Of all 20 recognized African Billionaires, Mike Adenuga was the biggest gainer in 2016 according to Forbes as his net worth rose from $2.7 billion on December 31, 2015 to $5.8 billion on December 31, 2016.
According to Forbes, no other African billionaire added more than $1 billion to his or her net worth in the past year. Overall, the combined net worth of African billionaires decreased $3.1 billion in 2016.
The increase in Adenuga’s net worth is largely due to new information obtained by Forbes in 2016 about the actual value of his assets, telecom company Globacom and Nigerian oil company Conoil Producing. While his net worth has increased since the beginning of 2016, it has also dropped significantly since March 2016, when his fortune was valued at $10 billion on the 2016 Billionaires List.
Since then, his net worth has dropped $4.2 billion, due to the devaluation of the Naira and the country’s struggling oil sector. Mike Adenuga was the only Nigerian billionaire whose net worth increased this year, Aliko Dangote, the richest Nigerian and Africa’s richest man, saw his fortune drop nearly 28% to $12.4 billion over the course of 2016.
In Nigeria, only one of the four recognized billionaires got richer this year.