Mike Adenuga Net Worth Falling, But Why? Know Reason Here

Mike Adenuga is working as a chairman of Conoil and is also running another business by the name, of Globacom. The news went viral when his wealth fell compared to the past year. Everyone was shocked to know this news. Here is Mike Adenuga Net Worth and the reason behind the sudden fall in his net worth to $300 million. He has a net worth of billions of dollars. $300 million is just a fraction of net worth, but also a huge fall. If you want to know more about it, keep reading with us.

Mike Adenuga Net Worth Falling, But Why? Know Reason Here

Who is Mike Adenuga? Chairman of Conoil and Globacom Limited

Mike Adenuga is the chairman of Conoil and Globacom Limited. He is currently said to be facing a decline of $300 million in his net worth. Mike is said to have been working for the company for the last 23 years. He has invested his 20+ years in telecommunications and oil production. Globacom is a global network-providing company. Adenuga is currently the third richest man in Nigeria. His major earnings are from his business of telecommunications by the name Globacomm. It has the largest network connections in the country. Mike had his highest net worth of $10 billion in 2015. He was stuck in a case in 2006 where his office was under raid and he left the country. He was said to be involved in money laundering. Mike stayed in London for some time and returned back home.

What Is Mike Adenuga Net Worth? Income

Mike saw a net worth fall of $300 million in his net worth making it to a net worth of $3.3 billion from $3.6 billion. The major reason behind it is said to be a fall in the value of Nigerian currency. It is falling at a higher rate against the dollar. 1 dollar is currently 764 Nigerian currency at the moment. It is said to be a $2.7 billion fall in his net worth in the last 2 years. According to sources, the future estimation has also declared several falls in the currency. Mike is currently said to be facing huge losses due to this reason.

This is a collective thing that can’t be changed by a single company. The coil business also deals in oils for the country and has been located near Niger Delta. The news is making headlines while he is reportedly working along with the company to make the country more developed. He started with his highest net worth of $10 billion in 2015. He had fallen off his net worth to $7 billion by 2020 and later reached 3.6 billion with a current fall to $3.3 billion. This was the main reason behind the fall of his net worth. Stay tuned for more information.

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