Mike Adenuga

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Mike Adenuga
BornMichael Adeniyi Agbolade Ishola Adenuga
(1953-04-29) 29 April 1953 (age 65)
Ibadan, Oyo, Nigeria
ResidenceBanana Island, Ikoyi, Lagos, Lagos State, Nigeria
NationalityNigerian
EducationIbadan Grammar School
Alma materNorthwestern Oklahoma State University
Pace University
OccupationFounder of Globacom, Chairman of Conoil
Net worth$5.8 billion (2017)[1]
Children7

Michael Adeniyi Agbolade Ishola Adenuga Jr, GCON (born 29 April 1953) is a Nigerian billionaire businessman, and the second-richest person in Nigeria. His company Globacom is Nigeria's second-largest telecom operator, and has a presence in Ghana and Benin. He owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company). Forbes has estimated his net worth at $5.8 billion as of 2017,[1] which makes him the second-wealthiest Nigerian behind Aliko Dangote, with a net worth of $14.1 billion.[2]

Early life and education[edit]

His father, the Oloye Michael Agbolade Adenuga Sr, was a school teacher while his mother, Omoba Juliana Oyindamola Adenuga (née Onashile, of Okesopin, Ijebu Igbo), was a businesswoman of royal Ijebu descent.

Adenuga received his secondary school education at Ibadan Grammar School, Ibadan, and Comprehensive High School, Aiyetoro, for his Higher School Certificate (HSC). He worked as a taxi driver to help fund his university education.[3] He graduated from Northwestern Oklahoma State University and Pace University, New York, with degrees in Business Administration.

Career[edit]

In 1990, he received a drilling license and in 1991, his Consolidated Oil struck oil in the shallow waters of Southwestern Ondo State, the first indigenous oil company to do so in commercial quantity.

He was issued a conditional GSM licence in 1999; after it was revoked he received a second one when the government held another auction in 2003.[4][5] His telecom company Globacom spread quickly and started challenging the giant MTN Group. It launched services in Benin in 2008, and has continued its spread across Ghana and Côte d'Ivoire, with more licences currently being prospected in other West African countries.

He was named African Entrepreneur of The Year at the first African Telecoms Awards (ATA) in August 2007.[6]

In 2009, Adenuga was detained for money laundering by the Economic and Financial Crimes Commission. He subsequently left the country and lived in London until the Umaru Musa Yar'Adua regime granted him a pardon.[7]

In May 2015, Adenuga made a takeover bid to purchase Ivorian mobile telecom's operator Comium Côte d'Ivoire for $600 million.[8]

In June 2016, it was revealed that Adenuga was being pursued for a combined debt of US$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, had an interim injunction placed on it by the High Court in Lagos, after it too failed to pay the $9.4 million owed to the US oil and gas firm Baker Hughes.[9]

Honours[edit]

In 2012, he was made Grand Commander of the Order of Niger by the government of Nigeria.[10]

He holds a Yoruba tribal chieftaincy as an Otunba of the Ijebu clan.[citation needed]

References[edit]

  1. ^ a b "Mike Adenuga". Forbes. Retrieved 19 June 2015.
  2. ^ "Aliko Dangote". Forbes. 15 September 2012. Retrieved 11 June 2017.
  3. ^ "Spotlight on Mike Adenuga: Why Is He Called "The Bull"?". Ventures Africa. 5 May 2012. Retrieved 21 June 2013.
  4. ^ Telecom licence
  5. ^ "Globacom @ 10: A Remarkable Story". This Day Live. Nigeria. 29 August 2013. Archived from the original on 1 September 2013.
  6. ^ Keluro, Caesar (8 November 2011). "Mike Adenuga, An entrepreneur with the nine lives". BusinessNews.
  7. ^ osaseye
  8. ^ Nsehe, Mfonobong (4 May 2015). "Nigerian Billionaire Mike Adenuga Offers $600 Million For Ivorian Mobile Phone Company: Report". Forbes. Retrieved 28 May 2015.
  9. ^ "SPECIAL REPORT: Adenuga's Mountain of Debt: Several firms, AMCON chase billionaire for unpaid bills - Premium Times Nigeria". 27 June 2016. Retrieved 27 June 2016.
  10. ^ Umoru, Henry (12 September 2012). "Adenuga's GCON well deserved – Presidency". Vanguard. Nigeria. Retrieved 26 July 2013.

External links[edit]