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Adenuga is African's richest man, worth $17 billion - Financial Experts
, PM News, . Date & Time Filed on MyOndoState.Com: 2011-03-12 00:37:30

Financial experts in Nigeria have disagreed with recent Forbes' List of World richest individuals.

The list had placed Aliko Dangote, the cement magnate at number one position as African richest individual with a total net worth of $13 billion. Reacting, financial experts that know the details of the total holdings of Mike Adenuga put his real worth at about $17 billion, being $4 billion richer than Aliko Dangote.

Breakdown of Mike Adenuga financial worth
Conoil Producing without factoring downstream worth over $10 billion
Globacom Holding worth $2 billion
Globacom West African operation worth over $5 billion
Total Adenuga's business worth $17 billion

The report by PM news is reproduced below
Forbes Magazine's world's richest list that estimates Globacom Chairman, Mike Adenuga's networth at $2billion has been described as a gross under-estimation, financial experts close to Adenuga?s business empire have revealed.

?Conoil Producing alone, operator of six oil blocks and holder of 25 per cent stake in Joint Development Zone Block 4, with proven reserves of more than one billion barrels of crude and 7 trillion cubic feet of gas, is worth more than $2 billion?, said the financial expert in an interview with P.M. News this morning.

He indeed estimated that Conoil Producing, without factoring in Conoil, the downstream firm involved in the retail sale of refined petroleum products, is worth more than $10 billion.

It appears that Forbes evaluated Adenuga?s wealth on his Globacom holdings alone, as the reports dwelled mostly on the network?s subscription, the company?s $1 billion investment in fiber optics, Glo-1, to link Africa with the rest of the world and Globacom?s operations in West African nations such as Ghana, Cote D?Ivoire, Benin, Togo, Senegal and Gambia.

?Whatever criteria they use are faulty?, said the expert. ?Globacom West African operation is worth more than $5 billion, when the huge investments in Ghana, Togo and Benin are put in the picture?.

P.M News also learnt that Adenuga has huge investments in real estate in Nigeria and Europe. Three years ago, his interests were estimated at about $3 billion. And of course, he owns majority shares in Equitorial Trust Bank.

On Wednesday, Forbes magazine released its list of the world?s richest.

The magazine listed 1210 individuals across the globe, with Aliko Dangote, listed as Nigeria?s and Africa?s richest man with networth of $13.8 billion.

According to Forbes, the combined wealth of these 1,210 individuals is $4.5 trillion (?2.78 trillion) ? which is slightly more than the UK?s total debt which stands at ?2.34 trillion.

Since Forbes listed Dangote in 2008, there has always been controversy among Nigerians on whether the magazine?s goggles is not afflicted with some sight disorders, as most Nigerians wondered why Adenuga?s name was left out.

The controversy is even now going to deepen, on who is richer between Aliko and Adenuga, the magazine having now recognized Adenuga?s deep pockets, after several years of omission.

According to reports, in the past year Aliko Dangote?s fortune surged 557% to $13.8 billion, up from $2.1 billion, after he consolidated all his public and private cement holdings throughout Africa into the continent?s largest cement manufacturer and took it public on the Nigerian stock exchange in October. Dangote Cement now has a market value in excess of $13 billion, and accounts for a quarter of the Nigeria Stock Exchange?s total market capitalization. Dangote also has interests in flour, pasta and sugar manufacturing.

According to Forbes, Dangote is richer than longtime white South African billionaires Nicky Oppenheimer of Debeers and Johann Rupert of luxury goods group Richemont, which owns Cartier, Dunhill and other premium brands. He is also richer than Chelsea Football Club owner, Roman Abramovich.

But the jury may not have a word yet on the richest African, between Aliko and Adenuga.

By PM News
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don dada – lagos April 09, 2011 - 13:02
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so suddenly d forbes jokers hv finally elevated Mike Adenuga to their own version of billionnairedom even if at d bottom of d ladder! We are not deceived-shame on them ! for d records , d Guru has been a billionnaire for over a decade ever since he dared to strike oil with con -oil -producing and bcoming d first indigenious oil sheikh- a field hitherto dominated by multinational oil coys. currently Con oil -producing has over 3billion barrel of crude oil reserve in its kitty perhaps more crude than Ghana has u ncovered thus far . . . If Femi Otedola ,who was still in financial diappers when d Guru was already a dollar multibillionaire, could be construed a billionaire by Forbes solely on d strenght of his AP shares, d equivalent of Adenugas Conoil down-stream; one of his minor companies accounting for less than 10% of his total wealth, then u can begin to imagine d true magnitude of his wealth ! Note that d Guru has at least on one occassion defeated Dangcte in financial combat, publicly.At d twilight of OBJs regime in 2007, a certain very juicy oil block with huge reserve potentials was specially packaged for Dangote to facilitate his grand entrance into that sector but they did not reckon with d Guru - he simply outbidded them !huffing, panting n outraged d government simply ignored this unexpected result.It took d courts to right this looming wickedness. . . Again, Dangote having secured a 3G telecoms licence using Alheri telecoms, he could not muster or risk d kind of stupid money required to jumpstart its implimentation.Ultimately, Alheri telecoms sold out to etisalat- what a cheap escape . . . D assertion that Dangote is richer than Adenuga must surely rank amongst d seven wonders of d financial world ! evidently in d contemprary world d most lucrative niches are oil & gas, banking & finance, real estate, telecomms and Ict; any wonder that d worlds richest man & d runner-up are mainly into telecomms and Ict.Adenuga is dominant in all of this business genries with Globacom, though a late comer storming to d second position with over 25million subscribers.D Guru owns d biggest privately owed bank in d country[Equatorial Trust], Adenuga remains d pioneer & largest indigeneous oil company owner[Con oil producing], owns the largest private oil marketing company[conoil], and has a most impressive real estate portfolio locally n globally. Now juxterposition this with Dangotes holdings whose dominance is only felt in d cement industry. . . he is also into sugar & pasta with failed forays into oil & telecomms[Alheri telecomms]; so how in the World . . !


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