Following a significant increase in his net worth in the first 26 days of 2023, Nigerian telecom billionaire and oil mogul Mike Adenuga’s net worth has dropped by $100 million in the last 75 days.

According to Forbes, Mike Adenuga, who will turn 70 on April 29, has seen a $100 million drop in his net worth over the last 75 days, with his wealth falling from $6.7 billion on January 26 to $6.6 billion on April 11, 2023.

The recent drop in his net worth can be attributed to the performance of his privately held businesses, which include stakes in Globacom, one of Nigeria’s largest telecom service providers, and investments in the Nigerian oil industry through Conoil Producing and Conpetro Limited.

Prior to the recent decline in his net worth, the Nigerian billionaire, who is the third-richest man in the country, saw his net worth rise by $600 million earlier this year, from $5.6 billion on January 1 to $6.2 billion on January 26.

Despite a $100 million drop in his net worth over the last 75 days, Mike Adenuga remains one of Nigeria’s and Africa’s top billionaires. His year-to-date wealth gains now total $500 million, making him one of the few African billionaires to have seen a significant increase in wealth since the beginning of the year.

Mike Adenuga, in addition to his investments in Globacom Limited and Conpetro Limited, owns 74.4 percent of Conoil Plc, a leading petroleum marketing company that manufactures and sells lubricants under the “Quarto” brand.

Under his leadership, Conoil over the years has grown into a leading supplier of fuels such as diesel, kerosene, low-pour fuel, aviation fuel, and gasoline. The petroleum marketing company’s retained earnings have increased to more than $45.7 million as a result of its strong performance in recent years.