Mike Adenuga: Biography, Family, Globacom and Net Worth

Mike Adenuga (born 29 April 1953) is a powerful Nigerian businessman known professionally as Chief Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON. He is a billionaire and Africa’s third richest man, behind Egypt’s Nassef Sawiris and Nigeria’s Aliko Dangote.

He is the founder of Globacom, Nigeria’s second-largest telecom operator, which also has operations in Ghana and Benin Republic in West Africa. Mike Adenuga is also a shareholder in the Equitorial Trust Bank and the Conoil oil exploration company (formerly Consolidated Oil Company).

Mike Adenuga

Biography

Mike Adenuga was born on April 29, 1953, in Ibadan, Oyo State, Nigeria. His ancestors are Yoruba. Demola Adenuga and Otunba Adenuga are his two younger siblings. Is he a cousin of Wale Adenuga? The answer is no, and there is no published evidence to support this assertion.

His father, Oloye Michael Agbolade Adenuga Sr, was a schoolteacher, while his mother, Omoba Juliana Oyindamola Adenuga, was a royal Ijebu entrepreneur.

Mike Adenuga received his secondary school education at Ibadan Grammar School in Ibadan, Oyo State, Nigeria, and his Higher School Certificate at Comprehensive High School in Aiyetoro (HSC). He used to work as a taxi driver to help pay for his university studies.

His hard work paid off as he earned Business Administration degrees from Northwestern Oklahoma State University and Pace University in New York, respectively.

Career

Mike Adenuga, just 26 years old, made his first million selling lace and distributing soft drinks in 1979. He was granted a drilling permit in 1990. Consolidated Oil discovered oil in shallow waters off the coast of Southwestern Ondo State in 1991, making it the first indigenous oil business to do so commercially.

In addition, he received a conditional GSM license in 1999, which was later canceled. Regardless, when the government held another auction in 2003, he received a second one. He founded a telecommunications company called Globacom right afterwards, and the company soon grew, challenging telecom powerhouse and major rival MTN Group in the communication industry.

Globacom began operations in the Benin Republic in 2008 and has since expanded to Ghana and Côte d’Ivoire, with more licenses being sought in other West African countries.

Mike Adenuga’s efforts were recognized in August 2007 when he was named African Entrepreneur of the Year at the inaugural African Telecoms Awards (ATA).

In May 2015, he made a spectacular acquisition proposal for Comium Côte d’Ivoire, an Ivorian mobile telecom operator, for US$600 million.

Family

Mike Adenuga has seven children with two marriages, Adefolake Emilia Adenuga and Titi Joyce Adenuga (5 girls and two boys). Between the two of them is his first wife.

Michael Babajide Adenuga, Eniola Adenuga, and Paddy Adenuga are his sons, while Abimbola Adenuga, Adetutu Oyindamola Emilia, and Bella Disu are his daughters.

Net Worth

Mike Adenuga’s net worth is estimated to be $6.8 billion by Forbes. He is currently Africa’s third wealthiest man, thanks to his oil firms, business interests, and telecom company Globacom.

He also has shares in Equitorial Trust Bank and Conoil, an oil exploration company (formerly Consolidated Oil Company).

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