Mike Adenuga Jr Aims To Overtake Aliko Dangote As The Richest Black Man in the World

Mike Adenuga Jr Aims To Overtake Aliko Dangote As The Richest Black Man in the World

According to the 2019 Forbes' list of the richest people in the world, Nigerian billionaire, Alhaji Aliko Dangote, GCON; owner of the Dangote Group is the richest black man on earth with over a net worth of US$10.9 billion. And following closely is another Nigerian billionaire, Chief Michael Adeniyi Agbolade Ishola Adenuga Jr, GCON; with a net worth of $9.1 billion.

Dangote's business includes production of sugar, cement and flour.

He has now added investments in a fertiliser plant and oil refinery situated on a 6,180 acres (2,500 hectares) site at the Lekki Free Zone, Lekki, Lagos State. It will process about 650,000 barrels of crude oil daily, transported via pipelines from oil fields in the Niger Delta, where natural gas will also be sourced to supply the fertilizer factory and be used in electrical generation for the refinery complex. The project is expected to cost up to $15 billion in total, with $10 billion invested in the refinery, $2.5 billion in the fertilizer factory, and $2.5 billion in pipeline infrastructure.
With a single crude oil distillation unit, the refinery will be the largest single-train refinery in the world. At full production, the facility will be able to produce 50,000,000 litres (13,000,000 US gal) of gasoline and 17,000,000 litres (4,500,000 US gal) of diesel daily, as well as aviation fuel and plastic products.

Mike Adenuga Jr owns Globacom, Nigeria's second-largest telecom company that is also operating in Ghana and Benin. He also owns major stakes in banks and the oil exploration firm, Conoil. And inspite of Dangote's expanding business operations as a multinational continental conglomerate, Adenuga Jr can still overtake him in the next three years. How?

The immense opportunities in Globacom can generate over US$12billion annually if he explores all the possibilities beyond the basic operations in telecommunications.  Glo Mobile with over 45 million subscribers can generate more revenues than the Dangote Group. There are three big money spinners that have been left by Globacom. But I will not mention them now.