Mike Adenuga Biography, History, Asset and Net Worth

Michael Adeniyi Agbolade Ishola Adenuga Jr. popularly known as Mike Adenuga is a famous Nigerian business magnate, investor, entrepreneur, philanthropist and the chairman and chief executive officer (CEO) of Globacom Telecommunication Network popularly known as GLO. He is currently the second richest man in Nigeria. His company Globacom is the second-largest telecom operator in Nigeria and has a presence in Ghana and Republic of Benin.

He was born on 29th April 1953 in Ibadan, Oyo State in the south western part of Nigeria. He is currently 65 years old. His father’s name is Oloye Michael Agbolade Adenuga Sr., he was a school teacher while his mother’s name is Juliana Oyindamola Adenuga, she was a businesswoman of royal Ijebu descent. Mike Adenuga is originally from Ibadan, Oyo State in the south western part of Nigeria.

Mike Adenuga completed his primary school education at Ibadan Grammar School in Ibadan, Oyo State, Nigeria and obtained his First School Leaving Certificate. After completing his primary school education, Mike Adenuga proceeded to Comprehensive High School in Aiyetoro, Ibadan, Oyo State, Nigeria and obtained his West African Senior School Certificate.

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After completing his primary and secondary school education, Mike Adenuga proceeded to Northwestern Oklahoma State University in New York, United States of America and graduated with a Bachelor’s Degree in Business Administration. After obtaining his first degree, Mike Adenuga proceeded to Pace University in New York, United States of America and graduated with a Master’s Degree in Business Administration. He worked as a taxi driver to help fund his university education.

Mike Adenuga owns stakes in the Equatorial Trust Bank and the oil exploration firm “Conoil” formerly known as “Consolidated Oil Company”. In 2017, Forbes Magazine listed him as one of the 100th richest and most wealthiest people in the world with an estimated net worth of $5.8 billion as of 2017, which makes him the second richest and wealthiest person in Nigerian After Aliko Dangote who has an estimated net worth of $15 billion.

In 1990, Mike Adenuga received a drilling license from the Nigerian Federal Government and in 1991, his company “Consolidated Oil” struck oil in the shallow waters of Ondo State in the south western part of Nigeria. His company “Consolidated Oil” became the first indigenous oil company to do so in commercial quantity.

In 1999, Mike Adenuga was issued a conditional GSM license. After the license was revoked, he received a second license when the Federal Government of Nigeria held another auction in 2003. His telecom company “Globacom” popularly known as “GLO” spread quickly and started challenging the giant telecommunication network “MTN”. In 2008, his company “Globacom” launched it services in Republic of Benin and later spread across Ghana and Côte d’Ivoire, with more licenses currently being prospected in other West African countries.

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In August 2007, Mike Adenuga was named as African Entrepreneur of the Year at the First African Telecoms Awards (ATA). In 2009, Mike Adenuga was detained by the Economic and Financial Crimes Commission (EFCC) over charges of money laundering. He left the country out of annoyance and lived in London, United Kingdom until he was granted official pardon by President Umaru Musa Yar’Adua administration.

In May 2015, Mike Adenuga made a takeover bid to purchase Ivorian mobile telecoms operator “Comium Côte d’Ivoire” for $600 million. In June 2016, it was revealed that Mike Adenuga was being pursued for a combined debt of $140.5 million, after his company “Consolidated Oil” failed to pay the debts it owed French giant oil company “Total”. Also, one of his company known as “Bellbop” owned by Mike Adenuga had an interim injunction placed on it by the High Court in Lagos, after it failed to pay the sum of $9.4 million owed to the U.S oil and gas firm “Baker Hughes”.

In 2012, Mike Adenuga was awarded with the prestigious honor as Grand Commander of the Order of Niger by the Federal Government of Nigeria. He holds a Yoruba traditional chieftaincy title as Otunba 1 of the Ijebu clan. Mike Adenuga is currently married to Titi Joyce Adenuga and the marriage is currently blessed with five lovely children namely Bella Adenuga-Disu, Eniola Adenuga, Tunde Paddy Abolade, Michael Babajide Adenuga and Adetutu Oyindamola Emilia. Mike Adenuga currently lives in Banana Island, Ikoyi, Lagos State, Nigeria with his family. While his company “Globacom” corporate headquarter is at Mike Adenuga Tower, Victoria Island, Lagos State, Nigeria.

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Mike Adenuga is currently the second richest and most influential man in Nigeria and one of the 100th richest people in the world with an estimated net worth of $6 billion.

Austine Ikeru
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