dallas

    Entertainment: On Your Marks, Get Set, Beer Run! – Urban Milwaukee

    Get Ready to Race: The Ultimate Beer Run Experience Awaits!

    Rachel Guttman Launches Entertainment Law Firm Gutt Law, PLLC [Exclusive] – MusicRow.com

    Rachel Guttman Unveils Exciting New Entertainment Law Firm: Gutt Law, PLLC!

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Drone technology demo in Cambria County showcases future of lifesaving medical deliveries – local21news.com

    Revolutionizing Healthcare: Drone Technology Takes Flight for Lifesaving Medical Deliveries in Cambria County

    Revolutionary Harvesting Technology Promises to Slash CAR-T Manufacturing Costs!

    Stop the Machines: The Rise of Anti-Technology Extremism – International Centre for Counter-Terrorism – ICCT

    Unplugged: The Surge of Anti-Technology Extremism

    Finland to head EU’s quantum defense technology project – Latest news from Azerbaijan

    Finland Takes the Lead in Pioneering EU’s Quantum Defense Technology Initiative!

    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Mavs CEO holds firm on new arena, entertainment district in Dallas – Dallas News

    Mavs CEO Stands Strong on Vision for New Arena and Entertainment District in Dallas

    Entertainment: On Your Marks, Get Set, Beer Run! – Urban Milwaukee

    Get Ready to Race: The Ultimate Beer Run Experience Awaits!

    Rachel Guttman Launches Entertainment Law Firm Gutt Law, PLLC [Exclusive] – MusicRow.com

    Rachel Guttman Unveils Exciting New Entertainment Law Firm: Gutt Law, PLLC!

    HYBE Cashes In: Offloads Final Stake in K-Pop Rival SM Entertainment for $177 Million!

    Allied Gaming & Entertainment Receives Expected Nasdaq Notice Regarding Delayed Quarterly Report – Business Wire

    Allied Gaming & Entertainment Faces Nasdaq Notice Over Delayed Quarterly Report

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Drone technology demo in Cambria County showcases future of lifesaving medical deliveries – local21news.com

    Revolutionizing Healthcare: Drone Technology Takes Flight for Lifesaving Medical Deliveries in Cambria County

    Revolutionary Harvesting Technology Promises to Slash CAR-T Manufacturing Costs!

    Stop the Machines: The Rise of Anti-Technology Extremism – International Centre for Counter-Terrorism – ICCT

    Unplugged: The Surge of Anti-Technology Extremism

    Finland to head EU’s quantum defense technology project – Latest news from Azerbaijan

    Finland Takes the Lead in Pioneering EU’s Quantum Defense Technology Initiative!

    i3D Robotics Unveils Breakthrough Glass Defect Detection Technology – USGlass Magazine

    Revolutionary Glass Defect Detection Technology Unveiled by i3D Robotics!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

How Mike Adenuga’s Net Worth Declined by 300 Million to Stand at 3.3 Billion

October 26, 2023
in Business
How Mike Adenuga’s Net Worth Declined by 300 Million to Stand at 3.3 Billion
Share on FacebookShare on Twitter

Mike Adenuga, the Chairman of Conoil and the founder of Globacom, once a towering figure in Nigeria’s business landscape with a net worth of $3.6 billion as recently as July, has seen a decline of $300 million in his wealth. Currently, Mike Adenuga’s net worth stands at an estimated $3.3 billion, a substantial dip in his net worth.

From his humble beginnings, supporting his studies by driving taxis in New York, to becoming a billionaire businessman, Adenuga’s story is one of unparalleled ambition. His ability to amass wealth, as well as his resilience in facing adversity, makes him a beacon of inspiration.

While his recent decline in net worth might be concerning to some, Mike Adenuga’s history suggests that he has the grit and determination to weather any financial storm. Let’s take a look at what led to the decline in his net worth.

The devaluation of the Naira played a significant role in the decline 

The devaluation of the Nigerian naira is significant. Official records from the Central Bank of Nigeria, as of October 19, 2023, pegged the exchange rate at N860/$. However, the peer-to-peer (P2P) market, a platform for covert forex trading via the crypto space, paints a bleaker picture with the naira dropping to N1,186/$1.

The Nigerian economy has seen its currency, the naira, devalue against the U.S. dollar. Official rates from the Central Bank of Nigeria indicate one figure, but the P2P markets, where there’s free trading, show a much more severe decline. This devaluation has significant repercussions on Mike Adenuga’s business valuations, and investments, amongst others.

Recent performance analyses indicate that Conoil’s activities might have contributed to this decline.

Conoil, one of Mike Adenuga’s significant investments, has been affected by the devaluation of the naira. When currencies devalue, and you have holdings in that currency, the value of those holdings in terms of international standards (like the U.S. dollar) will decrease. Thus, even if Conoil remained stable in its operations, its valuation in U.S. dollars would have naturally decreased due to the currency devaluation.

As Nigeria’s third-richest person, Mike Adenuga’s significant fortune stems from his endeavors in telecommunications and oil production. Globacom, his telecom brainchild, boasts a remarkable subscriber count, positioning it as Nigeria’s third-largest operator. On the oil front, Conoil Producing, under Adenuga’s stewardship, operates six crucial oil blocks in the Niger Delta.

The unification of the Naira in July has been a determining factor 

Adenuga’s financial journey is not new to sudden shifts. In July, he faced a significant reduction in his net worth, losing $2.7 billion. Such a significant drop was influenced by various factors, notably the unification of the naira. This backstory suggests that external economic policies can have massive implications for individual wealth, especially for those who have significant holdings in the affected country.

Conclusion

Despite his success, Adenuga hasn’t been a stranger to controversy. Notably, in 2006, a money laundering case saw him detained following raids on the headquarters of several of his businesses. This incident led to his temporary move to London until he received a pardon. Furthermore, in 2016, he was pursued for debts amounting to over $140.5 million by multiple companies. 

The decline in Mike Adenuga’s net worth is a combination of internal business dynamics and broader economic conditions. While individual company performance plays a role, larger macroeconomic factors, notably the devaluation of the Nigerian naira, have been crucial in this decline.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : BusinessElitesAfrica – https://businesselitesafrica.com/2023/10/25/how-mike-adenugas-net-worth-declined-by-300-million-to-stand-at-3-3-billion/

Tags: Adenuga’sbusinessWorth
Previous Post

Where To Rent Apartment Online – Find Your Next Home On Quickteller Homes

Next Post

How Tony Elumelu’s Net Worth Increased by $20 Million in Just 55 Days

This will ‘devastate scientific research’: 16 states sue the Trump administration over National Science Foundation directive – CNN

This will ‘devastate scientific research’: 16 states sue the Trump administration over National Science Foundation directive – CNN

June 1, 2025
Trump’s new ‘gold standard’ rule will destroy American science as we know it | Colette Delawalla – The Guardian

Trump’s Controversial ‘Gold Standard’ Rule: A Threat to the Future of American Science

June 1, 2025
The month of pride – financialexpress.com

Celebrating Pride: A Month of Love, Acceptance, and Empowerment

June 1, 2025
Elon Musk: Five ways world’s richest man changed the White House – BBC

Elon Musk’s Impact: Five Transformative Ways the World’s Richest Man Influenced the White House

June 1, 2025
Last Week at Economy Class and Beyond (31st May) – Economy Class & Beyond –

Last Week at Economy Class and Beyond (31st May) – Economy Class & Beyond –

June 1, 2025
Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

June 1, 2025
Governor Newsom proclaims Mental Health Awareness Month – Governor of California (.gov)

Governor Newsom Declares May as Mental Health Awareness Month!

June 1, 2025
Sanders says Harris fell short with working class. He has a plan to fix that. – The Washington Post

Sanders says Harris fell short with working class. He has a plan to fix that. – The Washington Post

June 1, 2025
Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

June 1, 2025
Saturday Sports: Stanley cup final rematch, OKC Thunder in the NBA Finals – KUOW

Saturday Sports: Stanley cup final rematch, OKC Thunder in the NBA Finals – KUOW

May 31, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (654)
  • Economy (670)
  • Entertainment (21,576)
  • General (15,254)
  • Health (9,712)
  • Lifestyle (672)
  • News (22,149)
  • People (671)
  • Politics (678)
  • Science (15,891)
  • Sports (21,174)
  • Technology (15,657)
  • World (658)

Recent News

This will ‘devastate scientific research’: 16 states sue the Trump administration over National Science Foundation directive – CNN

This will ‘devastate scientific research’: 16 states sue the Trump administration over National Science Foundation directive – CNN

June 1, 2025
Trump’s new ‘gold standard’ rule will destroy American science as we know it | Colette Delawalla – The Guardian

Trump’s Controversial ‘Gold Standard’ Rule: A Threat to the Future of American Science

June 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version