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Inside Details: Why Adenuga Has Refused To Claim His Spot In Ranking Of Africa’s Billionaires

Adenuga was rated the second richest person in Nigeria – after Aliko Dangote – and all hell broke loose in and outside the media

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‘Sola Onamodu

In 2011, Forbes rated Oil and Telecoms Tycoon Mike Adenuga for the first time.

Adenuga was rated the second richest person in Nigeria – after Aliko Dangote – and all hell broke loose in and outside the media.

Forbes former Editor Mfonobong Nsehe wrote ’ controversy erupted in Nigerian media circles. Several Nigerian analysts and Adenuga’s staff refuted our valuation. I was bombarded with emails and messages requesting to know the criteria we used in valuing individuals’ wealth, and our rationale for valuing Adenuga so low.’

“No one in Africa is as rich as Mike Adenuga.” Mfonobong who traveled across Africa helping Forbes track the richest people on the continent quoted legendary lifestyle publisher, Dele Momodu.

Forbes, however, disclosed that it rated Adenuga based on the information it could get its hand on but a follow-up investigation revealed far more than was initially reported.

The team of the barometer of wealth valuation however found it impossible to reach Adenuga for a one – on – one to determine the vastness of his affluence.

The product of the follow-up investigation – even without the depth of specific details from the economic power – was a report headlined “Nigerian Billionaire Mike Adenuga Might Be Africa’s Richest Man”

The checks by societynow.ng, however, revealed that based on its inability to get access to the reclusive tycoon, Forbes has continued to rate Adenuga low – based on the little in public space because a majority of the businesses (and revenues) are not publicly listed..

Forbes in its latest edition rates Adenuga as the 5th richest person in Africa with an estimated wealth an estimated net worth of $6.3B attributed to earnings from operations in Telecom and Oil.

The investigation conducted by societynow.ng revealed that just like in 2011, this valuation has been disputed – spiritedly by those who should know.

“For example, Adenuga’s massive investment in real estate with properties in Abuja, London, the US, Dubai, France and other places as well as other businesses of Adenuga are not factored into the valuation” a source pointed out.

Societynow.ng gathered that Dele Momodu’s comment to Mfonobong Nsehe that “No one in Africa is as rich as Mike Adenuga.” is widely believed to hold water to date.

“But chairman has refused to validate this status because he cares less about such” societynow.ng learned.

Insiders disclosed that for Mike Adenuga, his care and concern are grooming his businesses and caring for his loved ones.

His loved ones are identified as his immediate and extended family, those who care for him, and those he believes in.

“His ability to do that without minding the cost implication matters to him more than the public validation of who is the richest” societynow.ng learned.

“The battles that count aren’t the ones for gold medals. The struggles within yourself the invisible, inevitable battles inside all of us that’s where it’s at.” One of the Billionaire’s famous quotes provides great depth into the workings of his mind societynow.ng learned.

Sources disclosed that because of this approach to life, Adenuga’s helping hand is large and vast.

“He has touched lives and is still touching lives whether through his company, most Globacom or in his private capacity but you won’t get to hear about it because he insists on keeping his good deeds quiet” societynow.ng learned.

Stories of life changing monetary gifts, wonder on wherels, houses and opportunities of a better life to friends and associates and “walk ins” fortunate to meet with the man of means are more than many.

An insider disclosed that that is one of the major reasons he remains scandal-free.

“That is why you won’t ever catch him or those in his immediate vicinity in the uncompromising situation that has made a mess of the image and integrity of many dubbed champions of commerce” societynow.ng gathered.

The checks by societynow.ng revealed that aside from what looks like deliberate acts at chipping away at his good image, Adenuga indeed remains scandal-free, especially in the arena of image denting associations with daughters of eve.

The consensus according to finding by societynow.ng is that for someone of his status, one of the richest persons in the world, to remain consistent in the building of his brands and care for his loved ones, Adenuga indeed deserves a very special award

“Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome while trying to succeed.” Another of the sayings of the Billionaire in mentoring those he cares about offers another depth into why he has chosen not to claim his spot in the committee of the richest persons in Africa – and the world in general – an insider offered.

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