Mike Adenuga’s Remarkable Rise in 2024 Amid Economic Challenges

In a year overshadowed by significant currency devaluation everywhere, especially in Africa, billionaire businessman, Mike Adenuga Jrn, distinguished himself by reinforcing his position among Africa’s wealthiest figures and the world’s 450 richest individuals. When a person’s net worth increases by $700 million during such hard times, something is up about them or their business portfolio.

At the start of 2024, Forbes valued Adenuga’s fortune at $6.1 billion. By the end of December, this had risen to $6.8 billion, securing his place as the 448th richest person globally. Although analysts have concluded that the man’s wealth is primarily driven by his ownership of Globacom, Nigeria’s second-largest mobile telecommunications operator, there may be more at work than just the faith and confidence of Glo’s 60-plus million active subscribers.

For example, Adenuga applied many forward-thinking initiatives aimed at strengthening his business empire in 2024. Globacom made significant strides in bridging Nigeria’s digital gap with the launch of its first digital innovation hub in Lagos late in the year, with similar hubs in the pipelines for Port Harcourt, Ibadan, and Abuja by mid-2025.

Then, in the financial technology sector, MoneyMaster Payment Service Bank, leveraged a vast network of 100,000 agents, expanding access to essential banking services for Nigeria’s unbanked and underbanked population. It should be noted that this subsidiary of Globacom only launched in 2022.

What about how Adenuga navigated challenges with strategic vision like Globacom maintaining its leadership position through substantial investments in network infrastructure and innovative customer solutions, or keeping regulatory compliance as a priority?

What about how beyond telecommunications, Adenuga’s influence extended into real estate, where his daughter Bella Disu spearheaded projects under Cobblestone Properties? High-profile developments, like Ilé jà Victoria Island and Ilé jà Opebi, continue to reinforce the Group’s presence in Lagos’ real estate sector, broadening the scope of Adenuga’s business interests.

So, 2024 was not merely a continuation of Adenuga’s long-standing successes. No, it saw him driving progress in telecommunications, fintech, and real estate, and solidifying his legacy as a business leader dedicated to transforming lives and shaping the future of the African continent.