Mike Adenuga

Mike Adenuga
Born Michael Adeniyi Agbolade Ishola Adenuga
(1953-04-29) 29 April 1953
Ibadan, Oyo, Nigeria
Residence Banana Island, Ikoyi, Lagos, Lagos State, Nigeria
Nationality Nigerian
Education Ibadan Grammar School
Alma mater Northwestern Oklahoma State University
Pace University
Occupation Founder of Globacom, Chairman of Conoil
Net worth $10 billion (2016)[1]
Children 7

Michael Adeniyi Agbolade Ishola Adenuga Jr (born 29 April 1953) is a Nigerian business tycoon, and the second richest person in Nigeria. 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). Forbes has estimated his net worth at $10 billion as of 2016,[1] which makes him second wealthiest Nigerian behind Aliko Dangote,as well as the second richest person in Africa.[2]

Early life and education

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

Adenuga received his secondary school education at the 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

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He was issued a conditional GSM licence in 1999; after it was revoked he received a second one when the government held another auction in 2003.[4][5] His telecom company Globacom spread quickly and started challenging the giant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 maiden African Telecoms Awards (ATA) on 15 August 2007.[6]

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.[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 USD $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, 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.[9]

Honours

In 2012 he was made Grand Commander of the Order of Niger (Nigeria).[10]

He also holds a Yoruba tribal chieftaincy as an Otunba of the Ijebu clan.

References

  1. 1 2 "Mike Adenuga". Forbes. Retrieved 19 June 2015.
  2. ↑ Dele Momodu (15 September 2012). "Lessons from Mike Adenuga". ThisDay Live. Retrieved 2 August 2014.
  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.
  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". 2016-06-27. Retrieved 2016-06-27.
  10. ↑ Umoru, Henry (12 September 2012). "Adenuga's GCON well deserved – Presidency". Vanguard. Nigeria. Retrieved 26 July 2013.


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