Mike Adenuga, the founder of Globacom and one of Africa’s richest men, remains an enigmatic figure despite his massive influence in business. Known for his deep privacy, relentless drive, and patriotic business model, he carved his path from humble beginnings to billionaire status through grit, risk-taking, and vision.
Early Life and Education
Born on April 29, 1953, in Ibadan, Nigeria, Michael Adeniyi Agbolade Ishola Adenuga Jr. hails from Ijebu Igbo in Ogun State. His father, Oloye Michael Adenuga Sr., was a schoolteacher, and his mother, Omoba Juliana Oyindamola, a trader and royal descendant from Ijebuland, was known for her sharp business acumen. It was from her that Adenuga inherited his commercial instincts.
He attended Ibadan Grammar School and later obtained his Higher School Certificate from Comprehensive High School, Aiyetoro. Determined to further his studies, he moved to the United States, funding his education through multiple odd jobs, including taxi driving and night security work. He studied Business Administration at Northwestern Oklahoma State University and earned an MBA from Pace University in New York.
From Hustler to Millionaire
Upon his return to Nigeria, Adenuga joined his mother’s sawmill business. However, he quickly identified new business opportunities, shifting from sawmill equipment importation to lace materials, beer, and soft drink distribution. By the age of 26, in 1979, he had made his first million through these ventures.
Conoil and the Oil Breakthrough
In 1990, under a policy initiated by Petroleum Minister Jubril Aminu, the Nigerian government opened up the oil sector to indigenous investors. Adenuga secured one of the few oil prospecting licenses issued to Nigerians and founded Consolidated Oil (now Conoil Producing). In December 1991, his company became the first local firm to discover oil in commercial quantities in the Niger Delta.
Over the years, Conoil has expanded, operating six oil blocks and producing tens of thousands of barrels per day. With over 450 retail outlets across Nigeria, Conoil remains a key player in the petroleum and aviation fuel markets.
Banking Ventures
Adenuga made significant inroads into banking with the establishment of Devcom Merchant Bank and later Equitorial Trust Bank (ETB). The two banks were merged during the 2005 banking consolidation exercise. Eventually, ETB became part of Sterling Bank Plc, where Adenuga remains a major stakeholder.
The Globacom Revolution
In 1999, Adenuga was initially issued a GSM license, which was later revoked, costing him $20 million. Undeterred, he reapplied and obtained a new license in 2003. This led to the birth of Globacom, a telecommunications company that disrupted Nigeria’s telecom space.
Globacom revolutionized mobile communications by introducing per-second billing, drastically reducing the cost of making calls and forcing competitors to follow suit. Glo also slashed SIM card prices and prioritized local innovation. The company now operates in Nigeria, Ghana, Benin, and Côte d’Ivoire.
A major milestone was the Glo-1 submarine cable — the first of its kind by a single African company. Spanning over 9,800 kilometers from the UK to Lagos, this high-capacity fiber-optic cable enhances internet connectivity across West Africa and remains a crucial infrastructure asset.
Challenges and Controversies
Adenuga’s journey has not been without setbacks. In 2006, he was linked to a money laundering investigation by Nigeria’s anti-corruption agency, the EFCC. He went into self-exile in London before returning after receiving a pardon under President Umaru Yar’Adua.
He has also faced debt controversies. In 2016, companies linked to him, including Conoil, were reported to owe over $140 million to foreign and local partners, leading to legal actions and the shutdown of some partner operations.
Recognition and Honours
Despite his reclusive nature, Adenuga has received widespread recognition for his contributions to business and society. He was awarded the Grand Commander of the Order of the Niger (GCON) in Nigeria and the Companion of the Star of Ghana (CSG). In 2018, French President Emmanuel Macron honored him with the Commander of the Legion of Honour, France’s highest national award.
Philanthropy and Impact
Through the Mike Adenuga Foundation, he supports education, health, entrepreneurship, and rural development across Africa. His company also sponsors the Nigerian Professional Football League and has backed several Nigerian entertainers, turning many into household names.
Personal Life
Adenuga is married to Titi Adenuga and has eight children. Known as “The Bull” for his relentless business style, he maintains an extremely private life. He avoids public appearances, has no social media presence, and rarely grants interviews. Friends and colleagues often describe him as intense, focused, and mysterious.
Legacy
Mike Adenuga’s rise reflects the power of resilience, strategic risk-taking, and quiet ambition. From taxi driver to telecom and oil mogul, his story continues to inspire entrepreneurs across Africa, not just for the wealth he built, but for the barriers he broke in doing so.