Michael Adenuga: Biography, Networth, family life, achievements
Chief Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON is the professional name of Mike Adenuga, a prominent Nigerian businessman. He is a billionaire and, after Aliko Dangote of Nigeria and Nassef Sawiris of Egypt, Africa’s third richest man. He is the creator of Globacom, the second-largest telecom provider in Nigeria, which also has operations in Ghana and the West African nation of Benin Republic. Also, Mike Adenuga has shares in the oil exploration business Conoil (formerly Consolidated Oil Company) and the Equitorial Trust Bank.
Michael Adeniyi Agbolade Ishola Adenuga was born on April 29, 1953, in Ibadan, Oyo State, to Oloye Michael Agbolade Adenuga Sr. and Omoba Juliana Oyindamola Adenuga (née Onashile of Okesopin, Ijebu Igbo). It is safe to say that because his mother was a prosperous businesswoman with royal Ijebu background, she gave her son his business expertise.
Ibadan Grammar School was where John Bull, as he is affectionately called, finished his secondary education before transferring to Comprehensive High School Aiyetoro to obtain his Higher School Certificate. Mike Adenuga graduated with a business administration degree from North Western Oklahoma State University and an MBA from Pace University in New York.
Mike Adenuga’s Career
Contrary to what many people think, Mike Adenuga’s career path was not simple. The billionaire started his profession as a cab driver in New York in order to hustle and cover his college fees. When he was 26 years old, he sold soft drinks and lace supplies and made his first million. For Mike Adenuga, as long as the business is legal, he understands it, and it has the potential to be profitable, he is fine to go. Mike Adenuga must have been fortunate, as we can conclude. He benefitted from the innovative tactic used by Professor Jubril Aminu, the oil minister for Ibrahim Babangida, the Nigerian leader at the time. Individuals were allowed to work in the oil exploitation and exploration sector under the program. Following the discovery of oil in the shallow waters off the coast of Ondo State, he was granted a drilling permission in 1990, and in 1991 he established his Consolidated Oil company.
Mike Adenuga requested a GSM license from the federal government in 1999 after seeing a fresh chance in the telecom sector. He established the well-known Globacom with this permission. Globacom has rapidly grown to become a highly significant telecom operator in Nigeria and Africa, with more than 36 million members.
In addition to adding Ghana and Cote d’Ivoire since 2008, he initially extended Globacom services to Benin. He is still hunting for further visas in other West African countries. In 2015, Mike Adenuga paid $600 million to acquire Comium, an Ivorian mobile telecoms provider.
Mike Adenuga’s Achievements
Dr. Mike Adenuga (Jr.) has been referred to as a visionary leader, a model businessperson, and a superb manager of people and resources at various points in time. Meeting Adenuga reveals a man of extraordinary intelligence who runs a massive corporate empire with significant assets in banking, oil & gas, and telecommunications.
- Conoil Producing Limited
In an audacious move to support local participation in oil exploration, the Federal Government of Nigeria leased oil blocks to Adenuga in 1990. When his Consolidated Oil Limited became the first indigenous oil business to strike and produce oil in a commercially viable quantity in 1991, he gained widespread notice. With the purchase of National Oil, he increased the size of his oil sector investment and within a year of the transaction, he put the failing business back on the path to profitability. Conoil Producing Limited, which is currently Africa’s top indigenous oil and gas exploration and production company, was eventually given a new name by him.
- Globacom Limited
Adenuga’s Globacom Ltd, Nigeria’s second National Carrier in the telecommunications sector, offers services in mobile, fixed, broadband, and international gateway telephony. It began offering services in Nigeria in 2005, the Republic of Benin in 2008, and has since expanded throughout West Africa. It presently holds operating licenses in Ghana and Cote d’Ivoire, with more licenses being sought in other nations like Togo and Senegal.
- Equitorial Trust Bank
Leading post-consolidation megabank in Nigeria, Adenuga’s Equitorial Trust Bank specializes in commercial and development-oriented banking. Adenuga has transformed the way that football is played across the continent through both his enterprises and personal activities.
The Glo-CAF Awards, an annual celebration of African stars who compete in the world’s top leagues, are sponsored by the Adenuga Group. This event raises the best of African football to the international scene by honoring the players, coaches, administrators, and clubs who operate on the continent.
Dr. Adenuga’s contributions to the growth of the African business environment have received numerous acknowledgements. He received the National Award of the Officer of the Order of the Niger (OON), Commander of the Order of the Niger (CON), and later in 2012, Grand Commander of the Order of Niger from the Federal Republic of Nigeria (GCON).
Adenuga received the title Pillar of Football in Africa from the Confederation of African Football (CAF) in recognition of his steadfast support of African football at both the national and continental levels.
Mike Adenuga’s Personal Life
Enola Adenuga, Bella Adenuga-Disu, Tunce Paddy Abolade, Michael Babajide Adenuga, and Adetutu Oyindamola Emilia are the couple’s five children. Adenuga is married to Titi Joyce Adenuga. In the now-defunct Devcom Merchant Bank, which he owned at the time, Adenuga first met Titi. According to accounts, Titi was looking for a position in the bank when she caught the businessman’s attention. From there, things progressed, and the rest was history.
Adenuga enjoys participating in sports, and he has sponsored sporting events with his Globacom company. A few years ago, he provided sponsorship for the African Handball Championship in Benin Republic. The business has been a sponsor of the annual Confederation of African Football (CAF) Awards since 2005. Globacom is another sponsor of the half-marathon in Lagos.
Mike Adenuga Net Worth
Mike Adenuga, whose estimated net worth is $6.5 billion, is currently the second-richest person in Nigeria.
Mike Adenuga’s Awards And Recognitions
- A man with his influence and caliber cannot act dishonorably. Mike Adenuga has received numerous honors and important titles. In 2012, the Nigerian government named him Grand Commander of the Order of the Niger.
- He serves as the Otunba Apesin of the Ijebu clan, a Yoruba tribal chieftaincy.
- President Emmanuel Macron of France awarded him the Commander of the Legion of Honor insignia in 2018.
- In 2019, New African magazine listed Adenuga as one of the Top 100 Most Influential Africans.
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