Mike Adenuga
Michael Adenuga Jr | |
|---|---|
| Born | April 29, 1953 Nigeria |
| Occupation(s) | Entrepreneur, Businessman |
| Known for | Founder of Globacom, major shareholder of Equitorial Trust Bank and Conoil |
Chief Michael Adeniyi Agbolade Ishola Adenuga Jr (born 29 April 1953) is a Nigerian billionaire entrepreneur and ranks as the fifth wealthiest individual in Africa, according to Forbes. His enterprise, Globacom, stands as Nigeria's second-largest telecommunications provider and extends its operations to Ghana and Benin. Adenuga also possesses major shares in Equitorial Trust Bank and the oil exploration company Conoil (previously known as Consolidated Oil Company).
As of May 2024, Forbes valued his fortune at approximately $6.7 billion.
Early life
His father, Oloye Michael Agbolade Adenuga Sr, worked as an educator, while his mother, Omoba Juliana Oyindamola Adenuga (née Onashile from Okesopin, Ijebu Igbo), was a businesswoman with royal lineage from the Ijebu community. He belongs to the Yoruba ethnic group.
Adenuga attended Ibadan Grammar School in Ibadan, Oyo State, Nigeria, and completed his Higher School Certificate (HSC) at Comprehensive High School, Aiyetoro. To finance his university studies, he took on work as a taxi driver. He earned degrees in Business Administration from both Northwestern Oklahoma State University and Pace University, New York.
Career
At the age of 26 in 1979, Adenuga accumulated his initial million through trading lace and distributing soft drinks. In 1990, he secured a drilling license, and by 1991, his company Consolidated Oil successfully discovered oil in Southwestern Ondo State, marking it as the first indigenous firm to achieve commercial oil production.
He was granted a provisional GSM license in 1999; after its cancellation, he won another license during the 2003 governmental auction. In August 2007, Adenuga was honored as African Entrepreneur of The Year at the first African Telecoms Awards (ATA).
In May 2015, he initiated a $600 million acquisition offer for Comium Côte d'Ivoire, a mobile network operator based in Ivory Coast.
Honours
The Nigerian government bestowed upon Adenuga the Grand Commander of the Order of the Niger in 2012. Additionally, he holds the Yoruba chieftaincy title "Otunba Apesin" within the Ijebu clan. In 2018, French President Emmanuel Macron awarded him the Commander of the Legion of Honour. Furthermore, in 2019, New African magazine included him among the Top 100 most influential Africans.