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Friday, 15 July 2011

Mike Adenuga Might Be Africa’s Richest Man - Forbes

Forbes' Mfonobong Nsehe has come again....lol. Read his report below...

Mike Adenuga, a Nigerian oil and telecoms tycoon, might be Africa’s new richest man.

In March this year, Forbes published its annual rankings of the world's richest people. Mike Adenuga, who debuted on the list, was ranked as the second richest Nigerian, with a net worth of $2 billion, while Nigerian Aliko Dangote was valued at $13.8 billion.

But shortly after the list was published, controversy erupted in Nigerian media circles. Several Nigerian analysts and Adenuga’s staff refuted our valuation. I was bombarded with emails and messages requesting to know the criteria we used in valuing individuals’ wealth, and our rationale for valuing Adenuga so low.


In our annual Forbes rankings of the world’s richest, we prefer to be conservative in our estimates. We would rather be too low than too high. When working on the 2011 list of the world’s richest, a Forbes reporter tried to reach Dr. Adenuga’s representatives to verify his assets, but Adenuga, a chronically reclusive tycoon, did not respond. As a result, our valuation of the man was based solely on his stake in his telecom company Globacom Holding, which at the time was worth $2 billion.

However, fresh findings from a variety of sources including staff from some of his offices, the Nigerian Corporate Affairs Commission and analysis from professionals in the energy and telecom sectors indicate that the reclusive telecoms and energy tycoon is easily worth more than $2 billion, and depending upon who you talk to, could be richer than Aliko Dangote, last worth $13.8 billion.

Apart from his 74% stake in Conoil PLC, a Nigerian-listed oil marketing firm he founded (the stake is held through ConPetro Limited, a holding company he fully owns) and his holding in Equitorial Trust Bank, Adenuga owns 100% equity in all his other businesses. Of those, the major assets include Conoil Producing, Nigeria’s largest indigenous oil exploration and production company, which operates six producing oil blocks and holds a 25% stake in Joint Development Zone Block 4, an oil prospecting license which has proven reserves of close to 1 billion barrels of oil and close to a trillion cubic feet of gas.

According to sources at Conoil Producing, the company produces 100,000 barrels of oil per day – much more than any other indigenous exploration firm in the country. In April, Adenuga spent $650 million acquiring Shell’s stake in Oil Mining License (OML) 30, Shell’s most profitable onshore oil block in Nigeria, which is located in the western swamps of the Niger Delta. Adenuga currently controls total equity of Conoil Producing, which analysts estimate could be worth as much as $10 billion. (My calculations are not yet final.)

Among his other assets: mobile telecom firms Globacom Holding and Globacom West Africa, two distinct companies with a combined subscriber base in excess of 30 million people and operations in Nigeria, Ghana, and Benin. Adenuga also single-handedly owns Globacom – at least on paper.

Adenuga also owns equity in Equitorial Trust Bank, one of the few privately-held commercial banks in the country. I haven’t been able to establish Adenuga’s stake in the bank, or its market value. However, Equitorial Trust Bank is one of Nigeria’s less popular banks, so I reckon it won’t be worth so much. The man also owns extensive real estate holdings in some of Nigeria’s most expensive neighborhoods, including the Mike Adenuga Towers, a landmark building in Victoria Island, Lagos. He also owns property in Banana Island – Nigeria’s most expensive neighborhood – and several other properties in Abuja, London, the U.S and Dubai.

Tracking down Adenuga’s net worth is tough work, involving intensive research, series of meetings, conversations and consultations with analysts, journalists, and Adenuga employees. The man himself continually refuses to talk. Speculations are rife in Nigeria that Adenuga might be a front for Nigeria’s former military president, Ibrahim Babangida. So in a real sense, Adenuga might not own it all. However, Adenuga’s people have denied a business relationship between their boss and the former Nigerian ruler.

Read the rest here

31 Comments:

  • At 15 July 2011 at 08:56 , Anonymous Anonymous said...

    na lie! when Uncle Dangote is still alive? mschew

     
  • At 15 July 2011 at 09:00 , Anonymous Anonymous said...

    Hmmm the Boss

     
  • At 15 July 2011 at 09:01 , Blogger Damilola Jewel said...

    yaaay!! I'm first..the story isn't shocking but as i was readin all i could focus on were the amounts and shares being mentioned and all i could and can do is swallow spit.(too much money ooo)

     
  • At 15 July 2011 at 09:05 , Anonymous Anonymous said...

    My Future bosses before I become CEO in charge Amen!

     
  • At 15 July 2011 at 09:13 , Anonymous Anonymous said...

    i work in one of adenuga's companies. the man is as wealthy as they come. Every investment he makes is in cash. Dangote doesn't come close. Dangote's creditor's list is sooooooo long.
    that being said, Adenuga's management style leave so much to be desired.

     
  • At 15 July 2011 at 09:35 , Anonymous Anonymous said...

    Of course, Mike Adenuga is the richest. How can Forbes just be saying this now?

     
  • At 15 July 2011 at 09:44 , Anonymous Anonymous said...

    @damilola carry that your ish go where you know dem they do am well. @the post: so? Wetin make we do now?

     
  • At 15 July 2011 at 11:32 , Anonymous babe said...

    is there a prize for this position?

     
  • At 15 July 2011 at 12:00 , Anonymous Anonymous said...

    The man fine o. How many wives he get? I wan be im next wife o. I like his style. He's always tush. That Babangida connection if na true, na real deal breaker for me sha. Bye bye, husband that should have been. Sniff, sniff. LOL.

     
  • At 15 July 2011 at 12:42 , Anonymous Anonymous said...

    i wish forbes can include those who made there own raw.You guys will see that Adenuga and Dangote not as rich as Mr former president Olusegun Obasanjo A.k.A money man

     
  • At 15 July 2011 at 13:44 , Anonymous Ch5335ng said...

    First? Please this is not Bella Naija. That's even more childish than planking!

    Anon July 15, 2011 9:13 AM; i agree.

    If Dangote pays up all his loans i wonder how much left he will have of his own money.

    Anon July 15, 2011 12:00 PM; seriously? You'll need loads of KY Jelly!!!!!! From your post, it looks like anything goes for you.

     
  • At 15 July 2011 at 14:26 , Anonymous Anonymous said...

    @ Ch5335ng
    You don taste am? How you take no say I go need ky jelly? (I'm even more interested now;) If you don taste am already, your toto na ten for five kobo. Shioh!

     
  • At 15 July 2011 at 15:54 , Anonymous Anonymous said...

    i hope this Mfon guy is not being paid for this crap?

     
  • At 15 July 2011 at 15:59 , Anonymous Anonymous said...

    Ibinu Owo, Omo Adenuga....HE is hands down the richest Black human being in the world and that is something to be proud of. all that Babangida talk na nonsense and i confirmed it from a friend who is super close to his son. the mere fact that he has 6 oil blocks, is enough not to talk of Globacom and his bank. Dangote ruined Otedola through shares and his own fate will soon befall him. Adenuga's money is real because his companies are privately owned.
    Now all i need to do is to find one of his daughters to marry...

     
  • At 15 July 2011 at 16:11 , Anonymous Ch5335ng said...

    Anon July 15, 2011 2:26 PM; you are such an illiterate with your comments. You exposed yourself and you are asking me a question about what you said. Engage your brain please. Moronic rough trader.

     
  • At 15 July 2011 at 16:54 , Anonymous Anonymous said...

    Thats nice....All I care about, is how much he is willing to invest with me. I'm a financial advisor. I need my % cut.

     
  • At 15 July 2011 at 17:18 , Anonymous Kemiismyrealname said...

    What do we care?

     
  • At 15 July 2011 at 18:55 , Anonymous Kunle said...

    Its time some1 tels d truth Adenuga is far richer dan dangote. His six oil blocks alone is enuf to put dangote in 2nd place not to talk of glo and his real estate. Debt or no debt adenuga wil stil beat dangote. And d babangida connection is all false

     
  • At 15 July 2011 at 20:21 , Blogger Picker said...

    Adenuga in the green corner VS Dangote in the white corne: Adenuga is an enthusiastic entrepreneur, a very good manager and a prudent spender while Dangote has all these qualities in addition he has adapted to every political change since he started his business and has become richer with every change. Guys and Girls. DO THE MATH.

     
  • At 15 July 2011 at 20:46 , Anonymous Anonymous said...

    I hope he is paying his taxes.Dangote too.

    Kudos to them but pay uncle sam ooooo

     
  • At 15 July 2011 at 21:26 , Anonymous mark said...

    sumone asked if ders a price for dis positions.......... if u ask me i'll say... Dammmn!! "babe" u jus a hater... go put in work...

     
  • At 15 July 2011 at 21:26 , Anonymous Anonymous said...

    why pay uncle sam?

     
  • At 15 July 2011 at 21:50 , Anonymous Anonymous said...

    Omo, this Mfonobong job is sweet o. The boy just pokes his nose into other people's wealth, and the gets a salary. But I disagree, Adenuga is not richer than Dangote.

     
  • At 16 July 2011 at 00:46 , Anonymous Adebola said...

    Good for him, now can he please build a really good hospital for us. I know he is doing alot in terms of employment, but with us knowing he is one of the richest Nigerians, our health care system needs his money.

     
  • At 16 July 2011 at 09:33 , Anonymous Anonymous said...

    @ Adebola
    Good point. Rich Nigerians should invest in our public services. Health is the most important.

    @ Ch5335 whatever you call yourself, get a life or loosen up and get ya head out of ya ass. IDIOT. You started the insults not me. I was just having a laugh. If you choose to rain on my parade, you will eat your own shit. DON'T TRY ME!!!

    AND get a job instead of coming here to insult people. All your mates are at work. OLOSHI.

     
  • At 16 July 2011 at 11:07 , Anonymous Ch5335ng said...

    BANAL ANON; see why i said you are an illiterate. You probably go to the cyber cafe to check your mails and get on this site. While, as i work, i surf the net.

    It's only illiterates that use words like idiots and oloshi. Get educated please.

     
  • At 16 July 2011 at 11:46 , Anonymous Anonymous said...

    @ CH5335IDIOT
    Banal??? Looked it up, did you? IDIOT. Ihat's the last word I have for you. Check it up!!!

     
  • At 16 July 2011 at 11:49 , Anonymous Anonymous said...

    @ lazyshouldbesacked CH5335
    You're at work and you're stupid enough to admit it???? I hope your boss catches you and sacks you, you waste of space.

     
  • At 16 July 2011 at 18:37 , Anonymous Ch5335ng said...

    BANAL ANON; go to hell. Stay anonymous forever, instead of crawling out to spew bile.
    Who works on a Saturday anyway? I reiterate, engage your brains. With an i-phone, i-pad and a BB, one is always on the move. You're in a cyber cafe right?

    You must be so down the ladder in your employment that you can't surf the net at work. Sorry! I can employ you if you have a degree. Keep trying, you will move up very soon. Just get educated. Ass wipe!!

     
  • At 16 July 2011 at 18:42 , Anonymous Anonymous said...

    It's pretty obvious this is a paid for publication. I know the Adenuga Family VERY WELL. This publication was paid for by the Adenugas. And reading through this blog, you can see comments from his Children hyping thier Father as the Richest man in Africa... It's a Shame how Inferiority Complex dey worry some people sha...

     
  • At 16 July 2011 at 21:40 , Anonymous KELE GOLDMIND said...

    Mfonobong Nsehe must be a smoker, as controversial as OBJ, ...Calabar boy, ...wetin u expect!

     

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