FULL NAME: Michael Adeniyi Agbolade Ishola Adenuga Jr
POPULARLY KNOWN AS : Mike Adenuga
NET WORTH : Net worth of $14.1 billion
DATE OF BIRTH: Born in 1953
OCCUPATION: Business tycoon [Owner of Globacom Nigeria]
MARITAL STATUS: Married
WIFE : iti Joyce Adenuga
CHILDREN : Ms. Adetutu Oyindamola Emilia, Eniola ‘EnnyBoy’, Folashade ‘ShadyGirl’, Adeniyi ‘NiyiBoy’, Prince Michael ‘Bobo ‘Babajide, Tunde ‘Paddy’Abolade, Abimbola Beenu, and Belinda ‘Bella’ Olubunmi Ajoke.
INVESTMENTS : His company Globacom is Nigeria’s second-largest telecom operator, and also has a presence in Ghana and Benin. He also owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company).
PARENTS : Oloye Michael Agbolade Adenuga Sr and Juliana Oyindamola Adenuga (née Onashile, of Okesopin, Ijebu Igbo)
Michael Adeniyi Agbolade Ishola Adenuga Jr better known as Mike Adenuga is a Nigerian business tycoon, second-richest person in Nigeria and third in Africa. Dr. Michael Adeniyi Ishola Adenuga Jr. (CON) was born in 1953, in the ancient city of Ibadan, into the family of Chief Mike Adenuga Snr on the 29 April 1953. He is the proud owner of Globacom Nigeria which is the second-largest telecom operator in Nigeria and also has a presence in Ghana and Benin.
Mike Adenuga is one of the most successful business men in Nigeria and the second richest man in the country for a very long time but not involved in politics which is one major reason he is highly respected and looked up to. He is only involved in lucrative businesses from the beginning of time, he also owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company). According to Forbs Magazine, Mike Adenuga has an estimated net worth of $5.8 billion as of 2017, which place him in the spot of the second-wealthiest Nigerian behind Aliko Dangote as well as the third-richest person in Africa with a net worth of $14.1 billion.
Early Life And Background Education
Dr. Michael Adeniyi Ishola Adenuga Jr. (CON) who is popularly known as Mike Adenuga was born in 1953, in Ibadan, into the family of Chief Mike Adenuga Snr. His father is a school teacher and his mother,Madam Oyindamola Adenuga (née Onashile, of Okesopin, Ijebu Igbo) is a successful trader of royal Ijebu descent. Adenuga is a native of Ijebu Igbo in Ogun State of Nigeria.
Mike Adenuga attended Ibadan Grammar School, in Oyo State, Nigeria, where he received his secondary school education and Comprehensive High School, Aiyetoro, for his Higher School Certificate (HSC). Thereafter, he attended Northwestern State University, Alva Oklahoma in the United States where he obtained a degree in Business Administration. After that, he also earned a Masters degree at Pace University, New York, majoring in Business Administration with emphasis on Marketing. According to him , he once worked as a taxi driver to help fund his university education but later stopped after rounding up his University education.
Michael Adeniyi Ishola Adenuga Jr (Mike Adenuga) is a man with humble beginning who was brought up in a very responsible background. The Oloye Adenuga’s father Michael Agbolade Adenuga Sr. was very busy with his teaching job and would come him after teaching his students to teach his own son, and his mother on the other hand was a very hardworking woman who doesn’t joke with her business. His mother Juliana Oyindamola Adenuga (née Onashile of Okesopin, Ijebu Igbo) was so dedicated to her business and she is royal Ijebu descent.
As a result of his business accomplishments and outstanding contributions to the growth of the country, he was awarded an honorary doctorate degree by the Ogun State University. And in 2012 he was made Grand Commander of the Order of Niger (Nigeria) . He is regarded as one of the few persons that has contributed greatly to the development of the country Nigeria and we are all grateful to him for that.
Career And Life
In 1990, Mike Adenuga 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. 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 maiden African Telecoms Awards (ATA) on 15 August 2007. In 2009, Adenuga was detained for money laundering by the Economic and Financial Crimes Commission. Adenuga left the country and lived in London until the Umaru Musa Yar’Adua regime granted him a pardon. In May 2015, Adenuga made a takeover bid to purchase Ivorian mobile telecom’s operator Comium Côte d’Ivoire for $600 million.
In June 2016 news broke that Mike Adenuga was in a debt of USD $140.5 million and was being pursued for this debt. He was being looked for after his company ConOil failed to pay the debts they own. Bellbop, another company owned by Adenuga, has an interim injunction placed on it by the High Court in Lagos, after failed to pay USD $9.4 million it owed to the US oil and gas firm Baker Hughes.
Mike Adenuga is undoubtedly now one of the most recognisable/respected names on the African continent not just Nigeria alone. He has been in the business for several years gathering enough experience that place him a higher ground amongst his competitors. He is comfortably sitting at the apex of what is generally considered as one of the continent’s largest business empires comprising oil and gas, telecommunication, aviation, banking and real estate.
In each of these sectors, Dr. Adenuga has moulded his companies into major, if not dominant, players. In the oil and gas sector, for instance, Conoil Plc is one of the largest and most profitable oil marketing companies in Nigeria. Conoil Producing, the downstream arm of the conglomerate, made history by becoming the first Nigerian company to strike oil and produce it in commercial quantity in 1991. In banking, Equitorial Trust Bank (ETB) was one of the few banks that effortlessly met the N25b capital requirement during the 2005 banking consolidation exercise without going to the stock market. It only merged with Devcom Bank which was also owned by Adenuga. Last year, ETB merged with Sterling Bank. In telecoms, Globacom is not only the most innovative network in Nigeria, it also, in its first year of operation, became the fastest growing in Africa and the Middle East, with operations in Nigeria, Ghana, Benin Republic, Senegal, Gambia and Cote d’Ivoire. Adenuga also has a multi-billion dollar investment in real estate. These companies provide direct employment to thousands of workers and millions of others indirectly.
An astute world-class business expert, with worldwide business interests, Dr. Adenuga is a highly respected entrepreneur and one of the biggest employers of labour in the country. In the last two decades, he has established a pedigree as a well focused and prudent manager of men and resources with the uncanny ability to successfully transform ideas and dormant businesses to highly viable enterprises.
Dr. Adenuga Jr. has always been in the news on account of several patriotic initiatives. Globacom is the biggest supporter of football in Africa and has raised the profile of football in Nigeria and Ghana with the sponsorship of the Premier Leagues and national football teams of the two countries. The company has so far spent over N6 billion on Nigerian football. It has also transformed the annual CAF Awards and made it the most glamorous sports event on the continent.
Mike Adenuga Wife
Mike Adenuga is married to Titi Joyce Adenuga.
Mike Adenuga Children
Mike Adenuga practice polygamy, he has seven children namely; Ms. Adetutu Oyindamola Emilia, Eniola ‘EnnyBoy’, Folashade ‘ShadyGirl’, Adeniyi ‘NiyiBoy’, Prince Michael ‘Bobo ‘Babajide, Tunde ‘Paddy’Abolade, Abimbola Beenu, and Belinda ‘Bella’ Olubunmi Ajoke.
Mike Adenuga Net Worth
His company Globacom is Nigeria’s second-largest telecommunication operator in Nigeria, also established in Ghana and Benin. He also owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company) . He has an estimated net worth of $5.8 billion as of 2017 according to Forbes, this makes him second-richest Nigerian behind Aliko Dangote who is the richest in Africa. Mike Adenuga is the third-richest person in Africa with a net worth of $14.1 billion.
Source: takemetonaija.com and bionetworth.com.ng