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5 interesting facts about Nigeria’s second richest man as he marks 71 years

Mike Adenuga is a billionaire philanthropist, businessman, and entrepreneur from Nigeria. He founded Globacom, a Nigerian telecommunications business, and serves as its chairman. Adenuga is also active in some other businesses, such as banking, real estate, and oil and gas exploration through Conoil Producing. He is among the wealthiest people in Africa, and his contributions to business and society have earned him recognition on a global scale.

• Business Insider Africa presents 7 interesting facts about Nigeria’s second richest man as he marks 70 years.
• At the start of the year, surpassed Abdulsamad Rabiu to become Nigeria’s second-richest man.
• Today marks Mike Adenuga’s 71st birthday.

In 2024, Mike Adenuga surpassed Abdulsamad Rabiu to become Nigeria’s second-richest man, a position which he has held to date. Despite his position, this is one Nigerian billionaire who has remained under the radar for over 7 decades.

Adenuga leads a relatively private life that is devoid of controversies He avoids being linked to politics with some noting that he prefers to spend most of his time with family.

As today marks his 71st birthday, here are some interesting facts about this very low-profile billionaire.

Relatively humble beginnings

Mike Adenuga’s journey to the top was not particularly a bed of roses. His mother, Omoba Juliana Oyindamola Adenuga, was a businesswoman and his father, Oloye Michael Agbolade Adenuga Sr., was a school teacher. Mike Adenuga himself worked as a taxi driver before pivoting to business.

World-class education

Despite working as a taxi driver to pay for his tuition, Mike Adenuga attended and graduated from the American universities; Northwestern Oklahoma State University and Pace University, New York, with degrees in Business Administration. He also worked as a security guard and worked in a sawmill during this period.

From selling lace to striking oil

Sticking to the theme of humble beginnings, before this billionaire owned a telecommunications and oil company amongst other notable and lucrative ventures, he sold lace and soft drinks, which earned him his first million, Shortly after he received a drilling license and in 1991, his Consolidated Oil business discovered oil in the shallow seas of Southwestern Ondo State, becoming the first indigenous oil business to do so in commercial quantities.

One of the most prominent nicknames Mike Adenuga is referred to as is the bull. Associates of his fondly refer to the man as the bull not just because he was born under the Taurus zodiac sign, which is represented as a bull, but because he is said to have the relentless characteristics of this animal.

Honours across the globe

He holds many honors across the globe including Grand Commander of the Order of the Niger, Companion of the Star of Ghana, and in 2018, he was decorated with the insignia of a Commander of the Legion of Honour by President Emmanuel Macron of France.

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As the nation stands still tomorrow for the 71st birthday of the billionaire businessman and Chairman of Globacom, Chief Mike Adenuga Jr.,   Festus Akanbi  pays tribute to a man whose exploits in business and philanthropy have continued to make him a household name in Nigeria and beyond  

In what has become an annual ritual of sorts, the Nigerian media industry will tomorrow, Monday, April 29, celebrate the 71st birthday of an illustrious son of Nigeria, the renowned Nigerian telecoms and oil tycoon, Chief Michael Adeniyi Ishola Adenuga.

It is easy to understand why family, well-wishers, and government jostle to celebrate this uncommon businessman every year. 

First, Chief Mike Adenuga, a titan among men, is a shining example of Nigerian brilliance, with his accomplishments radiating a dazzling glow over the globe. 

Second, with unyielding dedication and unrivalled vision, he has created a glorious course through the annals of business, altering the landscape of telecommunications and oil exploration with his indomitable spirit. 

Through his boundless ingenuity and relentless pursuit of greatness, he has amassed unfathomable wealth and bestowed upon his beloved Nigeria a mantle of pride and distinction. 

As the embodiment of entrepreneurial brilliance, Chief Adenuga has demonstrated that the Nigerian spirit knows no bounds, inspiring generations to reach for the stars and toil toward a future of limitless possibility. Even his competitors, in their privacy, agree that Chief Mike Adenuga is a towering testament to the enduring power of Nigerian resilience and ambition.

And in what looks like a good birthday gift, Adenuga, the chairman of Globacom and Conoil, in January this year made a comeback as Nigeria’s second-richest man with a $7.4 billion net worth valuation, pushing Abdul Samad Rabiu to third position. 

This surge in wealth can be attributed to a reassessment by Forbes of the valuation of his mobile phone network, Globacom, which he founded and currently stands as the third-largest telecoms service provider in Nigeria. 

Apart from Globacom, Nigeria’s second largest national telecoms operator, Adenuga also runs Conoil Producing, the first Nigerian company to strike oil in commercial quantities in the early 1990s. Today it is Nigeria’s largest oil exploration company.

 Uncommon Philanthropy

Despite facing numerous challenges like every other business promoter in Nigeria, Adenuga remains committed to philanthropy, consistently contributing to society through generous donations. An exemplary illustration of his charitable endeavours is the annual commitment of the Mike Adenuga Foundation, which allocates nearly $20.5 million in scholarships and aid to support students. 

Each year, the foundation extends its support by awarding scholarships to female students pursuing undergraduate, master’s, and Ph.D. studies in various locations, including Africa, the USA, the UK, Canada, Australia, China, Japan, Indonesia, and India. 

In 2011, demonstrating his commitment to societal well-being, the Nigerian tycoon donated N500 million to aid flood victims in Bayelsa State, Nigeria.  

Furthermore, in response to the global COVID-19 pandemic, Adenuga released N1.5 billion to fight the virus.

Mike Adenuga’s generosity flows like a mighty river, nourishing the parched landscapes of need with the abundance of his benevolence. 

With a heart as vast as the African savannah, he blesses the less fortunate, igniting hope in the darkest corners of despair. His philanthropic endeavours, like majestic oases in a desert of hardship, quench the thirst of countless souls, offering solace and succour to those in their hour of greatest need.

Through his uncommon acts of kindness, he not only alleviates suffering but also kindles the flames of inspiration, encouraging others to follow in his noble footsteps and spread the light of compassion throughout the world. In a universe often marred by indifference, Mike Adenuga shines as a radiant constellation of altruism, a guiding light beckoning humanity toward a brighter, more compassionate future.

Those close to him confirmed that no amount of money is too much for Adenuga to spend on his family and friends and in all these, the business mogul does not expect anything in return. 

All year round he splashes generous gifts on extended family, friends, associates, staff, and the less privileged. He has a long list of beneficiaries he touches with life-transforming gifts. He is detailed and exquisitely tasteful, not only in the quality of gifts but also in the manner the gifts are presented.

Employer of Labour

Adenuga, is contributing significantly to alleviating unemployment in Nigeria through his diverse business ventures. As the founder and chairman of Globacom, Adenuga has created numerous job opportunities across the country.

Additionally, his investment in oil exploration and production through Conoil has further bolstered employment in the energy sector. 

Moreover, Adenuga’s philanthropic efforts, including scholarships and empowerment programs, aim to equip Nigerian youth with the skills and resources needed to enter the workforce, thereby addressing the root causes of unemployment in the nation. Through his multifaceted approach, Mike Adenuga is playing a crucial role in fostering economic growth and stability while tackling unemployment in Nigeria.

As Metaphor of Nigeria’s Aspiration

Perhaps, it was the recent FX crisis that further entrenched the name of Adenuga into the consciousness of Nigerians. He became the metaphor for the domestication of spending as unsolicited campaigns emerged on the need to patronise Adenuga’s Globacom as a means of reducing pressures on the nation’s forex reserves.

There is no doubt that Adenuga stands as a towering metaphor for Nigeria’s fervent aspiration to retain its precious foreign exchange within the confines of its borders. Like a vigilant guardian of the nation’s economic sovereignty, he orchestrates a symphony of investment and innovation, channeling the wealth of the nation back into its bosom with unwavering resolve.

 Through his ingenious ventures and strategic foresight, he harnesses the latent potential of Nigeria’s resources, transforming them into beacons of prosperity that radiate across the land. In his tireless efforts to cultivate indigenous industries and champion homegrown talent, he embodies the spirit of economic self-reliance, casting off the shackles of dependency and forging a path toward sustainable growth and development. With each triumph, he beckons Nigeria closer to the summit of economic independence, a shining example of what can be achieved when the nation dares to dream and invest in its future.

One quality that sets Adenuga apart from the crowd is his foresight and bullish nature. When he set out to lay a submarine cable from Bude in the United Kingdom to Nigeria, many wondered why he chose to embark upon such a humongous and money-guzzling venture alone. The practice across the world was for a consortium of companies to come together and execute such projects.

However, Adenuga, like the bull he is, charged on, and in 2010, the cable anchored at Lekki in Lagos.  The fallout of that daring move is the affordable and reliable internet services that Nigerians have today. Financial institutions, ISPs, manufacturers, educational institutions, commerce, and other verticals today rely on Glo 1 bandwidth for their internet needs.

 But one recent development that underscored Adenuga’s foresight was the internet outage that hit Nigeria and some other African countries last month. Major undersea cables close to Abidjan, Côte d’Ivoire, were damaged, and this caused internet outages in West and South African nations. The West Africa Cable System (WACS), the Africa Coast to Europe (ACE), MainOne, and SAT3 were the undersea cables impacted. 

 The country experienced widespread internet disruptions with banks and telecommunications organisations that depend on the impacted cables for internet services heavily affected.  But Adenuga’s Glo 1 was untouched by the damage and was still running as usual. Glo 1-powered financial institutions, internet service providers, and data consumers all carried on with business as usual. Industry observers were of the view that Glo 1 International Submarine Cable’s resilient construction and durability were the reasons the damage did not compromise the cable.

Educational Background

 Born on April 29, 1953, to Oloye Michael Adenuga Sr and Chief (Mrs) Juliana Oyindamola Adenuga, the Yeyeoba of Ijebuland, Otun Gbadebo of Ikija and Iyalaje of Ijebu-Igbo, Mike Adenuga Jnr was not a silver spoon kid but his parents were comfortable.

His father was a schoolteacher while his mother was a businesswoman of royal Ijebu descent.

Adenuga received his secondary school education at Ibadan Grammar School, Ibadan, Oyo State, and Comprehensive High School, Aiyetoro, Ogun State for his Higher School Certificate (HSC). He worked as a taxi driver to help fund his university education.

He graduated from Northwestern Oklahoma State University and Pace University, New York, with degrees in Business Administration.

He has always been an enterprising man all his life. Adenuga made his first million in 1979, at age 26, selling lace and distributing soft drinks. In 1990, he received a drilling licence, and in 1991, his Consolidated Oil struck oil in the shallow waters of Southwestern Ondo State, making him the first indigenous oil company to do so in commercial quantity. 

He was issued a conditional GSM license in 1999. After revoking it, he received a second one when the government held another auction in 2003. 

Adenuga, also the Otunba Apesin of the Ijebu clan, was named African Entrepreneur of The Year at the first African Telecoms Awards (ATA) in August 2007. 

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

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

In 2018, President Emmanuel Macron of France decorated him with the insignia of a Commander of the Legion of Honour. 

Adenuga was cited as one of the Top 100 most influential Africans by the New African magazine in 2019.

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The Mike Adenuga Story, from petty trade to Conoil and Glo

From a humble start, Mike Adenuga has become one of Nigeria’s most successful entrepreneurs whose impact is being felt across the continent.

The axiom goes that “life begins at 40”, but for Mike Adenuga, the CEO of Globacom, who became a millionaire at the young age of 26, life began in his 20s. Today, he is one of Africa’s richest and holds business interests across several sectors of the economy and in various countries on the continent.

Early life Michael Adeniyi Agbolade Ishola Adenuga was born on the 29th of April, 1953 to the family of Oloye Michael Agbolade Adenuga Snr. and Omoba Juliana Oyindamola Adenuga. He schooled at Ibadan Grammar School and obtained his Higher School Certificate from the Comprehensive High School Aiyetoro, before travelling out for his higher education.

He got his first degree in Business Administration from North Western Oklahoma State University and his MBA from Pace University, New York.

Notwithstanding, Adenuga fondly attributes his business sense to his mother, who was also a businesswoman. Even as a student, the young Adenuga did not have things easy, and even had to hustle as a taxi driver in New York to pay for his university tuition. He also sold drinks and lace materials at one time, doing whatever business he could to raise money.

Fate smiled on him, and thanks to his numerous hustles, he made his first million in 1979 at the age of 26, and has not stopped since then. He went on to start and invest in several businesses over the years, growing his wealth to become one of the richest men in Africa.

Conoil Adenuga saw the potentials of the booming oil industry in Nigeria and started applying for a license in the late ’80s.

However, he did not get one until a new policy was made by Professor Jubril Aminu, the Oil Minister during General Ibrahim Babangida’s regime, allowing individuals to venture into oil exploitation and exploration. He obtained the drilling license in 1990 and started exploration with his new company, Consolidated Oil, in Ondo state.

Globacom By the end of the 90s, as the nation returned to the democratic dispensation, Adenuga saw another potential in the telecommunication industry and acquired a conditional GSM license from the Federal Government in 1999.

After it was revoked, he obtained a second one in 2004, when the government held another auction. He used this license to found Globacom in Nigeria, which has now grown into other African countries like Benin republic, Ghana, and Côte d’Ivoire, with millions of subscribers.

The telecom company is considered a major competitor to the giant MTN group, and is still prospecting licenses in other West African countries. In May 2015, Mike Adenuga made a takeover bid and acquired the Ivorian mobile telecoms operator “Comium” in Cote d’Ivoire for $600m.

Debts and scandals In 2006, the Economic and Financial Crimes Commission raided the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil, and invited Mike Adenuga for questioning about a case of money laundering. Subsequently, he was implicated and detained for money laundering.

He later left the country and went to live in London for a while until late President Umaru Musa Yar’Adua’s regime granted him a pardon, making it possible for him to return home to Nigeria.

In June 2016, it came to the limelight that Mike Adenuga was being pursued for a combined debt of over $140.5 million by two foreign and one local company. It was reported in the news that his company Conoil had failed to pay debts owed to multiple creditors including the French oil giant, Total.

Another company owned by Adenuga, Bellbop, had an interim injunction placed on it by the High Court in Lagos, after it also failed to pay the $9.4 million owed to the US oil and gas firm, Baker Hughes. It was reported that some of the creditors had been hit so hard by the huge debts, that they had to shut down some of their operations.

A local oil servicing company, Depthwize, for instance, had been forced to lay off workers and shut down services on two of Conoil’s rigs, saying the debt of $40 million had incapacitated the company to the point that it could no longer afford the day to day running cost of working on the rigs.

Coming a short while after the business mogul increased his net worth by almost $5 billion, the scandal of course attracted a lot of criticisms.

Recognitions Mike Adenuga carries out his philanthropic activities through the Mike Adenuga Foundation, helping people in Nigeria and other African countries.

He has received several recognitions including the African Entrepreneur of The Year at ATA in August 2007, Grand Commander Of The Order of Niger (GCON) in 2012, Companion of the Star of Ghana (CSG) in 2018, and was listed among the 100 distinguished and Eminent Nigerians Centenary Awards in 2018, amongst others.

In 2018, he was decorated with the insignia of a Commander of the Legion of Honor by President Emmanuel Macron of France. He also holds a Yoruba Chieftaincy as the Otunba Apesin of the Ijebu clan. He owns stakes in different companies in Nigeria including Stanbic IBTC Bank and Sterling Bank.

According to Forbes recent rating, Mike Adenuga is currently worth $ 6.2billion.

Matthias Sunday

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HEAVEN ON EARTH : Mike Adenuga’s Magnificent Residence on Banana Island By Keem Abdul 

Being stupendously wealthy – not just ‘rich’ or ‘comfortable’ – gives one an entree into a world inhabited by only a select few who seem to breathe a rarefied air different from their fellow mortals – the proverbial 1% of the human race – whose business interests (as demonstrated by their investment portfolios), their lifestyle choices and even their leisure-time pursuits are the stuff of which dreams, and the fervent aspirations of the less-endowed, are made. 

This 1% (who, according to a recent Forbes, estimate, control over 45% of global personal or household income) are people who have moved well beyond the state of merely having a lot of possessions that enable them to lead a comfortable life (a happy state, no doubt) to that glorious realm of having SUSTAINABLE and LASTING wealth. They have moved from the (admittedly enviable) position of having a significant income (though in some cases without much in the way of accumulated assets) to the Magic Circle of having a significant net worth and a number of passive income sources, whose extent has the potential to span generations. A famous American comedian once made the distinction between being wealthy, being rich/comfortable and being poor by saying that you’re wealthy if your name is on the building, rich if your name is on the office door … and poor if your name is  on your shirt. 

If the rich are rich alike, to quote the famous saying by Englishman William McPherson, then the truly loaded are kindred spirits. How so? Their astronomically elevated financial advantages can be seen in the similarities they share, which only they can afford, and by which they recognize one another – namely, the luxury items they purchase; the pleasures and entertainment they consume; the games they play; the places they go to for business or for pleasure (and the mode of transportation that gets them there), the company they keep (usually the equally wealthy or even wealthier) and, most significantly, their residences and the part of town those residences are located in, among other indices. 

By every possible estimation, Dr. Mike Adenuga, GCON, Chairman of Globacom Nigeria Limited, and Chairman of Conoil Producing Limited, belongs squarely to the global 1%. His name is, literally, on the proverbial ‘buildings ‘ that make up his amazing world – his businesses, his lifestyle and leisure totems, and his living spaces. Reputed in some influential quarters to be the second richest man in Nigeria (after the Chairman of Dangote Group, Alhaji Aliko Dangote), and one of the 400 richest individuals in the world, Forbes Magazine estimates his net worth as somewhere in the region of $6.2b. 

Beyond these mind-boggling but perhaps abstract figures, and beyond the impact his businesses have had on the economy of Nigeria and the West African subregion, it is perhaps in his living spaces that the scale of Adenuga’s vast wealth can be truly appreciated by the average  observer.

And talking about his living space, while it is true that he owns a number of residences around the country and beyond her shores, it is his majestic sprawl on the upscale Banana Island axis of Lagos that can rightly be called the jewel in the crown of his real estate possessions. This breathtaking masterpiece of an estate, and it’s location, epitomise the very essence ofmaterial abundance and class. 

An artificial island off the foreshore of Ikoyi in Lagos State, Banana Island derives its name from its curvature and shape, which resemble the fruit. A meticulously planned development, it comprises residential, commercial and recreational buildings and facilities. With its scenic views and tastefully designed estates which boast some of the most cutting-edge architectural innovations anywhere in the world, as well as first-rate amenities, Banana Island is, quite simply, the pinnacle of wealth on public display. An enchanting paradise of stunning natural scenery, the estate exudes a sense of serene tranquility and an environment which provides its residents with an unrivaled lifestyle of sophisticated refinement and elegance. 

For the wealthy who make up its population, Banana Island is not just a place of refuge, rest and relaxation, it is a status symbol, a cachet that puts a certain stamp on one’s level of material success.

Clearly, the Adenuga Residence is more than just a living space for the telecoms mogul and his family. It is a kingdom. Covering a whopping three hectares of land, Adenuga’s piece of paradise is said have cost the sum of $22m (N8bn) to build – making it, arguably, the most expensive private residence in Nigeria. Its construction was reportedly overseen by two of the best construction companies in the world – namely, the pair of Julius Berger and Cappa & D’Alberto.  The place is, simply put, is a theatre for the enjoyment of sheer luxury which has drawn comparisons with the likes of Michael Jackson’s Neverland estate in California, USA, the sumptuous palaces of Versailles in France, and the magnificence of Shangri-la in Singapore. 

Its elaborate complex of duplexes house not just the tycoon and his family, but also a host of other relatives. The purpose of the complex is not just residential, as official meetings and formal events also take place here. 

The centrepiece of this plush estate is a gargantuan round building constructed with glass and concrete, which is the private residence of Dr. Adenuga himself. A paragon of architectural design and aesthetic virtuosity, the residence (which also serves as the billionaire’s personal office) is a two-storey structure with white painted walls and brown windows and doors.  A sight to behold whether by day or by night, the building is covered from top to bottom with golden glass reflects, which can be seen and admired well beyond the walls surrounding the estate.  

The sheer number of conveniences that abound in the Adenuga estate make it something of a self-sufficient community. The enclave houses a church, a mosque, a luxurious indoor swimming pool, a 200-seating capacity conference hall, a lofty car park (that contain Adenuga’s fleet of plush cars), a private berth harbouring his boats and yacht, and a heliport for his two private jets. It is indeed a billionaire’s nest. 

A heavily-guarded fortress, the entire estate is under 24-hour security surveillance from two watchtowers. 

The magnificence of the Adenuga estate – and its location among other exquisite properties in the pricey ambience of Banana Island – is a fitting tribute to a man who has come to symbolise the dynamism, innovativeness and boldness of Nigerian entrepreneurship. It is just reward for a business mind which has brought the benefits of his business acumen to millions of his countrymen and women, who now enjoy seamless access to first-rate, world-class telecommunications and its associated services. 

Michael Adeniyi Agbolade Ishola Adenuga, who turned 70 years in April 2023, has always had a dominant and active entrepreneurial instinct in him from his younger days. Born into a Yoruba family in Ibadan (in what is now Oyo State) Adenuga had his early education at institutions such as the Ibadan Grammar School  and the Aiyetoro Comprehensive High School.  He later obtained a degree in Business Administration from North Western Oklahoma State University in the United States of America, to which he added an MBA in Business Administration from Pace University, New York, also in the USA. 

Adenuga’s work life is a demonstration of the fact that life, for the most part and for most people, is no crystal staircase. Beyond the glittering image presented today by a man who has amnassed a staggering fortune in telecommunications and oil production, lies the less-well-known picture of a struggling taxi driver plying the streets of New York, who ploughed his earnings into his university tuition. He is said to have made his first million at the age of 26 through the sales and distribution of soft drinks and lace material. His journey into the oil and gas sector of the economy began in 1990 with the granting of a drilling license by the regime of Gen. Ibrahim Babangida, shortly after which he set up the oil exploration outfit which is known today as Conoil. Having become a major player in that sector, he next turned his attention to the burgeoning telecommunications sector, acquiring his GSM license in Nigeria from the federal government in 1999. Over the years, his telecoms company, Globacom has grown to be one of the three  largest mobile phone network operators in Nigeria, boasting well over 60 million subscribers, not just in Nigeria, but also in other West African countries, such as Ghana and Cote ‘d’ Ivoire. A proactive and bold investor, Dr. Adenuga also has substantial stakes in many multinational companies, spanning a variety of sectors. 

A hard worker and boss who demands of himself the high standards of performance he demands from those who work for and with him, Adenuga is said to spend almost all hours of his day at his personal office – working flat out from morning until as late as 1.00am. His social life, to the extent that he has one, is a closely-guarded secret. 

As active as he has been in the building of wealth and the accumulation of tangible and intangible economic assets, Dr. Adenuga has been equally active (and one might say, adept) in the act and art of giving it away. Over the years he has, both in his personal capacity and through the instrumentality of the Mike Adenuga Foundation, Globacom, Conoil and other avenues, supported individuals, groups and causes ranging from education, healthcare, business empowerment, sports, entertainment and culture, etc. 

As we say in Nigeria, givers never lack. On that score, Dr. Adenuga is a prime candidate for an even more exponential increase in his fortunes with the passage of time. In the words of a wise soul: ‘Not he who has much is rich, but he who GIVES  much. We are rich only through what we give, and poor only through what we refuse to give. Wealth belongs to the person who enjoys it (and shares his enjoyment with others), and not to the one who just keeps it.’ Adenuga has not only mastered the art of enjoying his vast fortune and all the good things it can buy – such as his Eldorado on Banana Island and its cornucopia of amenities – but he has also opened the portal (and given tacit permission) to others to enjoy it as well. 

But in an unequal society such as Nigeria, wealth on the scale of Adenuga’s has the ability to elicit a mixture of reactions; not just aspiration among the less-endowed (as I  mentioned in the opening paragraph of this article), but also envy and even a less-corrossive fatalism that masks itself in spiritual and cosmic terms. Confronted with viral online videos of the Banana Island property, for example, a commenter on social media page of  Bashorun Dele Momodu retorted, “ My mansion is Heaven, it is far better, made of gold and tarred with diamonds. Una no go use pressure oppress me.” 

That may well be the case, as the wonders of Heaven far transcend any earthly thought or imagination. But what if Heaven, and our ability to ultimately enjoy its indescribable wonders, depend on our ability (and more importantly, our willingness) to make our material world a better place for those who dwell in it – including ourselves and our loved ones? To light up our little corner on this planet? 

Far from seeking to ‘ oppress’ the have-nots in society, perhaps the best lessons to draw from the world of luxury and opulence that the Adenugas (as well as others who inhabit the Banana Islands of this world) live in, is to understand the world as a place of limitless possibilities and opportunities for self-improvement and advancement, a world which is available to all who possess the passion, boldness and diligence to take advantage of these opportunities and try to see them through in spite of the challenges that life will inevitably through at them. 

Perhaps the best to appreciate the wonders of Adenuga’s heaven-on-earth is to say to oneself, “ If a struggling former taxi driver and a one-time trader in commodities like soft-drinks and lace material can rise to such heights, I CAN, TOO.”  

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Mike Adenuga: The journey from petty trade to Conoil and Glo

The axiom goes that “life begins at 40”, but for Mike Adenuga, the CEO of Globacom, who became a millionaire at the young age of 26, life began in his 20s. Today, he is one of Africa’s richest and holds business interests across several sectors of the economy and in various countries on the continent.

Michael Adeniyi Agbolade Ishola Adenuga was born on the 29th of April, 1953 to the family of Oloye Michael Agbolade Adenuga Snr. and Omoba Juliana Oyindamola Adenuga.

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He schooled at Ibadan Grammar School and obtained his Higher School Certificate from the Comprehensive High School Aiyetoro, before travelling out for his higher education.

He got his first degree in Business Administration from North Western Oklahoma State University and his MBA from Pace University, New York.

Notwithstanding, Adenuga fondly attributes his business sense to his mother, who was also a businesswoman. Even as a student, the young Adenuga did not have things easy, and even had to hustle as a taxi driver in New York to pay for his university tuition. He also sold drinks and lace materials at one time, doing whatever business he could to raise money.

Fate smiled on him, and thanks to his numerous hustles, he made his first million in 1979 at the age of 26, and has not stopped since then. He went on to start and invest in several businesses over the years, growing his wealth to become one of the richest men in Africa.

Adenuga saw the potentials of the booming oil industry in Nigeria and started applying for a license in the late ’80s.

However, he did not get one until a new policy was made by Professor Jubril Aminu, the Oil Minister during General Ibrahim Babangida’s regime, allowing individuals to venture into oil exploitation and exploration.

He obtained the drilling license in 1990 and started exploration with his new company, Consolidated Oil, in Ondo state.

By the end of the 90s, as the nation returned to the democratic dispensation, Adenuga saw another potential in the telecommunication industry and acquired a conditional GSM license from the Federal Government in 1999.

After it was revoked, he obtained a second one in 2004, when the government held another auction. He used this license to found Globacom in Nigeria, which has now grown into other African countries like Benin republic, Ghana, and Côte d’Ivoire, with millions of subscribers.

The telecom company is considered a major competitor to the giant MTN group, and is still prospecting licenses in other West African countries.

In May 2015, Mike Adenuga made a takeover bid and acquired the Ivorian mobile telecoms operator “Comium” in Cote d’Ivoire for $600m.

Debts and scandals

In 2006, the Economic and Financial Crimes Commission raided the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil, and invited Mike Adenuga for questioning about a case of money laundering. Subsequently, he was implicated and detained for money laundering.

He later left the country and went to live in London for a while until late President Umaru Musa Yar’Adua’s regime granted him a pardon, making it possible for him to return home to Nigeria.

In June 2016, it came to the limelight that Mike Adenuga was being pursued for a combined debt of over $140.5 million by two foreign and one local company. It was reported in the news that his company Conoil had failed to pay debts owed to multiple creditors including the French oil giant, Total.

Another company owned by Adenuga, Bellbop, had an interim injunction placed on it by the High Court in Lagos, after it also failed to pay the $9.4 million owed to the US oil and gas firm, Baker Hughes. It was reported that some of the creditors had been hit so hard by the huge debts, that they had to shut down some of their operations.

A local oil servicing company, Depthwize, for instance, had been forced to lay off workers and shut down services on two of Conoil’s rigs, saying the debt of $40 million had incapacitated the company to the point that it could no longer afford the day to day running cost of working on the rigs.

Coming a short while after the business mogul increased his net worth by almost $5 billion, the scandal of course attracted a lot of criticisms.

Recognitions

Mike Adenuga carries out his philanthropic activities through the Mike Adenuga Foundation, helping people in Nigeria and other African countries.

He has received several recognitions including the African Entrepreneur of The Year at ATA in August 2007, Grand Commander Of The Order of Niger (GCON) in 2012, Companion of the Star of Ghana (CSG) in 2018, and was listed among the 100 distinguished and Eminent Nigerians Centenary Awards in 2018, amongst others.

In 2018, he was decorated with the insignia of a Commander of the Legion of Honor by President Emmanuel Macron of France.

He also holds a Yoruba Chieftaincy as the Otunba Apesin of the Ijebu clan. He owns stakes in different companies in Nigeria including Stanbic IBTC Bank and Sterling Bank.

According to Forbes recent rating, Mike Adenuga is currently worth $ 6.2billion.

Ruth Okwumbu-Imafidon

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Good report of Mike Adenuga.Keep it up.

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Mike Adenuga becomes Nigeria’s second-richest man as Forbes revalues Globacom

His net worth now stands at $7.4 billion — solidifying his position as a top figure in Africa’s business landscape.

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Nigerian telecom and oil magnate Mike Adenuga has regained the title of Nigeria’s second-richest man, surging past Abdul Samad Rabiu after Forbes reassessed the value of his mobile phone network, Globacom .

Adenuga, the founder of the third-largest telecom service provider in Nigeria, Globacom, lost the second-richest position to Rabiu a year and a half ago . However, with Forbes’ recent reassessment, he is now Nigeria’s second-richest individual, trailing only behind Aliko Dangote.

Wealth and influence: The multibillion-dollar ventures of Mike Adenuga, Africa’s fifth richest

With his net worth pegged at $7.4 billion , Adenuga also holds the fifth position among Africa’s richest individuals. Apart from his telecom venture, Adenuga’s vast business portfolio includes significant stakes investments in the oil industry through Conoil Producing and Conpetro.

Adenuga also holds stakes in construction giant Julius Berger, valued at more than $20 million, and has a 0.86-percent stake in Transcorp. His presence in Sterling Financial Holding, where he holds a 30.63-percent stake, further cements his status among Nigeria’s financial elite.

Under Adenuga’s leadership, Globacom has pursued the goal of creating Africa’s most extensive telecommunications network, amassing millions of subscribers in Nigeria and Ghana and holding approximately 28 percent of the market share in Nigeria.

NCC issues warning: Adenuga’s Globacom on brink of service disruption

After impressive success in recent years, Adenuga who made his first million at age 26 selling lace and distributing soft drinks faces a new challenge as Globacom, with 55 million subscribers, is on the verge of a service disruption that could affect its users’ ability to call MTN lines .

The Nigerian Communications Commission (NCC) issued a public notice this week, warning of a possible disconnection between Globacom and MTN due to unsettled interconnect charges. The NCC indicated that opportunities were given to Globacom to address the situation before the approval of partial disconnection.

This development comes just three months after Globacom, under Adenuga’s leadership, remitted N154 billion ($200 million) to the Nigerian government for spectrum license renewal fees. Speculations and reports suggest a contentious dispute between Adenuga and the Nigerian government, with Forbes estimating Adenuga’s worth at $3.2 billion.

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Mike Adenuga’s House and Cars

Mike Adenuga, the second richest man in Nigeria, has a jaw-dropping net worth estimated at $6.1 billion. The Glo telecommunications network owner lives a lavish lifestyle that includes a good number of plush cars and lavish mansions scattered all over the country and beyond.

Mike Adenuga’s House in Banana Island

With a fortune calculated in excess of $6 billion, it goes without saying that Mike Adenuga lives high on the hog. The award-winning billionaire lives life to the fullest and this is evident in his kind of residential home. Mike Adenuga’s house is located on Banana Island in the city of Lagos, an area that has become home to most of the expensive residents in Nigeria. The abode is more than just a house but an estate.

Perhaps, the chairman of Conoil and owner of Globacom has other houses in the country but the one that takes the honor is his Banana Island estate. The palatial mansions seated on a massive 3 hectares of land are a collection of nine opulent duplexes; this makes it not just luxurious but also one of the biggest homes in terms of landmass. This house has been rightly mentioned as the most expensive private residence in Nigeria.

According to records, it costs Mike Adenuga a fortune of over N8 billion to erect the estate. He uses one as his personal residence including a home office, while the eight others accommodate his family and a large number of guests and visitors.

The multi-billion naira estate is reported to have been built by Julius Berger and Cappa & D’Alberto. Near the center of the house is a massive round building made with glass and concrete. The structure is largely covered with golden reflects and glasses that are clearly visible from the streets.

Within the domicile, you will find a mosque, church, meeting hall for 200 sitting capacity, helipad, indoor swimming pool, spacious car park, a private berth for his yachts and boats, and two watchtowers for security surveillance. What’s more, Mike Adenuga has made a bizarre acquisition by acquiring a Disney vault (burial tomb) located in Ikoyi, Lagos. The property is reportedly worth a whopping ₦200 million.

Mike Adenuga Towers

Mike Adenuga Towers is a magnificent building located on plot 1, Mike Adenuga Close, Off Adeola Odeku Street, Victoria Island, Lagos Nigeria. The tower which is the headquarters of the telecommunications giant, Globacom was completed and unveiled on the 30th of August 2004 and named after the founder of the company. The building is a center of attraction as it hastily catches the attention of everyone passing.

Described as the most magnificent building in Lagos, the tower is a 13-story tower that covers about 11,482 square meters of office space. It has a gold-plated bull sculpture in front, a unique gold-colored glass canopy coated with galvanized cast iron, and a helicopter landing pad. It is said that the tower took 13 solid years to be completed; from its dream to the date of commissioning. Mike Adenuga’s net worth running in trillions of naira gives him everything luxury.

Mike Adenuga Owns the Best of Cars

When it comes to cars, the second richest man in Nigeria has a very high taste for posh rides. He has four (4) known exotic cars in his collection. Although his garage is sure adorned with more than four rides, these are the most popular of them. Nevertheless, he keeps acquiring more to add to his collection that is already teaming with a good number.

Armored Bentley Mulsanne

Mike Adenuga purchased this ride at the price of ₦110.5 million. The car is a limited brand exclusively designed for celebrities, high-profile individuals, diplomats, and definitely people who love the lavish lifestyle. It comes with some notable features like;

• A sedan with 4 – 5 seats
• State-of-the-art cabin
• 2 trims available with 3 configurations
• Horsepower; 505, 6.8-liter V-8
• Airline-style reclining seat
• Top-notch infotainment system

Mercedes-Maybach S-Class

Worth over ₦72.1 million, Mike Adenuga’s Mercedes-Maybach S-Class represents truly what luxury feels like. It comes with a Burmester audio system with which you can listen to your favorite jam while relaxing on the comfortable rear seats with luxury massaging leather recliners. Some of its distinguishing features include;

• Four-door sedan
• S650 – 621-hp, 6.0-liter V-12
• S560 – 463-hp, 4.0-liter V-8
• Massaging front seats
• The cabin has a fragrance system
• 4-5 passengers accommodation space

Mercedes Benz AMG C63

The billionaire oil mogul acquired this baby at the price of ₦24.3 million. The car is a four-door compact grandeur ride that is available as a sedan, coupe, and convertible. The special features among others are;

• Horsepower: 469, 4.0-liter V-8
• 2 trim levels available with 6 configurations
• 4-5 passengers accomadation space
• Optional offer of AMG Performance seats that can be ventilated
• Features SiriusXM satellite radio with a six-month trial
• Also offers Bluetooth audio streaming, Android Auto, Apple CarPlay

Rolls-Royce Phantom

Another fantastic automobile the billionaire businessman owns is Rolls-Royce Phantom which is known to be the most expensive car in his garage. Purchasing this car at a stupendous ₦151.6 million simply will tell you that it is meant for only those with fat bank accounts. All you need to do is relax on its rear seat and enjoy the tranquility this high-end luxury sedan has to offer. Below are some of its outstanding features;

• Horsepower: 563, 6.8-liter V-12
• 1 trim level with 2 configurations
• 5 passengers accommodation space
• Power-adjustable massage seats
• The infotainment system comes with remote controls
• Standard features are Lane-departure warning and forward collision

Mike Adenuga Owns Two Private Jet

With the magnitude of his wealth, it is not surprising that Mike Adenuga owns a private jet. He reportedly has at least two private jets that ease his global jamboree. They include a ₦16.6 billion worth Bombardier Global 5000 and a Dassault Falcon 7x that is worth a whopping ₦19.6 billion.

All that said, it is evident that the Globacom owner enjoys the full luxury that comes with his wealth. From his lavish acquisitions, it is very clear and easy to tell that the multi-billionaire makes enough money from his business interest which majorly includes Globacom, Conoil, some stakes with Equitorial Trust Bank, now Sterling Bank, and other endeavors.

Worthy to note also is the fact that Mike Adenuga engages in a lot of philanthropic activities through the Mike Adenuga Foundation. Through the foundation, he largely reaches out to the less privileged not only in Nigeria but also in other parts of Africa.

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Luxury yachts and other myths: How Republican lawmakers echo Russian propaganda

Two senior Republican lawmakers, the chairs of the House Intelligence and Foreign Affairs committees, say their colleagues are echoing Russian state propaganda against Ukraine.

Researchers who study disinformation say Reps. Mike Turner, R-Ohio, and Michael McCaul, R-Texas, are merely acknowledging what has been clear for some time: Russian propaganda aimed at undermining U.S. and European support for Ukraine has steadily seeped into America’s political conversation over the past decade, taking on a life of its own.

McCaul, chair of the House Foreign Affairs Committee, told Puck News he thinks “Russian propaganda has made its way into the United States, unfortunately, and it’s infected a good chunk of my party’s base.”

Turner, chair of the House Permanent Select Committee on Intelligence, told CNN that anti-Ukraine messages from Russia are “being uttered on the House floor.”

For the past decade, since Russia’s first military incursion into Ukraine in 2014, Moscow has spread propaganda and disinformation in a bid to undercut U.S. and European military support for Ukraine, according to U.S. and Western officials.

Some of the arguments, distortions and falsehoods spread by Russia have taken root, mostly among right-wing pro-Trump outlets and Republican politicians, researchers say, including that Ukraine’s government is too corrupt to benefit from Western aid and that the Biden family has alleged corrupt ties to Ukraine.

Russia, in keeping with traditional propaganda techniques, seeks to make its case and tarnish Ukraine through a mixture of outright falsehoods, half-truths, inferences or simply amplifying and promoting arguments already being made by American or European commentators and politicians, researchers say.

The propaganda is sometimes spread covertly, through fake online accounts, or openly by Russian officials and state media. As a result, the origin of some allegations or criticisms is often opaque, especially when a certain accusation or perception has gained wide acceptance, leaving no clear fingerprints.

Early in the war, a false story boosted by Russian propaganda — that the U.S. had helped Ukraine build biological weapons labs — gained traction on right-wing social media and was touted by then-Fox News host Tucker Carlson.

Russia also is conducting a parallel propaganda campaign in Europe. Belgium’s prime minister said Thursday that his government is investigating alleged Russian bribes to members of the European Parliament as part of Moscow’s campaign to undermine support for Ukraine. Czech law enforcement officials last month alleged that a former pro-Russian member of Ukraine’s parliament, Viktor Medvedchuk, was behind a Prague-based Russian propaganda network designed to promote opposition to aiding Ukraine.

Here are some examples of Republican lawmakers using arguments often promoted by Russian propaganda:

Buying yachts

When Ukrainian President Volodymyr Zelenskyy met with members of Congress behind closed doors in December to appeal for more U.S. help for his country’s troops, some lawmakers raised questions about Ukraine allegedly buying yachts with American aid money.

Zelenskyy made clear that was not the case, according to Republican Sen. Thom Tillis of North Carolina, a strong supporter of arming Ukraine. “I think the notion of corruption came up because some have said we can’t do it, because people will buy yachts with the money,” Tillis told CNN. “[Zelenskyy] disabused people of those notions.”

Where did the yacht rumor come from?

Pro-Russian actors and websites promoted a narrative alleging Zelenskyy bought two superyachts with U.S. aid dollars. One Russia-based propaganda site, DC Weekly , published a story last November that included photos of two luxury yachts, called Lucky Me and My Legacy , which it alleged were bought for $75 million.

Rep. Marjorie Taylor Greene, R-Ga., a vocal opponent of military aid to Ukraine, in November retweeted a post about the alleged yacht purchase from the Strategic Culture Foundation, a Russian-based propaganda outlet directed by Russia’s intelligence services, according to the Treasury Department. The U.S. has imposed sanctions on the organization, accusing it of spreading disinformation and interfering in U.S. elections.

Another outspoken critic of aid to Ukraine, Republican Sen. J.D. Vance of Ohio, also made a similar claim.

In a December interview with former President Donald Trump’s White House adviser Steve Bannon, Vance claimed that members of Congress wanted to cut Social Security benefits to provide more aid to Ukraine, and that money would allegedly be used for Zelenskyy’s ministers to “buy a bigger yacht.”

“There are people who would cut Social Security, throw our grandparents into poverty. Why? So that one of Zelenskyy’s ministers can buy a bigger yacht?” Vance said. “Kiss my ass, Steve. It’s not happening.”

The tale of Zelenskyy’s luxury yacht, however, turned out to be totally false . The yachts cited in the DC Weekly article remain up for sale , the owners told The Associated Press.

Two academics at Clemson University, disinformation researchers Darren Linvill and Patrick Warren, found that DC Weekly ran numerous stories copied from other sites that were rewritten by artificial intelligence engines. The articles had bylines with fake names along with headshots copied from other online sites. DC Weekly appeared to be a Russian effort to launder false information through a seemingly legitimate news site as part of an attempt to undermine U.S. support for Ukraine, according to the researchers .

Asked by reporters about Vance’s comments, Tillis said: “I think it’s bullshit. ...If you’re talking about giving money to Ukrainian ministers — total and unmitigated bullshit.”

Greene’s office did not respond to a request for comment.

Vance’s spokesperson said the senator was making a rhetorical point about how he opposed sending U.S. assistance to what he sees as a corrupt country, but was not asserting the yacht stories online were accurate.

Vance’s office referred NBC News to an earlier response to the BBC on the same topic:

“For years, everyone in the West recognized that Ukraine was one of the most corrupt countries in the world. Somehow everyone forgot that just as we started sending them billions of dollars in foreign aid.”

Enabling ‘corruption’

Russian state media for years has painted Ukraine as deeply corrupt, and has argued that the U.S. and its allies are wasting money and military hardware by assisting such an allegedly corrupt government.

“This is absolutely a line that they have pushed, and then once it appears in the Western ecosystem, other [Russian] media picks it up and it gets recycled back,” said Bret Schafer, a senior fellow at the Alliance for Securing Democracy.

This line of argument has gained traction partly because Ukraine does face a genuine corruption problem.

Russia’s effort to focus attention on corruption in Ukraine reflects a long-established propaganda method of using facts or partial truths to anchor a broader assertion or accusation, sometimes making a leap in logic, Schafer and other researchers said. Russia’s message amounts to: Ukraine is corrupt, therefore U.S. and Western aid will be stolen and wasted.

Schafer said it was ironic for Russia, a country mired in corruption and kleptocracy, to be leveling accusations about corruption.

Republican Rep. Mary Miller has said she strongly opposes more assistance for Ukraine because it amounts to sending cash to “corrupt oligarchs.”

“With Zelensky coming to DC this week to ask for more money, I will continue to vote AGAINST sending your tax $$ to corrupt oligarchs in Ukraine for a proxy war that could have ended in ‘22,” Miller wrote in a post on X in December.

The Illinois lawmaker also echoed another assertion that often appears in Russian media, that the Biden administration allegedly undermined efforts by Russia to avoid war with Ukraine.

 “A peace deal was on the table that [Ukraine] and [Russia] were both ready to sign, but Biden said NO,” she wrote.

There was in fact no proposed peace agreement that Russia and Ukraine were prepared to sign before Russia launched its full-scale invasion of Ukraine in February 2022, according to U.S. and European officials. As Russian troops massed on the border of Ukraine, Western governments urged Russia not to invade and warned there would be economic and diplomatic consequences.

Reuters has reported that Russian President Vladimir Putin rejected a possible deal to avert a war that had been discussed with Kyiv by Russia’s envoy to Ukraine. The Kremlin said the report was inaccurate and has said Russia tried for years to arrive at an understanding with Ukraine.

As for corruption in Ukraine, Zelenskyy has vowed to tackle the problem, sacking senior officials in some recent cases. But some civil society groups have criticized his approach and Ukrainians say corruption is the country’s second-most serious problem, after the Russian invasion, according to a poll conducted last year.

In an annual survey, Transparency International said Ukraine made progress toward addressing the issue and now ranks 104th out of 180 countries on its Corruption Perceptions Index , climbing 12 places up from its previous ranking.

Ukraine is not alone among countries that receive U.S. and other foreign aid but struggle with corruption. Supporters of assisting Ukraine argue it would undermine America’s influence in the world and its humanitarian efforts if Washington withheld foreign aid from every country where there were reports of corruption.

Miller’s office did not respond to a request for comment.

The Biden family and Ukraine

Republicans have repeatedly alleged that President Joe Biden and his son Hunter have corrupt ties to Ukraine, and that they sought $5 million in bribes from the Ukrainian energy company Burisma to protect the firm from an investigation by Ukraine’s prosecutor general.

There is no credible evidence for the allegations. A key source for the accusations against the Bidens is a former FBI informant, Alexander Smirnov, who was arrested in February on federal charges of fabricating the bribery claims. Smirnov says he was fed information by Russian intelligence.

Republicans had heavily promoted Smirnov’s allegations against the Bidens, seeing them as crucial to a planned impeachment effort against the president that has since fizzled .

“In my estimation, that is probably the clearest example of Russian propaganda working its way into the American political system,” said Emerson Brooking, a resident senior fellow at the Digital Forensic Research Lab of the Atlantic Council.

GOP Rep. Paul Gosar of Arizona cited the false bribery allegations in expressing his opposition to providing assistance to Ukraine.

“In exchange for … bribe money from Ukraine, Joe Biden has dished out over $100 billion in taxpayer money to fund the war in Ukraine. I will not assist this corruption by sending more money to the authoritarian Ukrainian regime,” Gosar said in a statement in October.

Gosar’s office did not respond to a request for comment.

Dan De Luce is a reporter for the NBC News Investigative Unit. 

Syedah Asghar is a Capitol Hill researcher for NBC News and is based in Washington, D.C.