Better days again for Mike Adenuga

There are certainly better days for Nigeria’s oil and telecommunications mogul, Mike Adenuga, whose net worth more than doubled in 12 months, increasing from $2.7bn to $5.8bn since December 31, 2015.

According to Forbes, the 114.81 per cent increase in Adenuga’s net worth is due to new information it obtained last year about the value of his assets. However, Adenuga, who owns Globacom and Conoil, has seen his net worth dropped significantly since March last year, when Forbes valued his fortune at $10 billion on the last year’s Billionaires List.

The billionaire’s net worth dropped $4.2bn due to the devaluation of the naira and a struggling oil sector.Adenuga was the only Nigerian billionaire whose net worth increased last year. The richest man in Africa, Aliko Dangote, saw his fortune drop nearly 28 per cent to $12.4bn last year.