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Mike Adenuga bounces back, regains position as Nigeria’s second-richest man

Published

1 year ago

January 12, 2024

Mike Adenuga

Mike Adenuga bounces back, regains position as Nigeria’s second-richest man

Nigerian billionaire, Mike Adenuga, has regained the position of Nigeria’s second-richest person with a net worth of $7.4 billion, surpassing Abdul Samad Rabiu, who is now in the third position.

Forbes re-evaluated the worth of Adenuga’s mobile phone network, Globacom, contributing to the surge in his wealth. Initially, Adenuga had slipped to the third position due to a considerable drop in his net worth. However, the recent reassessment by Forbes restored him to the second-richest position in Nigeria, just behind Aliko Dangote.

Earlier in June 2023, Adenuga faced a significant decline in net worth, dropping to $3.6 billion, influenced by factors such as the unification of the naira and a downturn in the performance of his stake in Conoil.

Chairman of Conoil and founder of Globacom, Adenuga’s net worth has experienced fluctuations, reaching $7.3 billion in 2022 and a peak of $10 billion in 2015.

Despite his billionaire status, Adenuga’s career has encountered challenges, including a recent partial disconnection of Globacom by MTN over interconnect debt.

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Globacom Ltd. disputes any outstanding interconnect charges owed to MTN, asserting that the purported N1.6 billion had been paid without dispute.

Reflecting on 2006, Adenuga faced scrutiny from the Economic and Financial Crimes Commission (EFCC) over a money laundering case, leading to his implication and detention. He chose to leave the country and reside in London until late President Umaru Musa Yar’Adua granted him a pardon.

In June 2016, new challenges arose as Adenuga was pursued for a debt exceeding $140.5 million by foreign and local entities. Conoil, under Adenuga’s ownership, defaulted on payments to creditors, including Total. Another company, Bellbop, faced a court injunction for failing to settle a $9.4 million debt to Baker Hughes.

Adenuga’s financial struggles affected creditors, leading to operational issues for companies like Depthwize, a local oil servicing company, which had to lay off workers and suspend services on Conoil’s rigs due to a $40 million debt.

Despite challenges, Adenuga remains committed to philanthropy. The Mike Adenuga Foundation allocates nearly $20.5 million in scholarships and aid annually, supporting students worldwide. In 2011, he donated N500 million to aid flood victims in Bayelsa State, Nigeria. In response to the COVID-19 pandemic, Adenuga contributed N1.5 billion towards virus-combatting efforts and donated $250,000 to Nigeria’s football team, the Super Eagles.

Mike Adenuga bounces back, regains position as Nigeria’s second-richest man

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‘We’re not hiring,’ NNPC denies viral recruitment adverts

Published

4 hours ago

March 21, 2025

Trends Admin

‘We’re not hiring,’ NNPC denies viral recruitment adverts

The Nigerian National Petroleum Company, (NNPC) Limited has warned the public to beware of fraudulent recruitment advertisements circulating online, stating that it is not conducting any hiring process at the moment.

In a statement issued on its official X handle on Friday, the state-owned oil company cautioned job seekers against falling victim to fake recruitment schemes, emphasizing that all legitimate job openings would only be announced through its official channels.

“The general public is hereby informed that NNPC Limited is not recruiting.

“Official recruitment announcements will only be made through our website and verified social media platforms,” the statement read.

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The company reiterated that its recruitment process is “transparent, merit-based, and requires no external assistance.”

The company urged Nigerians to disregard any unofficial job advertisements that claim to be from NNPC Ltd., as they could be attempts to defraud unsuspecting applicants.

The management further assured the public that it remains committed to upholding the integrity of its hiring process and would notify Nigerians whenever recruitment officially commences.

“We advise the public to always verify information directly from our official platforms to avoid being misled by scammers,” the company stated.

The company urged individuals to report any suspicious recruitment advertisements falsely linked to NNPC Ltd. to the appropriate authorities.

‘We’re not hiring,’ NNPC denies viral recruitment adverts

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Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

Published

4 hours ago

March 21, 2025

Trends Admin

Governor Ademola Adeleke

Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

In response to the resurgence of hostilities between Ifon and Ilobu communities, Osun State Governor Ademola Adeleke has imposed curfew on Ifon and Ilobu communities in Orolu and Irepodun Local Government Areas, respectively.

Kolapo Alimi, the Commissioner for Information and Public Enlightenment, announced the new directive in a statement issued in Osogbo on Friday, emphasizing the government’s determination to prevent further escalation of the crisis.

“Following a resurgence of the crisis between Ifon and Ilobu communities, Gov. Ademola Adeleke, in a move to curb its further spread, has announced a new curfew time frame from 6:00 p.m. to 6:00 a.m. daily, until lasting peace is restored,” he said.

Expressing deep concern over the renewed violence, the governor condemned the fresh outbreak of communal clashes.

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“Gov. Ademola expressed unhappiness and dissatisfaction with the breakout of fresh communal crises in Ilobu and Ifon.

“To this end, the governor has directed that the initial 10:00 p.m. to 4:00 a.m. curfew on the communities now be extended to 6:00 p.m. to 6:00 a.m., effective today, Friday, March 21, until further notice,” Alimi stated.

The commissioner further revealed that a joint security team, comprising the Nigerian Army, Police, and Civil Defence, had been instructed to sustain 24-hour surveillance in the affected areas to uphold law and order.

“In addition, the governor directed that an immediate stakeholders’ meeting, including the Olufon of Ifon, the Olobu of Ilobu, and other stakeholders from both communities, be held tomorrow, Saturday, to discuss further resolutions of the conflict,” he added.

Governor Adeleke called on residents, traditional rulers, and all stakeholders to embrace peace.

Communal Clash: Gov Adeleke imposes new curfew on Ifon, Ilobu communities

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BREAKING: IGP redeploys 38 police commissioners

Published

4 hours ago

March 21, 2025

Trends Admin

Inspector-General of Police Kayode Egbetokun

BREAKING: IGP redeploys 38 police commissioners

The Inspector-General of Police (IGP), Kayode Adeolu Inspector-General of Police Kayode Egbetokun, has ordered the immediate posting of 38 Commissioners of Police to various State Commands and Police Formations.

The deployment comprises 9 commissioners of police to key state commands and an additional 29 CPs to various police formations across the country.

A statement signed by Force Public Relations Officer, Olumuyiwa Adejobi, on Friday, said the commissioners of Police deployed to state commands include CP Ibrahim Balarabe Maikaba to Zamfara State, CP Bretet Emmanuel Simon to Taraba State, CP Christopher Ado Emmanuel to Yobe State, CP Olusegun Eyitayo Omosayin to Cross-River State, CP Adamu Abdullahi Elleman to Niger State, CP Sani Omolori Aliyu to Bauchi State, CP Bello Shehu to Katsina State, CP Saka Adewale Ajao as Commissioner of Police, Federal Capital Territory (FCT), and CP Ojo Adekimi to Kwara State.

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“In addition to these State Command appointments, the deployment also includes the posting of 29 CPs to various police formations as part of a broader effort to address rising security challenges and ensure effective policing that is responsive to community needs. Each CP will be tasked with implementing tailored strategies that reflect the unique requirements of their respective formations, ensuring that policing is both proactive and effective.

“The IGP charges the newly deployed CPs to prioritize their responsibilities in curbing insecurity and misconduct, reinforcing the commitment of the Nigeria Police Force to uphold law and order through robust intelligence-led policing. This deployment reflects the dedication of the new Police leadership to ensure that the Nigeria Police Force is well-equipped to address the challenges of maintaining peace and security in the country,” the statement said.