The Man Called Mike Adenuga

Dr. Mike Ishola Agbolade Adenuga Jr. better known as Mike Adenuga is a Nigeria’s billionaire mogul. A globally acknowledged man of incredible means, affluence, and influence, yet he seeks refuge in near anonymity, choosing to stay out of publicity. 

For a man with a humble beginning, Adenuga’s parade of progress and conquests has been endless. He paddled through all manner of odds on the seemingly low-tier end of the business, selling drinks and lace materials to become a mint-fresh millionaire at the age of 26.

Mike Adenuga Biography

Mike Adenuga was born on April 29, 1953, into the family of Oloye Michael Adenuga (Snr) and Omoba Juliana (née Onashile of Okesopin, Ijebu Igbo) in Ibadan, Oyo State. His father was a teacher, while his mother was a businesswoman of royal Ijebu descent.

For his secondary education, Mike attended Ibadan Grammar School, Ibadan. From there, he proceeded to Comprehensive High School, Aiyetoro, Ogun State, for his Higher School Certificate.

He had his first degree in Business Administration from Northwestern Oklahoma State University and a Master’s degree in the same course at Pace University, New York. It is also noteworthy that during his university days, Mike became a taxi driver to fund himself through school.

After his education in the US, Mike returned to Nigeria in the early 1980s and started his business career as a commodities trader, exporting agricultural produce such as cocoa and gum Arabic.

He later diversified into oil exploration and production, founding Consolidated Oil, which has become one of the largest indigenous oil companies in Nigeria.

Adenuga is said to have cut his teeth in business selling lace cloth and soft drinks, through which he made his first million at the age of 26.

Diversified into other things

However, over the years, he has diversified his business interests and now has his fingers in a lot of pies. His business empire has footprints in the oil and gas, telecommunications, real estate, and banking sectors.

In 1990, Conoil got a drilling license, and in 1991, it struck oil in the shallow waters of Ondo State, becoming the first indigenous oil company to do so in commercial quantity.

Today, the oil and gas company is known for extracting, producing, and selling crude oil, as well as a range of lubricants, greases, and bitumen. It also supplies petrol, aviation turbine kerosene, dual-purpose kerosene, low-pour fuel oil, and automotive gasoline/grease oil.

Globacom

In 1999, his company, Globacom, got a conditional Global System for Mobile Communications license, but it was later revoked before another one was reissued in 2003.

Related Post: Nassef Sawiris, The Richest Man in Egypt

The company’s entrance into the GSM business was regarded as a game changer because it introduced the per-second billing. Before then, the existing telcos charged customers for calls per minute.

Even if a customer made a call for one second, the person would be charged for 60 seconds at N50. With Glo’s approach, it became clear to many that he was a humane and compassionate businessman, who was genuinely interested in connecting people for the smallest amount possible.

Glo also ‘crashed’ the price of sim cards as it sold them at a far cheaper rate than other existing telecommunications companies. Over the years, the company has continued to grow and has expanded to other African countries. 

Today, it is the second largest telecoms operator in Nigeria and also operates in Ghana and the Republic of Benin. The telco has invested heavily in its network infrastructure, including laying submarine cables and building a network of cell towers and base stations.

This is in addition to launching several innovative products, such as Glo Mobile Money, which allows customers to send and receive money, pay bills, and buy airtime using their mobile phones.

Achievements of glo

In 2011, it became the first telco to build an $800m high-capacity submarine fibre optics cable known as ‘Glo One’. The cable connects Nigeria and Europe.

The company has also sponsored entertainment shows such as X-Factor, Slide ‘N’ Bounce, Campus Storm, Naija Sings, Dance with Peter, and Laffta Fest, among others.

Beyond entertainment, the company also sponsored the Confederation of African Football Awards for several years, celebrating outstanding football players across the continent.

People who have worked with Mike Adenuga have described him as one whose business acumen is worthy of being studied in business schools. He is also noted to have a large appetite for risks.

Many have said that he inherited his business acumen from his mother, who was a prominent businesswoman. His involvement in his mother’s business was said to be the foundation of his business career. At one point, he was said to be in charge of her sawmill.

Adenuga used to own the defunct Devcom Merchant Bank and Equitorial Trust Bank. However, he is still said to have considerable shares in Sterling Bank (which bought ETB) and First Bank.

Mike Adenuga Net Worth

According to Forbes Real Time Net Worth, Mike Adenuga is currently the sixth richest man in Africa, with a net worth of $3.6B as of the time of publication. His mobile phone network, Globacom, is the third largest operator in Nigeria, with 55 million subscribers, and his oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

Mike Adenuga Businesses

1. Conoil Producing Limited: A leading oil and gas company known for extracting, producing, and selling crude oil, as well as a range of lubricants, greases, and bitumen. It also supplies petrol, aviation turbine kerosene, dual-purpose kerosene, low-pour fuel oil, and automotive gasoline/grease oil.

2. Globacom: Globacom is one of the largest telecommunications service providers in Africa. The company offers international and voice calling, sms, high-speed internet, ADSL for homes, and fixed landline services, as well as provides telecom solutions. Globacom serves customers in the United Kingdom, Nigeria, Benin, and Ghana.

Mike Adenuga Investment

1. Julius Berger Nigeria

Mike Adenuga holds 25.1% (401,834,494) ordinary shares of Julius Berger. The shares were acquired through Goldstones Estates Limited.

Apart from being the single largest majority shareholder in the company. His daughter Belinda Ajoke Disu is also on the company’s board of directors as a non-executive director.

Currently, Julius Berger has a market capitalization of N41.44 billion. The company offers construction services dating back to 1965, with some notable projects, such as the second mainland bridge.

2. Sterling Bank

Mike Adenuga is the biggest single largest individual shareholder in Sterling Bank. He owns 5.63% direct stakes worth 1.62 billion units. As of June 2022, the shares’ worth reduced to N2.49 billion from N3.40 billion in 2021.

He also owns 1.23% stakes worth 354.4 million units through Glomobile Limited. The depreciation of Sterling Bank reduced the value of the shares from N744.3 million in 2021 to N545.8 million in 2022.

Though Mike Adenuga does not directly own Sterling Bank, he was instrumental in its existence. The equatorial bank was founded in 1990 by the Nigerian billionaire, and in 2006, it merged with  Devcom Bank. 

Due to under-capitalization and poor management, in 2011, it was merged with Sterling Bank. Though merged, he is still the largest shareholder.

3. Firstbank

Mike Adenuga is also one of the shareholders in Firstbank, one of the leading financial institutes in Nigeria. Though his stake is unknown, it can be said that he has more than 5% of shares in the bank as of 2021.

This inference was made when his name was included in the list of people who own more than 5% of shares in the company in 2021. Others are Otedola, the Hassan-Odukales and Otudeko.

Mike Adenuga Children

Mike Adenuga is not just about his business. He is also a family-oriented person. He is a doting father who inculcated in his children from a young age the spirit of hard work and resilience. 

Over the years, many of his children works in his companies as Group Executive Directors. Mike Adenuga has tried to teach them to be hardworking, persistent, and honest and to use their talents to achieve their goals.

They are surrounded by wealth but they have managed to carve their own path. And just like their father, they do not overexpose themselves to the public.

Adenuga is a man who had a modest upbringing but through his hard work and dedication. He managed to build his wealth from the ground up. He’s not only a fantastic role model for his children. But also for every young Nigerian that hopes to achieve the same goals.

Mike Adenuga Foundation

Going by Mike’s antecedents, he can rightfully be described as a man who has the milk of human kindness flowing in his veins. An unrepentant giver, he has come to the aid of several people, ranging from random individuals to celebrities.

To ensure a future of social and economic growth for his beloved continent. The businessman decided to launch the Mike Adenuga Foundation. A philanthropic organization with the goal of improving Nigeria and other African countries.

The Mike Adenuga Foundation is a proudly Pan-African philanthropic foundation. The main mission of the organization is to help Nigeria and other African countries. Especially, where his companies are commercially active on a permanent basis, to achieve social and economic independence.

The Mike Adenuga Foundation aims to contribute to an improved future for Nigerians and other African citizens.

Is Wale Adenuga Related to Mike Adenuga?

No, Wale Adenuga and Mike Adenuga are not related. No evidence shows that they are related other than having the same name.

These two men were born to different parents. Mike Adenuga’s father is Oloye Michael Agbolade Adenuga Sr. and was a schoolteacher. While his mother, Omoba Juliana Oyindamola Adenuga, was a businesswoman.

Wale Adenuga’s parents were not mentioned in his bio. But he was raised in Ibadan and attended the Ibadan City Academy before proceeding to King’s College, Lagos, for his higher school certificate.

Mike Adenuga received his secondary school education at Ibadan Grammar School, which is also located in Ibadan, Oyo State.

Although they both studied in Ibadan, there is no proof that they attended the same schools or had the same siblings.

The surname, Adénúgà is a popular name among individuals who reside in the Yoruba-speaking states of Nigeria. Since this name is not limited to being answered by only one family. So, different people who are not related can have the same name.

Conclusion

Mike Adenuga has been well-recognized and celebrated for his numerous humanitarian interventions.

He played a significant role in boosting the relationship between Nigeria and France when he established Alliance Francais Nigeria. With the support of the Embassy of France in Nigeria’, the center organizes cultural activities, promoting local and francophone cultures.

Rewarding him for the gesture, France’s President Emmanuel Macron bestowed on him the country’s highest honor – Commander of the Legion.

The business mogul was also conferred with Ghana’s highest national honor – Companion of the Star of Ghana.

Mike was given one of the highest honors in the country – Grand Commander of the Order of the Niger. He also holds the title of ‘Otunba Apesin’ of the Ijebu clan.

Also Read: 15 Best Beaches in Morocco [& Essential Packing List]