Mike Adenuga: Biography, Networth, Investments and More

Mike Adenuga is a Nigerian billionaire businessman. He is the second richest man in Nigeria. Adenuga is also one of the richest men in Africa.

In this post, you’ll get to discover some interesting things about Otunba Mike Adenuga; these include his life as business man, as an investor and as a family man.

Early Life

Mike Adenuga was born Michael Adeniyi Agbolade Ishola Adenuga Jr on the 29^th April, 1953.

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

Adenuga revealed that he got his business acumen from his mother as she was a very good business person.

Education

Adenuga received his secondary school education at Ibadan Grammar School, Ibadan, and attended Comprehensive High School, Aiyetoro, for his Higher School Certificate (HSC).

He travelled to the United States of America for his tertiary education where he worked as a taxi driver to support himself while in school.

Adenuga graduated from Northwestern Oklahoma State University and Pace University, New York, with degrees in Business Administration before returning to Nigeria.

Career

When the young Adenuga returned to Nigeria, he ventured into business immediately where he sold lace and distributed soft drinks. He made his first millions during this period.

A few years later in 1990, Adenuga was able to use his business connections in the military to obtain a drilling license.

In 1991, his company, Consolidated Oil discovered oil in the shallow waters of Ondo State which made it the first indigenous oil company to do so in commercial quantities. Currently, Conoil operates 6 oil blocks in the Niger Delta

 

Adenuga moved into the telecoms industry in the late 90s which led to the founding of Globacom Nigeria.

In 1999, the billionaire was issued a conditional GSM licence but it was later revoked by the Olusegun Obasanjo administration. He received a second one in 2003.

Despite being a latecomer to the telecoms business in Nigeria, Glo has grown quickly over the years to become the second largest telecoms company in the country after MTN with a subscriber base of over 38 million.

Globacom has since expanded to other African countries like Ghana and Benin.

Also, the company has scored several first since it was established which include:

• The first single company to build a high capacity sub marine fibre-optic cable popularly known as Glo-1. This was the first successful submarine cable from the United Kingdom to Nigeria; with the attendant high increases in internet speeds and download rates. Currently, the Glo-1 is valued at $800 million.
• The first Nigerian owned ISP to have extended their customer base across other countries in Africa such as Benin and Ghana.

 

Adenuga is a lover of sports and he has been involved in sponsoring sports events through his Globacom brand.

For example, Globacom sponsored the African Handball tournament which took place in Benin Republic a few years ago. The company also sponsors the annual Confederation of African Football (CAF) Awards which it has been doing since 2005.

The Lagos International Half Marathon is also sponsored by Globacom.

Awards/Honours

Adenuga was named African Entrepreneur of The Year at the first African Telecoms Awards (ATA) in August 2007.

He received the Grand Commander of the Order of Niger by the Federal Government of Nigeria in 2012.

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

Controversy

In 2009, the billionaire was detained for money laundering by the Economic and Financial Crimes Commission. Subsequently, he left the country and lived in London until the Umaru Musa Yar’Adua regime granted him a pardon.

In 2016, reports in the media revealed that Adenuga was being pursued for a combined debt of US$140.5 million, after one of his companies, ConOil failed to pay the debts it owed the French oil giant Total.

Marriage

Adenuga is married to Titi Joyce Adenuga. They have one child together, Bella. The billionaire has other children from his previous marriage: Eniola Adenuga, Bella Adenuga-Disu, Tunde Paddy Abolade, Michael Babajide Adenuga and Adetutu Oyindamola Emilia.

 

Adenuga met his wife, Titi at the defunct Devcom Merchant Bank which he owned at that time. According to sources, Titi was jobhunting in the bank when she caught the eye of the businessman and one thing led to another and as they say, the rest is history.

Below is a brief profile of Adenuga’s children:

Adetutu Oyindamola Emilia is his first child. She currently lives in Georgia where she does her trading business with her husband, Ade Olufeko.

Eniola Adenuga is the playboy son of the billionaire businessman. Reports have it that he has child with an unnamed woman.

Sade Adenuga is the youngest daughter of Mike Adenuga. She studied law in the United Kingdom and her father gifted her a Range Rover after her graduation.

Prince Michael Babajide is also known as Mike Jr. He is the current chairman in Globacom Limited and Conoil Plc. Mike Jr. once disclosed his interest in film production although he stated that he’s too busy with the family business to consider delving into that.

Tunde Paddy Abolade is the most popular son of the billionaire. He often talks about being successful on his own without laying claims on his father’s wealth.

Bella Adenuga-Disu is known as the favourite child of the business mogul. She got married in 2010 to Jameel Disu in a lavish wedding.  She’s the Non Executive Director of Julius Berger Nigeria PLC.

Networth

Adenuga is reported to be worth an estimated $5.8 billion according to Forbes March 2017’s rating

The billionaire owns a home in the prestigious Banana Island which is said to be worth over $50 million. The house comprises 8 duplexes, a huge home office, a mosque, 2 big watch towers, a church and a huge multipurpose hall that sits 200 people.

Also, Adenuga has two Falcons 7X private jets which have a cumulative worth of $50m. The billionaire also has a Bombardier Challenger 604, which costs $30m.