Mike Adenuga (whose full name is Micheal Adeniyi Agbolade Ishola Adenuga Jr) is a Nigerian business mogul and a billionaire. He built his wealth from telecommunications and oil production; he is the founder of Globacom and the Chairman of ConOil. He is currently the second richest person in Nigeria after Aliko Dangote and the third person on Africa’s list of billionaires. He owns Globacom- popularly known as “Glo”. Globacom is at present Nigeria’s second largest telecom operator which operations even in Ghana and Benin, it also has a base of up to 36 million subscribers. In addition to that, he owns a considerable number of shares in the Equatorial Trust Bank and also in Conoil (an oil exploration firm which was formerly known as Consolidated Oil Company).
Background Of Mike Adenuga
Mike Adenuga was born to Juliana Oyindamola and Micheal Agbolade Adenuga Sr on the 29th of April, 1953 in Ibadan Nigeria. He is married to Titi Joyce Adenuga and together they have five children -: Eniola Adenuga, Bella Adenuga-Disu, Tunce Paddy Abolade, Micheal Babajide Adenuga and Adetutu Oyindamola Emilia. His father was a secondary school teacher and his mother a businesswoman. He went to the Ibadan Grammar School, Ibadan for his secondary education and proceeded to Comprehensive High School, Aiyetoro for his Higher School Certificate (HSC). For his University education, he went to Oklahoma State University and Pace University, and he graduated with degrees in Business Administration. While in school he had to work as a taxi driver to make money for his upkeep and to fund his schooling.
Rise To Wealth And Fame
Adenuga first started out with oil. His company which at that time was still bearing “Consolidated Oil” was the first local company to struck oil in industrial quantity in 1991. And this was in the shallow waters of Southwestern Ondo State after he had acquired a drilling license in 1990.
He stretched out from oil and went into telecommunications in 1999 when he was issued a conditional GSM license. The license was eventually revoked but he went on to acquire a second one at a government held auction in 2003. His telecommunications company Globacom grew quite fast and even became a contending competitor with the already existing giant MTN group. In 2008 his company started operations in Benin and even extended into Ghana and Côte d’Ivoire, and is currently working on getting licenses to operate in other West African countries. He also tried to buy ‘Comium’ an Ivorian mobile telecom operator for $600 million.
Mike Adenuga has however had a few legal scuffles over the years.
He was apprehended by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering in 2009. He, however, went on a self-imposed exile to London and returned only after the Umaru Musa Yar’Adua regime granted him a pardon.
And then it was declared that he was been trailed for a combined debt of USD $140.5 million which his company ConOil owed to French oil giant Total among others.
Bellpob which is also another company he owns has an interim injunction placed on it by the High Court in Lagos because it failed to pay a debt of USD $9.4 million it owed to Baker Hughes, a US oil and gas firm.
- On August 15th, 2007 he was named African Entrepreneur of the Year at the maiden African Telecoms Awards (ATA).
- He was made Grand Commander of the Order of Niger (Nigeria) in 2012.
- He holds a Yoruba tribal chieftaincy as an Otunba of the Ijebu clan.
Mike Adenuga’s Net Worth
Mike Adenuga is currently worth $5.8 billion according to Forbes, using March 2017’s rating.