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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.

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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

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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, 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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Family Lawyer Podcast debuts on Saturday

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Family Lawyer anchored by a seasoned lawyer, Barrister Chinye Chuma debuts on Saturday on Podcast.

Watch an introductory video clip below:

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Photos) Obi Visits IBB, Reveals Their Discussion

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(By Kayode Sanni-Arewa

Peter Obi, the 2023 Labour Party (LP) presidential candidate, paid a visit to former military president, General Ibrahim Badamasi Babangida (IBB), at his residence in Minna, Niger State.

In a post shared on his X account on Thursday, Obi confirmed the visit, which followed his earlier meeting with Jigawa State Governor Umar Namadi.

The discussions with IBB reportedly centered on national issues, with Obi also taking the opportunity to wish the elder statesman a happy new year.

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Describing Babangida as a “father figure” and “wise man,” Obi expressed his admiration for the former leader’s insights and guidance.

He wrote:
“From Jigawa State, I traveled to Minna, Niger State to pay a visit to a father figure, elder statesman, and leader, the former military president, General Ibrahim Badamasi Babangida, at his residence in Minna. The visit was an opportunity to wish him a happy New Year and to exchange thoughts on national issues.

“General Babangida’s wisdom and perspectives remain very important, and I always deeply appreciate the chance to visit him and listen to his invaluable advice and words of wisdom.

“A new Nigeria is POssible!”

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After Obasanjo’s outburst NNPCL invites him to PH Refinery, Speaks on ‘Halting Crude Oil Supply to Dangote

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By Kayode Sanni-Arewa

The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to visit the Port Harcourt Refinery and assess its operational status firsthand.

Naijablitznews reports this is coming barely hours after the former president’s on the reactivated refineries.

Obasanjo had granted interview on Channels Television, in which he cited advice from Shell Petroleum Development Company (SPDC) raising concerns about the refinery’s potential inefficiency.

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SPDC, which had been approached for equity participation in the refinery, reportedly attributed these concerns to corruption impacting operations.

Obasanjo also accused NNPCL of misleading the public regarding the refinery’s performance.

In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized the company’s commitment to transparency and invited Obasanjo to see the progress made since the refinery’s rehabilitation.

Soneye highlighted that the rehabilitation efforts involved more than just maintenance, but a complete overhaul to meet international standards, with similar projects underway at the Warri, old Port Harcourt, and Kaduna refineries.

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Soneye also noted that NNPCL’s transition from a government corporation to a private entity with limited liability has refocused the company on profitability, aiming to position it as a competitive global energy player. He reassured Nigerians of NNPCL’s dedication to sustaining operations that meet global standards and contribute to the nation’s energy security.

Addressing Obasanjo’s comments, Soneye acknowledged the former president’s role in national discussions and reaffirmed NNPCL’s commitment to a brighter future. Regarding rumors about NNPCL cutting crude oil supplies to the Dangote Refinery, Soneye dismissed the reports as false, indicating there was no need to respond to such claims.

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