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

Published

4 months 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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Two Cameroonian, two Nigerians arrested over kidnapping

Published

28 mins ago

May 17, 2024

Trends Admin

Delta Police Command Public Relations Officer, DSP Edafe Bright,

Two Cameroonian, two Nigerians arrested over kidnapping

A stint operation carried out by detectives from Force Headquarters, Abuja, and Operatives of Delta State Police Command has led to the arrest of a Camerounian and two Nigerians over kidnapping.

The three-man gang was known for kidnapping unsuspecting residents in Orerokpe, Sapele and Warri axes of Delta State.

One suspect is Kaduna-based, while the others are from Kogi and Cameroun, respectively.

Intelligence gathered on some kidnapping incidents carried out in the Warri axis pointed accusing fingers at Yakubu Ya’u, 20, a Kaduna resident who often visited Oha and Ughwagba communities in Okpe Local Government Area of the state to kidnap unsuspecting victims for ransom.

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Led by the DPO of Orerokpe Division, DSP Paul Oboware, the detectives trailed the suspect to his hideout in Warri, where he was arrested.

Grilled, the suspect led the police operatives to two other members of the gang, Musa Yakubu, 25, from Kogi State and Abdulahi Mohammed, 38, from Cameroun.

The gang was allegedly responsible for several kidnapping incidents in Orerokpe, Sapele and Warri axes of Delta State.

Some victims of the crime duly identified the suspects who led the detectives to Ughwagba, where two pump action guns, one live cartridge and one knife buried in a bush were recovered by the police.

A statement issued by the command’s Police Public Relations Officer, SP Edafe Bright, said investigation into the matter has commenced with efforts to apprehend other fleeing members of the gang in top gear.

Two Cameroonian, two Nigerians arrested over kidnapping

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Police arrest suspected killers of Major-General, others in Imo

Published

1 hour ago

May 17, 2024

Trends Admin

Police arrest suspected killers of Major-General, others in Imo

…Parade 435 suspects, rescue 13 kidnap victims

Parading the suspects including 435 others at the command’s headquarters, Owerri on Thursday, May 16, the state commissioner of police, Aboki Danjuma, said the syndicate was busted through intense intelligence gathering and sustained follow-up by the command’s anti-kidnapping unit.

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He said: “The suspects, Chukwunonso Emmanuel, Okoroigwe Goodness, and Innocent Ogu, were arrested in different locations in Imo and Anambra States. They confessed to the crime of kidnapping and murdering Major General Duru, as well as being members of the proscribed Indigenous People of Biafra (IPOB) /Eastern Security Network (ESN).”

Aboki, who was represented by the police spokesman, Henry Okoye, disclosed that the police also recovered 48 different firearms, 552 various calibres of live ammunition, and several stolen vehicles from the suspects.

“Additionally, 13 kidnapped victims were rescued and N9 million and other properties were recovered from the suspects,” he said.

The commissioner of police commended the operatives for their gallantry display in achieving the operational feats and charged them to sustain the tempo in their unwavering commitment to curtail the activities of criminally minded elements in the state.

“The suspects will be charged to court upon completion of investigations”, he added.

Police arrest suspected killers of Major-General, others in Imo

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Bandits kill three, abduct 120 in fresh Zamfara community attack

Published

1 hour ago

May 17, 2024

Trends Admin

Bandits kill three, abduct 120 in fresh Zamfara community attack

Not less than three residents have tragically lost their lives, and more than 120 others have been abducted following a harrowing attack by notorious bandits on the Goran Namaye community in Zamfara State’s Maradun Local Government Area.

Abubakar Muhammad, a resident of the area, recounted that the terrorists stormed the town at approximately 1:17 am on Thursday, systematically moving from one residence to another. He revealed that the abducted individuals were predominantly women and men, highlighting that three lives were also lost during the raid.

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Muhammad described the assailants as arriving in significant numbers, mounted on motorcycles and armed with sophisticated weaponry, effectively surrounding the community as panic spread. He lamented the chaos that ensued, with residents fleeing in disarray and many being pursued into the forest by the attackers.

Despite the gravity of the situation, security agencies in the state have yet to issue an official statement on the incident at the time of this report.