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Mike Adenuga Net Worth Declines By $100 Million In 2024

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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UK unions slam Govt’s decision to end care worker visas

Labour unions and stakeholders in the United Kingdom’s care sector have come out strongly against the government’s move to stop the recruitment of foreign care workers, describing it as a reckless policy that could cripple the already struggling industry.
According to The Guardian UK, the UK government is set to publish a new immigration white paper on Monday, which includes plans to ban the recruitment of care workers from abroad.
This move is part of broader efforts by the government to cut down on legal migration and shift focus to local labour.
The announcement has drawn sharp criticism from unions and industry leaders, who argue that the care sector — already battling manpower shortages and funding challenges — heavily depends on foreign workers to function.
Reacting to the development, Professor Martin Green, CEO of Care England, lamented that the government’s decision amounts to “kicking the sector while it’s already down.”
For years now, we’ve been surviving on limited resources, rising operational costs, and serious staffing gaps,” Green said. “International recruitment may not have solved all the problems, but it provided a much-needed lifeline.
Taking that away now without offering any support or alternative is simply heartless.”
The UK’s largest trade union, Unison, also condemned the policy and demanded immediate clarification on the fate of foreign care workers already in the country.
Unison General Secretary, Christina McAnea, noted that the UK’s healthcare and social care systems would have collapsed without the input of migrant workers.
“Thousands of migrant health and care workers have kept things running. Now, they are left confused and anxious about their future. The government needs to assure them they’ll not be kicked out,” she stated.
McAnea also criticised the government for tagging care roles as “low-skilled”, insisting that the sector deserves better pay and recognition.
Figures show that in 2023 alone, over 58,000 foreign care workers entered the UK through the skilled worker visa route — accounting for nearly half of new entrants into the care workforce.
Meanwhile, the Labour government has defended the decision, describing it as part of a reset of the immigration system designed to reduce dependency on foreign labour and invest in British workers.
Home Secretary Yvette Cooper, speaking during a BBC interview, insisted that there are still untapped pools of labour within the UK.
“Employers should be looking to hire from those already in the UK, including people on existing visas who are yet to be deployed,” she said. “There’s also room to extend some visas, but we believe it’s time to draw the curtain on recruiting new care workers from abroad.”
The policy continues to stir debate across the UK, with fears that it could worsen the staffing crisis in the care sector and increase pressure on families already struggling to access quality care services.
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Go home to face corruption probe, protesters in London tell Kyari (Photos)

…as Nigerians submit letters to UK Home Office, High Commission
Hundreds of Nigerians stormed the Nigerian High Commission and the UK Home Office in London on Monday, May 12, 2025, demanding that ex-NNPCL boss Mele Kyari be deported to Nigeria to face corruption investigations.
The demonstrators, under the banner of Rescue Nigeria Now, gathered outside the Nigerian High Commission and the UK Home Office, submitting formal petitions to both institutions.
Protesters carried placards with bold inscriptions such as “Withdraw Mele Kyari’s residency now!”, “Mele Kyari go home and face EFCC now!”, and “London is not for public officials who abused public trust.”
They accused Kyari of fleeing Nigeria to evade accountability for alleged financial misconduct during his tenure at NNPCL from 2019 to 2025.
In a letter addressed to the Nigerian High Commissioner to the United Kingdom, the group said: “We are profoundly disillusioned and appalled by the effrontery with which Mr. Kyari has been walking in the street of London with impunity, while the tables of the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies in Nigeria are flooded with so much petitions, audit queries, and evidences on the many alleged corrupt financial dealings and infraction that have been attached to his tenure which spanned from 2019 to 2025.”
“We see this as an affront to the people of Nigeria and an insult to the esteemed anti-corruption crusade of the Federal Republic of Nigeria, that an individual of such notoriety whose tenure in NNPCL was marred by unprecedented corruption and international embarrassment should not be allowed to roam freely on British soil without facing the consequences of his actions.
“Your Excellency, this letter is not merely a petition—it is a demand— A moral, civic, and nationalistic demand. We, therefore, demand in the strongest terms that the Nigerian High Commission in the United Kingdom refrains from according him any form of official reception, recognition, or diplomatic courtesy until he returns to Nigeria to submit himself to the Economic and Financial Crimes Commission (EFCC) and other relevant investigative bodies for the myriad allegations that trail his tenure.”
The petition detailed several allegations against Kyari, including the misappropriation of funds earmarked for refinery rehabilitation.
“It is on record till date that billions of dollars that were ostensibly budgeted for the rehabilitation of Nigeria’s decrepit refineries in Warri, Kaduna and Port Harcourt just unaccountably vanished into a bureaucratic abyss under the leadership of Mr. Kyari. While the nation was waiting expectantly for positive results, it was unfortunate that no tangible infrastructural improvement or reasonable output has been recorded as a justification to the gargantuan expenditures being made. Instead, Nigeria, a country known as the largest oil producer in Africa , continued importing refined petroleum products while its refineries remained moribund, mothballed, and perfunctorily maintained, further weakening the Nigeria naira,” the letter reads.
“At present, the forensic opacity that surrounded these rehabilitation contracts which have collectively impoverished the nation and eroded public trust in governance has been a point of convergence and sensitivity to several anti-corruption watchdogs and international observers who have described the NNPCL under Kyari as an Impenetrable black box.
Moreover, it was alleged that Mele Kyari was running a syndicate of racketeers who were massively benefiting from the fuel importation operations at the detriment of the nation’s wealth.
“Under Kyari’s leadership, the controversial fuel subsidy regime mysteriously shrouded in confusion, crony capitalism, and unexplainable contradictions. opaque subsidy payments of over trillions of naira were disburses under the pretext of cushioning fuel costs. Yet, these payments lacked empirical substantiation and transparency on how it was spent. In demanding accountability, figures contradicted themselves, audits were ignored, and most damningly of this theatrics is that ordinary Nigerians were the ones that continued to suffer from the effects of fluctuating pump prices, artificial scarcity being created from his recklessness, and the nationwide persistent fuel queues that hit the country— a phenomenon that outrightly became emblematic of governance failure.
“Subsidy removal, though a visionary idea by President Bola Ahmed Tinubu, however became an ideological tool of deceit, not policy relief under Kyari’s watch. The EFCC has reportedly received whistleblower testimonies and documents alleging fraudulent invoicing, overblown subsidy claims, and clandestine offshore payments.”
Addressing the UK Home Office, Rescue Nigeria Now emphasized the international implications of harboring individuals accused of corruption.
The letters further alleged that Kyari transferred illicit funds to UK bank accounts.
“We are aware that Mr. Kyari is currently residing in the United Kingdom, a development he carefully orchestrated to evade facing justice in Nigeria for numerous acts of corruption and shady dealings that took place during his tenure,” the letter added.
“We have cause to believe that for Mr. Kyari to have fled to the United Kingdom, he has transferred parts of the proceeds of his crimes to bank accounts in London, which would be a violation of anti-money laundering legislation in your country.”
The coalition called upon the UK authorities to act in accordance with international anti-corruption agreements.
“The United Kingdom and Nigeria have established reciprocal treaties and agreements to curtail their citizens from willfully engaging in corruption and other criminal activities. This relationship is intended to ensure that justice is served and that fugitive criminals do not find safe havens in foreign countries.
“Considering the extensive evidence of corruption and the severe impact on Nigeria, we hereby request that the Home Office expel Mr. Mele Kyari so that he can return to Nigeria. It is imperative that he faces justice for his actions and that the stolen funds are recovered to aid in the nation’s recovery and development.”
The protest and petitions underscore the growing demand among Nigerians, both at home and abroad, for transparency and accountability in public service.
As the EFCC continues its investigations into the alleged misconduct during Kyari’s tenure, the international community’s response remains to be seen.
News
Just in: Wike admits Fubara alongside 2 govs visited him on reconciliatory moves

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has admitted that suspended Governor Siminalayi Fubara of Rivers State is making reconcilliatory moves and had visited, alongside two other governors visited him.
Wike the immediate past governor of Rivers State, said this on Monday following reports that Fubara, who was suspended earlier in the year, visited the FCT minister.
Yes, he visited,” Wike said during a media parley with select journalists in Abuja.
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