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Mike Adenuga (Globacom)


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Nigeria

Meet the second richest person in Nigeria, Dr Mike Adenuga

Welcome to Logbaby’s Biography of Mike Adenuga

 


SUMMARY

Name: Michael Adeniyi Agbolade Ishola Adenuga

Chosen or Nickname: Mike Adenuga or The Bull or Guru

Date of Birth: April 29th, 1953

Relationship Status: Married (7 children)

Occupation: Business Man

Net Worth: $10 billion


INTRODUCTION

Mike Adenuga is a Nigerian businessman and the 2nd richest person in Nigeria with net worth estimated $10 billion by Forbes. His company Globacom is Nigeria’s second-largest telecom operator which also has presence in Ghana, Benin Ghana, Benin Republic, Senegal, Gambia and Cote d’Ivoire.

EARLY LIFE AND EDUCATION

He was born on April 29th, 1953 in Ibadan to Oloye Michael Agbolade Adenuga Sr, a school Teacher and Juliana Oyindamola Adenuga (née Onashile of Okesopin, Ijebu Igbo) a businesswoman of royal Ijebu descent. Adenuga is a native of Ijebu Igbo in Ogun State of Nigeria.

Mike Adenuga is a descendant of Pariola, a very wealthy and influential female trader born in the mid-19th century. Apart from being the ancestor of the Adenugas, Pariola would also produce the Adetonas, the family of the Awujale of Ijebuland, Oba Sikiru Kayode A.

He attended Ibadan Grammar School, Ibadan for his Secondary Education and Comprehensive High School, Aiyetoro for his Higher School Certificate (HSC). During his time as a University student he worked as a taxi driver in order to fund his education. He graduated from Northwestern Oklahoma State University and Pace University, New York with degrees in Business Administration.

BUSINESS BEGINS

After graduating, he headed straight for Nigeria and started utilizing all he learnt. He did not seek for paid employment but went into entrepreneurship. He hawked goat feed in the streets of Ibadan, managed the family's small sawmill in Ogun State and was also selling removable car stereos.

By the age of 22, he had delved into the business of commodities, general merchandise, construction, importation (of mainly sawmill equipment, tomato paste, wines, beer and textile materials especially lace made in Austria.

At a point, he acted as a private middleman who got term-based oil contracts from the Nigerian government in the name of Tradoil & Crownway Enterprises while the UK-based Arcadia would handle the fuel cargoes. He also built military barracks (and the Nigerian Defence Academy, Kaduna with Femi Akinrinade, a former Chief of Army Staff who was the General Officer Commanding, I Infantry Division, 1975-1979 at the time), supplied the armed forces and the police with weapons while also working as a distributor for Coca Cola, Nigerian Breweries, Cadbury, Guinness and Continental Breweries. He was also a dealer for Peugeot Automobile of France.

In 1990 he was awarded an oil prospecting license by the then Nigeria’s military president, Ibrahim Babangida and in 1991, his consolidated oil struck in the shallow waters of South Western Ondo State, the first indigenous oil company to do so in commercial quantity.

HIS CAREEER

He founded the Mike Adenuga Group which consists of ETB (Equity Trust Bank), now merged with the Sterling Bank, Conoil PLC, a petroleum marketing company, and Conoil Producing, a crude exploration company.

In February 1990, he made a bold entry into the banking industry. He floated Equatorial Trust Bank (ETB) and in 1999 he was issued a conditional GSM license which was revoked but he received the second one when the government held another auction in 2003. His Telecom Company Globacom spread quickly and started challenging the giant MTN Group, Infact it reduced call rates which was at 60 per minute and the price of sim cards sold at ₦40 000 to ₦200.

In May 2015, Adenuga made a takeover bid to purchase Ivorian mobile telecom's operator Comium Côte d'Ivoire for $600 million.

HIS COMPANY (Globacom)

It was launched in 2003 and since then it has been pulling weight as the second telecommunication network in Nigeria.

It launched services in Benin in 2008, and has continued its spread across Ghana and Côte d'Ivoire, with more licenses currently being prospected in other West African countries.

Glo has its headquarters in Lagos, has employed more than 5000 people, has strategic business units like Glo Mobile, Glo Gateway and Broad access and was the first individual African company to launch a submarine cable "Glo 1" in 2015 which runs from the United Kingdom to Nigeria. 

SPONSORSHIPS

He donated $250,000 to national soccer team, he gave this in order to boost super eagle’s morale ahead of their clash against France during the Brazil 2014 world cup. The management and board of English soccer club Manchester united honored him for his financial contribution and support towards the development of sports- soccer in particular.

Globacom until 2009 signed a four year title sponsorship deal with the Nigerian premier league worth $16.5 million. Nigerian National Football Teams, Glo people police marathon, Eyo festival, Ojude Oba festival, Eleghe festival and the confederation of African player of the year Award are among events under Globacom Sponsorship deals.

In the Republic of Benin, Glo sponsors the FITHEB and CAF African player of the year award. In Ghana, Glo sponsors Ghana premiership league, the Ghana National Football Teams.

In November 2009, GLO became an official sponsor of football club Manchester United. The sponsorship also includes young players from Benin, Ghana and Nigeria going to Manchester to train with the club.

AWARDS

Year Award
2007 African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA)
2014  Telecom Investor of the Decade

HONORS

Year Honor
2012 Grand Commander of the Order of Niger 

PERSONAL LIFE

He is divorced from Fola, his first wife and the court awarded him the custody of the children and even the pregnancy Fola was carrying at that time. Today, he is married to Joyce Titilola Adenuga (nee Adewale). He has 7 children Eniola Adenuga, Bella Adenuga-Disu, Tunde Paddy Abolade, Michael Babajide Adenuga, Adetutu Oyindamola Emilia. He had fights with his daughter  over answering Bela Bisu instead retaining her maiden name Adenuga.

SCANDALS

In December 1982, armed robbers attacked him in his residence and he sustained some bullet wounds.

In 2009, he was detained for money laundering by the Economic and Financial Crimes Commission, he left the country and lived in London until he was granted pardon by the Umaru Musa Yar'Adua Administration.

In June 2016 it was revealed that Adenuga was being pursued for a combined debt of USD $140.5 million, after his company Conoil failed to pay debts owed to, among others, the French oil giant “Total”.

Bellbop, another company owned by Adenuga, has an interim injunction placed on it by the High Court in Lagos, after failed to pay USD $9.4 million it owed to the US oil and gas firm Baker Hughes.

 

 

 

  

Article Credit: Kenechukwu Edeh

Updated 1 Year ago
 

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