Home African Business Icon Nigerian Business Icon: Mike Adenuga

Nigerian Business Icon: Mike Adenuga

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Background and Personal Life

Chief Michael Adeniyi Agbolade Ishola Adenuga Jr, GCON is a Nigerian dollar-denominated billionaire businessman. He is currently the second richest man in Nigeria, following Aliko Dangote, and the third richest person in Africa. Mike Adenuga has accrued abundant wealth as the owner of Globacom and Chairman of Conoil Producing Limited.

Adenuga was born on the 29th of April, 1953 to Oloye Michael Agbolade Adenuga Sr and Omoba Juliana Oyindamola Adenuga in Ibadan, Oyo State, in the southwestern part of Nigeria. Adenuga’s father was a school teacher, while his mother was a businesswoman from a royal ijebu lineage.

Adenuga attended Ibadan Grammar School, Ibadan for his secondary education, and proceeded to Comprehensive High School, Aiyetoro, to obtain his Higher School Certificate (HSC). Later, he traveled abroad to study at the Northwestern Oklahoma State University and Pace University (MBA), where he graduated with degrees in Business Administration.

Mike Adenuga is currently married to Titi Joyce Adenuga and he has 7 children.

Career and Business Life

Mike Adenuga’s entrepreneurial journey was not a smooth one as some may assume. Back in the hustling days, he worked as a taxi driver just so he could pay for his university tuition fees. In fact, he was selling soft drinks and lace materials at some point.

However, the highlight of Adenuga’s entrance into business can be traced back to 1990 when he saw an opportunity to take advantage of the new policy that was passed by the then oil minister under Babangida’s regime, Professor Jubril Aminu. The policy gave permission to private individuals to participate in the exploration and exploitation of the oil industry. In 1990, Adenuga received a drilling licence and in 1991, his Consolidated Oil company hit oil in the shallow waters of Ondo State. By 1996, Conoil already owned about 300 gas stations, with two major infrastructures in Port-Harcourt and Apapa. The company also began to sell other petrochemical products such as Teepol, shelltox, and aerosol. In 1994, the company realized a total revenue of 7.96 billion Naira. Today, Adenuga’s Conoil is involved in the sale of regulated kerosene and gasoline, low pour fuel, aviation fuel, and diesel. The firm also produces and markets lubricants under the brand name Quatro.

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Again, Mike Adenuga’s saw another lucrative opportunity in Telecommunications and he acquired a conditional GSM licence from the Federal Government in 1999. This paved way for the birth of Globacom Limited on 29 August 2003 by Mike Adenuga. Globacom consists of a number of subsidiary companies.

Over the years, Globacom spread quickly and grew rapidly enough to challenge the giant MTN Group. In 2008, Globacom entered the telecommunications scene in Benin, and further extended to Ghana in May 2008, and Côte d’Ivoire in October 2009 through the acquisition of submarine cable landing rights and International Gateway Services. In 2015, Adenuga bought ‘Comium’, an Ivorian Mobile Telecoms Operator in Cote d’Ivoire for the sum of $600 million. Globacom has plans to expand into more West African countries.

With over 45 million subscribers as of December 2018, Glo is regarded as the second largest network operator in Nigeria. As of June 2018, Globacom is the employer of over 3,500 individuals across several countries. In 2013, the company generated $1.178 billion in revenue.

All of Mike Adenuga’s businesses are privately owned by the Mike Adenuga Group which consists of GLO, Conoil PLC, Conoil Producing, a real estate and property development company, and Cobblestone Properties and Estates. Additionally, Mike Adenuga is a stakeholder in several multinational companies in Nigeria, including the Equitorial Trust Bank and Stanbic IBTC Bank.

Net Worth, Assets and Honours

On August 2 2020, Mike Adenuga’s net worth according to Forbes was an estimate of $4.5 billion. As of July 2020, Mike Adenuga’s net worth had increased to $5.7 billion, as reported by Forbes. However, as of today September 10 2020, Adenuga currently holds a whopping net worth of $6.1 billion and ranks at #286 on Forbes Billionaires 2020. He is considered as a self-made billionaire whose source of wealth is from telecom and oil exploration.

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Mike Adenuga’s most luxurious asset would be his Banana Island real estate where he resides. The 3 hectares estate is said to have cost him over ₦1 billion.

Honours

  • Mike Adenuga is the recipient of a Yoruba traditional chieftaincy as the Otunba Apesin of the Ijebu clan.
  • African Entrepreneur of The Year at ATA (2007)
  • Companion of the Star of Ghana (CSG) 2018
  • 100 Distinguished and Eminent Nigerians Centenary Awards (2018)
  • In 2012, the federal government of Nigeria inaugurated him as the Grand Commander of the Order of the Niger. More recently, President Emmanuel Macron of France decorated Adenuga with the insignia of a Commander of the Legion of Honour in 2018.

Conclusion

Mike Adenuga, Nigeria’s famous Telecom and oil billionaire, is a business icon for many Africans. Through his Mike Adenuga Foundation, he has assisted many African countries. One of such kind gestures was his 500 million naira donation to flood victims in Bayelsa State, Nigeria.

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