192 Views

Mike Adenuga’s net worth increased to $5.8bn in 2016 – Forbes

Exactly half of Africa’s 20 billionaires got richer in 2016. The continent’s biggest gainer — in both dollar and percentage terms – is Nigerian oil and telecom tycoon Mike Adenuga, whose net worth increased $2.7 billion to $5.8 billion since December 31, 2015.
No other African billionaire added more than $1 billion to his or her net worth in the past year. Overall, the combined net worths of African billionaires decreased $3.1 billion in 2016. The increase in Adenuga’s net worth is largely due to new information FORBES obtained in 2016 about the value of his assets. Adenuga owns Nigerian telecom company Globacom and Nigerian oil company Conoil Producing.

While Adenuga’s net worth has increased since the beginning of 2016, it has dropped significantly since March 2016, when FORBES valued his fortune at $10 billion on the 2016 Billionaires List. Since then, his net worth has dropped $4.2 billion, due to the devaluation of the Nigerian Naira and the country’s struggling oil sector. Adenuga was the only Nigerian billionaires whose net worth increased this year. (Aliko Dangote, the richest Nigerian and Africa’s richest man, saw his fortune drop nearly 28% to $12.4 billion over the course of 2016.)

South African mining billionaire Patrice Motsepe and Egyptian billionaires Nassef Sawiris and Naguib Sawiris were the next biggest gainers in Africa, each adding $500 million to their fortunes over the year. Motsepe was also Africa’s second biggest percentage gainer; his net worth increased by 32% in 2016, bringing his fortune to $1.5 billion. The stock price of Motsepe’s African Rainbow ARBJY +% Minerals has risen nearly 130% in the past year, following a steep decline in 2015.

ALSO READ  How can NNPC accuse Capital Oil of theft when it is owing us millions of dollars? - Ifeanyi Ubah

Nassef Sawiris, the richest billionaire in Egypt with a fortune that FORBES pegs at $5.2 billion, runs one of the largest nitrogen fertilizer producers in the world, OCI, and also owns 7% of Adidas and nearly 5% of cement giant LafargeHolcim. While OCI stock is down 27% over the past year, Adidas stock is up 58% and LafargeHolcim is up 7%, leading to the bump in his net worth. Egyptian telecom billionaire Naguib Sawiris, who has a $3.5 billion fortune announced that he was stepping down as CEO of Orascom Telecom Media & Technology in December 2016.

Egypt and South Africa were the only African countries where more than half of the country’s billionaires got richer in 2016. In both, four out of seven billionaires added to their wealth in the past year. In Nigeria, meanwhile, only one of four billionaires got richer this year.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

The Activities Lined Up For ‘AMFEST EXPO LAGOS 2018’ Unveiled!
Best of Nigeria
45 views
Best of Nigeria
45 views

The Activities Lined Up For ‘AMFEST EXPO LAGOS 2018’ Unveiled!

MT - April 24, 2018

AMFEST EXPO is laden with the responsibility of expanding Africa’s creativity economy into the global market. African practitioners in the area of music, fashion, film, food and…

Revealed: Here Are 6 Online Scams Everyone Need To Be Aware Of And How To Avoid Them
Best of Nigeria
44 views
Best of Nigeria
44 views

Revealed: Here Are 6 Online Scams Everyone Need To Be Aware Of And How To Avoid Them

MT - April 24, 2018

Here are 6 important scams you must watch out for when you are online so as not to fall victim to online fraudsters, according to this article…

2019 Election: Why I’m Not Desperate To Be Nigeria’s President – Atiku Speaks On BBC
Best of Nigeria
55 views
Best of Nigeria
55 views

2019 Election: Why I’m Not Desperate To Be Nigeria’s President – Atiku Speaks On BBC

MT - April 24, 2018

While speaking in an exclusive interview during BBC Hausa morning programme on Tuesday, former vice president, Atiku Abubakar, said he is not desperate to become Nigeria’s president,…

Anti-Malaria: What ‘Ogbono’ Soup Can Improve In Your Body and Health – Research Shows
Best of Nigeria
57 views
Best of Nigeria
57 views

Anti-Malaria: What ‘Ogbono’ Soup Can Improve In Your Body and Health – Research Shows

MT - April 24, 2018

A Pharmacist, Dr Chukwuma Agubata, has said that taking Irvingia Fat from nuts of Irvingia Gabonensis Var Excelsa, known as ‘Ogbono’ soup has helped to improve the…

LISTED: These 3 Habits Can Make You Poor Even If You Have A Reasonable Income
Best of Nigeria
55 views
Best of Nigeria
55 views

LISTED: These 3 Habits Can Make You Poor Even If You Have A Reasonable Income

MT - April 24, 2018

When it comes to money, everyone has a habit that either helps you save or lavish your money. But for those who have a reasonable income and…

How Rapper, Falz’s Security Aides Rough-handled Me – Actress Kate Henshaw Claims
Entertainment
61 views
Entertainment
61 views

How Rapper, Falz’s Security Aides Rough-handled Me – Actress Kate Henshaw Claims

MT - April 24, 2018

Popular Nollywood actress, Kate Henshaw, has taken to her Twitter page on Tuesday to jokingly claim that one of the security aides of rapper, Falz the Bahd…

What I’d Do To Nigeria If I Were God – Popular Apostle Frankly Opens Up
Richest
58 views
Richest
58 views

What I’d Do To Nigeria If I Were God – Popular Apostle Frankly Opens Up

MT - April 24, 2018

Born on Sunday, April 24, 1938, Apostle Hayford Ikponmwonsa Alile, OFR, B.A. MBA (Hon) D.Sc., attended briefly the University of Ibadan as a State Scholar in Physics…

How Cee-C’s Bad Character Caused Her Disgrace – Actress, Susan Peters
Entertainment
66 views
Entertainment
66 views

How Cee-C’s Bad Character Caused Her Disgrace – Actress, Susan Peters

MT - April 24, 2018

Nollywood actress, Susan Peters has taken a swipe at ex-Big Brother Naija 2018 housemate, Cee-C who emerged as 1st runner up. According to Peters, Cee-C’s alleged bad…

Nollywood Actress, Stella Damascus Releases Lovely Photos As She Turns 40
Best of Nigeria
90 views
Best of Nigeria
90 views

Nollywood Actress, Stella Damascus Releases Lovely Photos As She Turns 40

MT - April 24, 2018

Nollywood actress, Stella Damascus has joined the 40 year old gang which includes fellow actresses Omoni Oboli, Omotola, Mercy Aigbe and many more. She marked the birthday…

Video: How Singer, Davido Curved a Groupie That Tried to Hug Him at a Night Club
Entertainment
63 views
Entertainment
63 views

Video: How Singer, Davido Curved a Groupie That Tried to Hug Him at a Night Club

MT - April 24, 2018

Being a celebrity, Davido is susceptible to different types of abuse by women who will do anything to get him in their pants or be his next…

I Will Drop The Biggest Song In Nigeria On April 30 – Davido
Entertainment
53 views
Entertainment
53 views

I Will Drop The Biggest Song In Nigeria On April 30 – Davido

PH - April 24, 2018

Davido says his upcoming single which will be released on April 30 will be the “biggest song in the country”. He said the song is called ‘Assurance’.…

Nigeria’s LPG Sector To Record $10bn Growth In 8 Years – NLPGA
Business
51 views
Business
51 views

Nigeria’s LPG Sector To Record $10bn Growth In 8 Years – NLPGA

PH - April 24, 2018

President of the Nigeria Liquefied Petroleum Gas Association, NLPGA, Mr. Nuhu Yakubu, has predicted the nation’s LPG sector to record $10 billion growth in the next eight…

Meet Lekan Babalola, Nigeria’s Unsung Multiple Grammy Winner
Best of Nigeria
64 views
Best of Nigeria
64 views

Meet Lekan Babalola, Nigeria’s Unsung Multiple Grammy Winner

PH - April 24, 2018

Lekan Babalola is finding his way back home again. Home is Lagos – the city of dreamers and the restless. It was in Lagos that a young…

Tiwa Savage, Gerald Albright To Headline 2018 Runway Jazz
Entertainment
63 views
Entertainment
63 views

Tiwa Savage, Gerald Albright To Headline 2018 Runway Jazz

PH - April 24, 2018

Runway Jazz, an event that brings jazz music and fashion to the same stage, has returned to do it bigger and better. The 2018 edition of the…

Meet Temitope Ogunsemo, 33-Year-Old Nigerian Who Built A $3Million EdTech Company
Best of Nigeria
76 views
Best of Nigeria
76 views

Meet Temitope Ogunsemo, 33-Year-Old Nigerian Who Built A $3Million EdTech Company

MT - April 24, 2018

Forbes magazine has interviewed a young Nigerian entrepreneur who has successfully built a digital education technology company that presently worth $3million in value. His story will motivate…

BBNaija’s Nina Bags Endorsement Deal
Entertainment
56 views
Entertainment
56 views

BBNaija’s Nina Bags Endorsement Deal

PH - April 24, 2018

Nina Chinonso Onyenobi, who came fifth on the BBNaija reality TV show, has landed an endorsement deal with Flawless By Mimi, a beauty supply shop in Nigeria.…

UNILAG Student, Daniel Itsuokor, Wins 2018 National Mathematics Competition
Geeky & Smart
64 views
Geeky & Smart
64 views

UNILAG Student, Daniel Itsuokor, Wins 2018 National Mathematics Competition

PH - April 24, 2018

Daniel Itsuokor has emerged overall best out of 56 participants from 14 universities in a mathematics competition organised by National Mathematical Centre (NMC). Stephen Onah, the director…

UNILORIN Student Develops App For Patients To Get Quick Access To Healthcare
Food and Health
60 views
Food and Health
60 views

UNILORIN Student Develops App For Patients To Get Quick Access To Healthcare

PH - April 24, 2018

Adeshina Taiwo, a 400 Level student of computer science at the University of Ilorin, has developed a web application aimed at improving Nigeria’s healthcare system. The web…

Loading...