Mike Adenuga
- Net worth $4.2 billion
- Birthday April 29, 1953
- Status -
- Country Nigeria
- Source(-s) of wealth Businessman
How much is Mike Adenuga Worth? Mike Adenuga Net Worth in 2026
Mike Adenuga’s net worth is estimated at $4.2 billion as of November 2026. He founded Globacom, Nigeria’s third-largest mobile network by subscribers. His listed holdings in Conoil and Sterling are worth only about $160 million together, so nearly everything rides on what a private phone company with 23.6 million lines would fetch.
| Net worth | $4.2 billion (our estimate, range $3 billion to $7 billion) |
|---|---|
| Born | April 29, 1953, Ibadan, Nigeria |
| Age | 73 |
| Country | Nigeria |
| Known for | Founder of Globacom; chairman of Conoil |
| Main income sources | Globacom, oil interests, Conoil and Sterling shares, property |
How much is Mike Adenuga worth in 2026?
Our estimate is $4.2 billion, at ?1,349 to the dollar, the rate on November 10, 2026, and it is a rough one: little of the money is documented. We found no published accounts for Globacom, so we value it against MTN Nigeria, the listed market leader, using subscriber counts from the regulator. His oil and property holdings are our assumptions. Only the Conoil and Sterling rows rest on market prices.
Valuing Glo against MTN
| Source | Our estimate | What it rests on |
|---|---|---|
| Globacom in Nigeria | $2.28 billion | Our assumption: MTN Nigeria’s ?17.54 trillion market value spread over its 100.9 million lines is about ?173,900 a line. We give Glo’s 23.6 million lines three quarters of that, because Glo is private and much smaller. |
| Glo in Ghana and Benin | $300 million | Our assumption. Globacom also runs networks in both countries; no figures are published. |
| Oil exploration interests | $1 billion | Our assumption for his upstream oil business, which struck oil off Ondo State in 1991. No production or reserve figures were available to us. |
| Property and cash | $500 million | Our assumption. No property records were available to us. |
| Conoil Plc, 74.4% | $80 million | 516.29 million shares held through Conpetro, at ?210 on November 9, 2026. |
| Sterling Financial, 20.61% | $79 million | 20.61% held through Silverlake Investments, as reported for 2025, applied to a ?520.28 billion market value at the November 9, 2026 close. The share count has changed since 2025, so we assume his percentage did not. |
| Total | $4.2 billion | $4.24 billion before rounding. |
Third place, by the regulator’s count
In July 2026 Nigeria had 195,108,814 mobile lines. MTN had 100,859,587, Airtel 66,760,297 and Globacom 23,628,966, a 12.13% share, Arise reported from regulator data. MTN Nigeria closed November 9, 2026 with a market value of ?17.54 trillion, market data shows.
By our calculation, Glo valued at MTN’s full price per line would be worth about $3.05 billion. That is the ceiling we see, not the estimate: we take a quarter off, which gives $2.28 billion. Every 10 points on that discount moves his total by about $300 million.
The listed pieces got smaller
Conoil stock fell from ?387.20 to ?187.20 during 2025, cutting the value of his 74.40% stake by about ?103 billion, Prime Business Africa calculated. The same analysis put his Sterling Financial stake, held through Silverlake Investments, at 20.61%. Conoil has since recovered to ?210, market data shows, and Sterling is worth ?520.28 billion in all. Neither stake is big enough to change the headline much.
Lace, soft drinks and a phone license
He made his first million at 26, selling lace and distributing soft drinks, per his biography. He got a drilling license in 1990, and his oil company struck oil in shallow water off Ondo State in 1991. A first GSM license in 1999 was revoked; he won a second in a 2003 auction, which became Globacom. He studied business at Northwestern Oklahoma State University and Pace University in New York.
Why other estimates disagree
Public estimates are billions of dollars apart. The gap is almost entirely Globacom and the oil business: higher figures appear to value Glo near the market leader’s price per customer, or to credit larger oil reserves, and most older figures use a stronger naira.
What would move the figure
A sale of any part of Globacom, or published accounts, would replace our biggest assumption with a real number. MTN Nigeria’s share price moves our Glo row directly, and so does Glo’s share of lines in the regulator’s monthly data.
Mike Adenuga net worth FAQ
What is Mike Adenuga’s net worth?
About $4.2 billion as of November 2026 by our estimate, in a wide range of $3 billion to $7 billion, because Globacom is private.
How many subscribers does Globacom have?
23,628,966 mobile lines in July 2026, a 12.13% share of Nigeria’s market, third behind MTN and Airtel.
How much did Mike Adenuga lose on Conoil in 2025?
Conoil’s share price fell from ?387.20 to ?187.20 during 2025, which cut the value of his 74.40% stake by about ?103 billion.
What companies does Mike Adenuga own?
Globacom, an oil exploration business, 74.4% of Conoil Plc through Conpetro and a stake of about 20.6% in Sterling Financial through Silverlake Investments.
How old is Mike Adenuga?
73. He was born on April 29, 1953, in Ibadan, Nigeria.
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How we estimate net worth
Our estimates are based on public reporting, company valuations, and deal and earnings figures all compiled in an internal valuation model. They are approximate, and figures change over time as new information emerges.
Last updated: November 2026.