Cover Stories, Life Style, News

Adenuga triples fortune to $9.9 billion (N1.98 trillion) in one week

mike adenuga

Chairman of  and Conoil, Dr. Michael Adenuga, Jnr, has recorded a remarkable feat amongst world’s richest men…by tripling his fortune in only one week!

On the Forbes rich list, the 62 year-old ‘trillionaire’ multiplied his net-worth, from $3.1 billion (on Sunday, February 14, 2016) to $9.9 billion (by Monday, February 22, 2016), a difference of $6.8 billion.

With interests in oil, telecoms, property and more, the quiet businessman moved from number 551 to 111 on the list.

At his peak on the list, he was worth $4.7 billion, but managed to record $10.3 billion against his name last week.

However, by Monday, the net-worth hovered at $9.9 billion.

Reputed to be worth far more than was usually attributed because some of his major businesses are not listed in the stock market (which analysts use to tabulate wealth), he’s fast rising on the ladder as far as rankings go.

The respected gentleman who has thousands of property in Nigeria and dozens across the world, made $6.9 billion  in one day last week (from $3.1 billion to $10 billion), and another $300 million the next day (to $10.3 billion). And rested at number 100 on the list last week.

Nigeria’s four other richest persons – Alhaji Aliko Dangote, Femi Otedola, Mrs. Folorunsho Alakija and Alhaji Abdulsamad Rabiu – recorded losses, except Otedola who retained his net-worth.

Dangote, 58, moved from $15.4 billion to $14.8 billion in one week. The colossus in cement, flour, sugar, salt and oil dropped from 54  to 57 after losing $600 million.

At his peak, at number 23, he was worth $25 billion.

Forte Oil’s Femi Otedola, 52, retained his $1.9 billion fortune. The oil tycoon who has huge investment in the stock market was ranked 966 last week – but now sits at 982

Otedola has moved from $1 billion to $1.72 billion, $1.6 billion – and now $1.9 billion.

Mrs. Folorunsho Alakija, 65, lost $100 million in one week, from $1.6 billion to $1.5 billion.

Africa’s riches woman dropped to number 1188 from 1128.

Alhaji Abdulsamad Rabiu, 55, also lost $100 million (from $1.2 billion to $1.1 billion), dropping to number 1502 from 1434.

The total net-worth of our richest five billionaires rose from $23.2 billion to $29.2 billion ( a gain of $6 billion) in one week.



Related Stories:



About the Author