On the occasion of Mike Adenuga’s 71st birthday, TOFARATI IGE and JUSTICE OKAMGBA highlight some of the remarkable contributions Africa’s fifth wealthiest man has made across various sectors on the continent
Mike Adenuga is one man who is often described with many superlative adjectives.
To some, he is the ‘Guru’, while others call him the ‘Bull’. What is not in doubt, however, is that, through hard work, determination, innovation, courage, and sheer genius, he has stamped his feet boldly on the business landscape in Nigeria.
Adenuga, the chairman of Globacom, the second largest telecoms operator in Nigeria, has often aroused the curiosity of many. Smart, intelligent, handsome, and with a legendary acumen, he seems to have it all, and many have longed to have just a glimpse into how his brain works.
Apparently, it works in a unique way, as it has created and managed many successful companies, leading to him being one of the wealthiest men in Africa.
According to Forbes Magazine, Adenuga is currently the fifth richest man in Africa, taking a step up from number six in 2023.
His net worth increased to $6.7bn from $6.1bn last year.
The enigma 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, Adenuga attended Ibadan Grammar School, Ibadan.
From there, he proceeded to Comprehensive High School, Aiyetoro, Ogun State, for his higher school certificate.
He later worked as a taxi driver to fund his university education at Northwestern Oklahoma State University and Pace University, New York, both in the United States of America, where he bagged degrees in Business Administration.
He is believed to have inherited his business acumen from his mother, who was a prominent businesswoman in her time. His involvement in his mother’s business is believed to be the foundation of his business career.
At a point, he ran her sawmill.
He is also said to own and manage at least six oil blocks in the Niger Delta region of the country.
Adenuga delved into the oil and gas sector when former Head of State, Gen. Ibrahim Babangida’s (retd.) administration opened the door for indigenous participation.
Despite initial hesitations, Adenuga boldly invested over $100m in exploration and drilling activities.
His gamble paid off in 1991 when Consolidated Oil, his company, achieved a historic milestone by becoming the first Nigerian company to discover and produce oil in commercial quantities.
Today, Conoil Producing Limited, formerly Consolidated Oil, is a trailblazer in Africa’s indigenous oil and gas exploration and production sector.
This pioneering spirit continued as Adenuga identified potential in the National Oil and Chemical Company.
He acquired the company, infused it with fresh investments, and rebranded it as Conoil Plc.
Conoil’s success story is remarkable. It has become a household name in Nigeria, boasting a network of over 450 retail outlets across the country.
Adenuga’s vision and strategic investments have solidified Conoil’s position as a key player in Nigeria’s oil and gas landscape
It is a leader in modern retail formats, including mega stations and non-space pumps, and holds the top spot in the aviation fuel market.
His leadership has propelled Conoil Producing to operate six promising oil blocks in the Niger Delta, with a daily production of approximately 20,000 barrels.
Its 27-year track record is further bolstered by substantial oil reserves, estimated in millions of barrels, and vast gas reserves in trillions of cubic feet.
Adenuga’s significant stake (74.4 per cent) in Conoil Plc underscores his commitment to the company’s continued success.
Conoil’s strong market presence is built on its expertise in supplying a wide range of petroleum products, from petrol and diesel to kerosene and aviation fuel.
Its “Quatro” brand of lubricants is another testament to its diversified product line.
He extended the success he made in the oil & industry to other sectors of the Nigerian economy.
After obtaining a license and launching Globacom in 2003, Adenuga dispelled the myth surrounding per-second billing, which had been maintained by other telcos.
Nigerians were required to pay per minute for each call made, even if it lasted only one second, prior to Globacom’s entry into the nation’s telecom market.
When Adenuga’s Globacom introduced per-second billing, providing Nigerians with fair billing, it demonstrated that there was no such thing as impossibility.
Over the years, the company has continued to grow and has expanded to other African countries.
Today, it is the second largest telecom operator in Nigeria and 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.
In 2011, it became the first telco to build an $800m high-capacity submarine fibre optic cable known as ‘Glo One’.
The cable connects Nigeria and Europe.
That investment paid off in March 2024, as the operations of several telcos and banks were disrupted due to cuts to an undersea cable supplying broadband Internet connectivity to Nigeria and countries in the West African sub-region.
Not one to be put in a box, Adenuga has significant investments in other sectors of the economy.
Adenuga embarked on his banking journey by founding Devcom Bank and Equitorial Trust Bank, pioneering institutions that significantly influenced the development of public, commercial, and retail sectors.
Their robust financial standing was evident during the 2005 banking consolidation, as ETB comfortably met the N25bn capital requirement without resorting to a stock market offering, underscoring its stability.
This success cemented their position as key players in Nigeria’s financial landscape. Yet, Adenuga’s vision stretched beyond individual success.
Recognising opportunities for further consolidation, he orchestrated the strategic merger of ETB and Devcom Bank, laying the foundation for a stronger presence in the industry. Years later, this merged entity expanded its influence by joining forces with Sterling Bank Plc.
Today, Adenuga maintains a significant stake in the resulting powerhouse, Sterling Financial Holding.
This publicly traded titan, a testament to Adenuga’s shrewd financial acumen, oversees two vital subsidiaries: Sterling Bank Plc, a cornerstone of traditional commercial banking in Nigeria, and Alternative Bank Limited, a trailblazer in the country’s non-interest banking sector, offering innovative financial solutions.
Aside from his business prowess, Adenuga can 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.
Adenuga prefers to remain anonymous when doing good deeds, unlike many others these days.
He often gives strict instructions that the people he helps should never know that the assistance came from him.
His Mike Adenuga Foundation has also done a lot to help underprivileged members of society.
It is described as a proudly pan-African philanthropic foundation, whose main mission is to help Nigeria and other African countries, where the Mike Adenuga Group of Companies is commercially active permanently, achieve social and economic independence.
The Mike Adenuga Foundation aims to contribute to an improved future for Africans.’
Unlike some other people who are not even as wealthy as he is, Adenuga does not fancy the spotlight.
Rather, he is an intensely private individual. The man, whom some call the ‘Spirit of Africa’, does not joke with his privacy.
He rarely attends events, not even the numerous ones organised and sponsored by his companies.
Being taciturn did not deter friends and associates from felicitating with Adenuga on his 71st birthday as they do annually.
They took turns on the pages of national dailies to shower encomium of the “Guru”.
Juju music legend Prof. Ebenezer Obey-Fabiyi was one of those who celebrated the boardroom titan.
His birthday message to Adenuga said, “I am filled with joy to celebrate you on this auspicious occasion of your 71st birthday anniversary.
“Your entire life and everything you stand for depict that you are indeed a God sent to humanity, providing jobs and means of livelihood to several thousands of people across the globe. You are exceptional in all ramifications. I pray that you will witness many more fruitful years in sound health and wellness. Once again, thank you for everything, your love and care towards me and many others.”
Also, his marketing mentees, comprising Manorath Shukla, Viju Unnithan, Tega Agofure, Ravi Sharma and Rabindra Sahu, wrote, “On this auspicious occasion of Mr Chairman’s 71st birthday, your boys in Marketing, Globacom, heartily felicitate with our Chief Marketing Officer, nay Mr All-Rounder, nay our chairman of all chairmen! You are a unique being, given your versatility, knowledge and industry.”
For Lasky and family, it is rare to find exceptional, kind and generous men like Adenuga. “It is a well-known and documented fact that you have touched more lives and supported more people’s aspirations than most people in history.
“You also appreciate and reciprocate even the littlest acts of kindness and support. So, as you turn 71, we wish to celebrate you, appreciate you, and congratulate you, even as we wish you many happy returns on your special day.”
Otumba and Deaconess Niyi Adewunmi’s birthday messages said, “Finding sufficient adjectives in the lexicon to aptly describe the prodigious successful icon of our century that you are is a formidable task, sir.
“You are an epitome of grace and destiny, akin to a modern-day King Midas, transforming everything you touch into gold.
“May the Almighty God continue to bless you with robust health and guide you on your fulfilling journey to the next birthday. Congratulations, sir. May your radiance never dim in Jesus name. Amen. Glow with pride always.”
The Managing Director of Billy James Nigeria Limited, Oluwuyiwa Adepitan, averred, “We salute your audacious courage and great tenacity for being an exemplary business tycoon who has demonstrated a fine model of how to be a true Nigerian. Many happy returns.”
“Dear sir, here is to wish you days of happiness, years of more success and a lifetime of countless achievements. May all of life’s blessings be yours, on this your special day and always. Amen. Happy birthday, sir,” Arrowed Automobile stated in a newspaper advert in honour of the Globacom boss.
The management of Centdoor also felicitated Adenuga, saying, “On behalf of the entire team at Centdoor Limited, we extend our warmest wishes to you on your special day. Your visionary leadership and unwavering commitment have not only steered our group to remarkable heights but have also inspired each of us to strive for excellence in all endeavours.
“As you celebrate this momentous occasion, we reflect on the journey we have shared and are deeply grateful for the direction and wisdom you have provided.
“May your birthday be filled with joy, and love, and in good company of family, friends and well-wishers, as we look forward to many more years of your guidance and mentorship.
“Wishing you a day as remarkable as the impact you have made in our lives.”
Demola Elutilo, Olufemi Omoniyi, Tony Ighalo, Vincent Eromosele, Charles Okwumabua, and Yemi Morebise were among those who went to the media to celebrate him.
In their birthday greetings, they said, “We join millions of well-wishers in Nigeria and worldwide to wish Mr Chairman a very happy 71st birthday.
“Mr Chairman, as you attain this epochal milestone, words alone are not enough to express our profound joy on this occasion. You have been an indefatigable, cerebral and magnificent boss. We remain grateful for the opportunity to drink from your fountain of knowledge and wisdom.”
In recognition of his love for the country, ‘the Bull’ was bestowed with one of the highest honours in the country—Grand Commander of the Order of the Niger.
He also holds the title of ‘Otunba Apesin’ of the Ijebu clan in Ogun State, where he has his roots.
