Adenuga had briefly relinquished the second-richest position due to a significant dip in net worth. However, with Forbes revisiting their evaluations, he has now reclaimed the coveted spot, trailing only behind the renowned Aliko Dangote.

It's worth noting that Adenuga faced a substantial decline in his net worth, plummeting to $3.6 billion in June 2023, as reported by Nairametrics. This decline, from the initial $6.3 billion recorded in January according to Forbes, was influenced by various factors.

The unification of the naira in June had an adverse impact on his net worth, coupled with the downturn in the performance of his stake in Conoil.

The Chairman of Conoil and the founder of Globacom has witnessed fluctuations in his net worth over the years, reaching $7.3 billion in 2022 and reaching its pinnacle at an impressive $10 billion in 2015. Adenuga's resilience and the recent reevaluation by Forbes have positioned him once again as a formidable force in Nigeria's economic landscape, underscoring the dynamic nature of wealth in the business world.