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Mike Adenuga Net Worth Declines By $100 Million In 2024
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Mike Adenuga, founder of Globacom, Nigeria’s second-largest telecommunications network, saw a $100 million decline in his net worth in 2024.
The wealth of Africa’s richest individuals took a hit in 2024, with the combined net worth of the continent’s top billionaires declining over the past 363 days.
According to data collated by NewsOnline Nigeria from Forbes estimates, only 10 of Africa’s 20 billionaires recorded significant gains or losses this year, with their collective wealth now standing at $61.4 billion—down from $63 billion at the start of the year.
This year, four of Africa’s wealthiest individuals collectively lost a staggering $4.5 billion from their fortunes, reflecting the profound impact of economic headwinds and market volatility on even the most robust industries.
Delays in large-scale projects, declining asset values, and fluctuating markets contributed to these setbacks, affecting sectors like cement production, and energy.
Loss: ($100 million)
Net Worth: $6.8 billion (Jan 2024: $6.9 billion)
Sector: Diversified
Mike Adenuga, founder of Globacom, Nigeria’s second-largest telecommunications network, saw a $100 million decline in his net worth in 2024, leaving him with $6.8 billion.
Globacom continues to serve over 60 million subscribers across Nigeria, while his oil exploration company, Conoil Producing, operates six blocks in the Niger Delta. Adenuga also maintains stakes in Nigerian banking and energy firms.
Despite the slight setback, Adenuga’s influence in the telecom and oil sectors remains a cornerstone of Nigeria’s economy, ensuring his continued prominence among Africa’s elite billionaires.
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El-Rufai confessed to wiretapping NSA’s phone on TV interview- witness
A witness in the trial of former governor of Kaduna state, Nasir Ahmad El-Rufai on the alleged wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu has admitted that El-Rufai confirmed the wiretapping remarks during a television interview.
The Department of security service (DSS) witness, Barrister Deji Adeyanju told the Federal High Court in Abuja on Monday that he appeared for an interview program on Arise Television Station on February 16, the same day El-Rufai made the confession on the same television.
Adeyanju, the second prosecution witness in the trial, told the Court that the former governor admitted during the television interview that “we listened to the conversations of the NSA.”
Led in evidence by prosecution counsel, Oluwole Aladedoye, Adeyanju confirmed that he knew El-Rufai as a former governor of Kaduna State and recalled issuing a public statement after reports emerged that the former governor was to be arrested by security operatives.
The prosecution tendered the subpoena used to summon Adeyanju, which was admitted and marked as Exhibit G.
The court also viewed the Arise Television interview involving El-Rufai, after which Adeyanju confirmed the recording and the statements allegedly made during the programme.
The prosecution subsequently tendered Adeyanju’s own interview contained in a flash drive alongside a certificate of compliance. Both were admitted in evidence as Exhibits H and H1.
While giving evidence, Adeyanju told the court that he was later invited by the Department of State Services, DSS, where he was asked to recount what transpired at the television studio.
According to him, he confirmed to investigators that he was present when El-Rufai made the statements on air and that when further questioned during the interview, the former governor stated that someone carried out the phone tapping and passed the information to him.
Under cross-examination by defence counsel, Paul Erokoro, Adeyanju stated that while he did not hear El-Rufai specifically say he hacked the phone lines of the National Security Adviser, NSA, he heard him say, “we listened to the conversations of the NSA.”
When asked whether he knew the means through which the NSA makes calls, and if he would be surprised to learn that DSS investigators did not ask the NSA which of his devices was allegedly compromised, he replied that those were not his business.
Meanwhile, the prosecution tendered an official gazette without objection from the defence. The document was admitted and marked as Exhibit I.
The matter was adjourned until June 23 for continuation of trial.
The DSS had filed a charge against El-Rufai over his alleged involvement in wiretapping the telephone lines of the NSA, Mallam Nuhu Ribadu.
In the three-count charge, marked: FHC/ABJ/CR/99/2026 was filed early before the Federal High Court in Abuja, the secret police accused the former governor of breaching the Cybercrimes Prohibition Act, (2024), and the Nigerian Communications Act (2003.)
Counts in the charge read:
*That you, Mallam Nasir El Rufai, adult, male, on 13th February, 2026, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, within the jurisdiction of this court, did admit during the interview that you and your cohorts unlawfully intercepted the phone communications of the National Security Adviser, Nuhu Ribadu and thereby committed an offence contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc) Amendment, Act, 2024.
*That you, Mallam Nasir El Rufai, adult, male, on 13t February, 2026, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, within the jurisdiction of this court, did state during the interview that you know and relate with certain individual, who unlawfully intercepted the Phone Communications of the National Security Adviser, Nuhu Ribadu, without reporting the said individual to relevant Security agencies and thereby committed an offence contrary to and punishable under Section 27 (b) of the Cybercrimes (Prohibition, Prevention, etc) Amendment, Act, 2024.
*That you, Mallam Nasir El Rufai, adult, male, and other still at large, sometime in 2026, in Abuja, within the jurisdiction of this court, with others still at large did use technical equipment or systems which compromised public safety, national security and instilling reasonable apprehension of insecurity among Nigerians by unlawfully intercepting the phone communications of the National Security Adviser, Nuhu Ribadu, to which you admitted during an interview on 13th February, 2026, on Arise TV station’s Prime Time Programme in Abuja and thereby committed an offence contrary to and punishable under Section 131(2) Nigerian Communications Act 2003.
News
Ex-Delta Gov Okowa Visits EFCC Lagos Office
Former Delta State Governor, Ifeanyi Okowa, was at the Lagos office of the Economic and Financial Crimes Commission (EFCC) on Awolowo Road, Ikoyi, today in connection with an ongoing investigation into allegations of illegal diversion of about ₦1.3 trillion.
The EFCC spokesman, Dele Oyewale, was not available for comments on the issue, but a source within the commission who did not want to be named told Channels Television that the former governor is being investigated for alleged diversion of 13 per cent derivation funds accrued to Delta State from the Federation Account between 2015 and 2023.
The former governor was previously arrested on November 4, 2024, and questioned by operatives of the EFCC at its Port Harcourt Zonal Directorate over the allegations.
He reportedly showed up at the Lagos office today, in a bid to secure the release of his passport to enable him to travel abroad for medical treatment.
As of the time of this report, it was unclear whether his request was granted by the anti-graft agency.
News
‘We Need Help Now’ — Nigerians Trapped in South Africa Appeal to Tinubu
As the Malawian government moves to evacuate its citizens from South Africa following renewed xenophobic attacks, Nigerians caught in the unrest have expressed frustration over what they describe as a lack of support from their home country.
Chairman of the Pentecostal Fellowship of Nigeria (PFN) in Gauteng, South Africa, Ikye Okwuakwu, has called on President Bola Ahmed Tinubu to urgently intervene and assist Nigerians affected by the crisis.
Speaking amid reports that thousands of foreign nationals have been displaced and are currently sheltering in temporary camps, Okwuakwu questioned Nigeria’s response to the situation.
“Malawi is taking its people home. What is Nigeria doing for its own citizens?” he asked.
He urged the Federal Government to take immediate steps to protect and support Nigerians stranded in South Africa, warning that many are facing uncertainty and hardship as tensions persist in affected communities.
The appeal comes as concerns continue to grow over the welfare and safety of foreign nationals impacted by the wave of xenophobic violence in parts of South Africa.
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