BY ‘BIODUN CASTON-DADA
April 29! A special day! A day a legend was born in the person of Dr. Michael Adeniyi Agbolade Ishola Adenuga Jr CSG GCON.
Tomorrow, Monday, April 29, the business Titan will be celebrated world over not just because it is his birthday, but also for his immeasurable positive contribution to humanity.
Writing about ‘The Great Guru’ is always a daunting task because you won’t even know where to start from. Is it from the angle of his vast business empire or his flowing milk of generosity?
Born April 29, 1953 in the ancient city of Ibadan into the family of Oloye Michael Adenuga (Snr) and Omoba Juliana (née Onashile of Okesopin, Ijebu Igbo) in Ibadan, Oyo State. His father was a school teacher, while his mother was a businesswoman. Born in Ibadan yet with roots in Ijebu-Igbo, Ogun State. Dr Mike Adenuga Jr is indeed a role model and a mentor worth studying and emulating by today’s young people, especially the young entrepreneurs who are dreaming of making fortunes in life and turning their small dreams and investments into globally recognised enterprises.
This is one fascinating story that will serve as a source of inspiration to many young Nigerians.
For his secondary education, Dr. Mike Adenuga attended the prestigious Ibadan Grammar School, Ibadan. From there, he proceeded to Comprehensive High School, Aiyetoro, Ogun State, for his Higher School Certificate (HSC). After his HSC, his mother wanted him to study at the prestigious University of Ibadan. But his dream is to further his education in the United States. After a series of persuasions, he had his way and off he went to the United States. On getting to America, young Adenuga despite coming from a rich home took up a series of menial jobs including Cab Driving to offset his bills. He was admitted into Northwestern Oklahoma State University where he studied Business Administration and he later had an MBA from Pace University in New York. After his education in the US, Adenuga returned to Nigeria. He managed his family sawmill operation in Ogun State whilst also engaging in other side businesses. From importing car stereos as cars imported into Nigeria at the time barely had those, importation of lace, sawmill equipment, tomato paste to selling of wines and beer. He was also into general merchandise and construction. He went to prove himself as a dogged entrepreneur by making his first million at the age of 26 in 1979. His business interest and tentacles now spreads over oil and gas, telecommunications, construction, banking and real estate.
The Mike Adenuga Group consists of Globacom, a telecommunication company, Cobblestone Properties and Estates, a real estate and property development company, Conoil PLC, a petroleum marketing company, and Conoil Producing, a crude exploration and production company, Worldspan Consult Nigeria Limited, Julius Berger, and Consolidated Manufacturing (West Africa) Ltd.
In 1990, his oil company Consolidated Oil got a drilling license and on December 25, 1991, it struck oil in the shallow waters of Ondo State, becoming the first indigenous oil company to do so in commercial quantity. The oil well where fortunes smiled on the Chairman was OPL 113 or Oil Prospecting Lease 113. It was located on shallow waters, 50 to 60 kilometres north-east of Okitipupa in Ondo State.
Today, Consolidated Oil Nigeria Limited, now named Conoil Producing Limited, operates six highly prospective blocks in the Niger Delta. Conoil PLC is known for extracting, producing and selling crude oil, as well as a range of lubricants, greases and bitumen. It also supplies petrol, aviation turbine kerosene, dual-purpose kerosene, low-pour fuel oil, and automotive gasoline/grease oil.
While in his 30s, he founded two banks Equitorial Trust Bank (ETB) and Devcom Merchant Bank that later metamorphosed into Sterling Bank Plc where he still maintains a large shareholding and he is also known to have considerable shares in FirstBank.
One of the most remarkable things in Dr. Mike Adenuga’s journey in business and which Nigerians will forever be grateful and remember him for, is the revolutionary ‘Per Second Billing’ introduced by Globacom which caused a massive disruption in the industry and which was contrary to the fixed N50 per minute call charges that other GSM companies were offering. Even if a customer made a call for one second or a dropped call, the person would be charged for a whole 60 seconds at N50. But the entry of Globacom brought a huge relief to millions of Nigerians —and foreigners alike— who were then having the fixed rate charges forced on them by other service providers. The PSB revolution created by Globacom forced the other companies to also commence the Per Second Billing which was once like an impossible task. Globacom also ‘crashed’ the exorbitant price of SIM cards as the company sold them at a far cheaper rate than other existing telecoms companies. The company later gave out SIM Cards to customers for FREE, which gave birth to the popular marketing slogan, GLO NAH FREE!
Aside the Per Second Billing, The Chairman also pulled another stunt by convincing 3 notable Nigerian Icons – Prof Wole Soyinka, Chukwuemeka Odumegwu-Ojukwu and Alhaji Maitama Sule to be the pioneer ‘Glo Brand Ambassadors’.
Globacom also made history as the first telecom company to build an $800 million high-capacity 9,800km submarine fibre-optic cable, popularly known as Glo-1. It’s the first successful submarine cable from the United Kingdom to Nigeria with the attendant high increases in internet speeds and download rates with resultant significant improvements in online technologies. The company also was the first to offer 2.5G when others were on 2G. Another area where the company is making giant strides is in the area of Sponsorship, Endorsement and Corporate Social Investments (CSI). The company have lifted many individuals through various sponsorships and endorsement deals across Sports, Arts and Entertainment. Through her various CSR Projects, Globacom has touched many lives across Nigeria. The company had helped in lifting up many ailing Nigerian celebrities and icons, donating various study materials and IT equipment to campuses, and staging various empowerment programmes for Nigerians.
Glo is also known for giving back to its customers via various rewarding promotions. Many customers have won houses, cars, TVs, generators, sewing machines, tricycles, etc.
Over the years, the company has continued to grow, and has expanded to other African countries. Today, it is the second largest telecom operator in Nigeria with around 60 million subscribers.
But Dr. Mike Adenuga Jnr.’s foray into telecom didn’t start with Globacom. His first attempt to secure a Global System for Mobile communication, GSM license was in 2001 when he made a bid for the license through his company, Communications Investments Limited (CIL) alongside other telecom companies. But his bid was cancelled based on an alleged default in payment issue. The businessman lost a whopping $20 million which was the mandatory deposit fee. A tragic business set back that would have ran the faint-hearted out of business. With his dogged approach to business, he applied again in 2003 when the opportunity arose, and this time, Globacom, his wholly indigenous telecommunications company, got a bigger pie —a Second National Operator (SNO) license.
When it comes to the art of philanthropy, Dr. Mike Agbolade Adenuga Jnr. stands in a class all by himself. The billionaire businessman’s approach to giving is rare and enviable. He is a special bred and a kindhearted philanthropist who has come to the aid of many Nigerians, including celebrities. Through his Mike Adenuga Foundation (MAF), a proudly Pan African philanthropic foundation set up to help the people of Nigeria and other African countries —where he has commercial interest on a permanent basis— he has touched the lives of many underprivileged people. Annually, the foundation grants millions of dollars in scholarships to deserving students.
The French connection! To provide opportunities for young Nigerians who are interested in the French language and culture, he built the Mike Adenuga Centre inside the Alliance Francaise in Ikoyi, Lagos. The goal of the institution is to deepen the bond between Nigerians and the Francophone community. The Centre offers courses, an art gallery, and a French experience for the common Nigerian who is unable to travel to French-speaking countries to experience these insights at first hand. For improving the strong ties between France and Nigeria, France’s President Emmanuel Macron bestowed on him the country’s highest honour, Commander of the Legion.
The business mogul was also conferred with Ghana’s highest national honour, Companion of the Star of Ghana. The honour was bestowed on him in recognition of the immense contributions he has made to Ghana’s economic growth.
The Nigerian government also recognized his numerous efforts and contributions to the growth of the country and bestowed on him the highest honours in the country, Grand Commander of the Order of the Niger.
Dr. Mike Adenuga was cited as one of the Top 100 most influential Africans by New African magazine in 2019.
According to the 2024 Forbes ranking, Dr. Mike Adenuga’s net worth is estimated to be $6.7bn.
The biggest phenomenon about the super billionaire is his elusive nature. He rarely attends events or society gatherings; not even the numerous ones organised and sponsored by his companies. It was this trait that earned him the popular moniker, “The Spirit of Africa”.
He has impacted many lives POSITIVELY and SILENTLY. You don’t need to see him to feel his impact. He’s “media shy” but always in the NEWS.
Dr. Mike Adenuga many popular aliases include ‘The Bull’, Chairman of Chairmen, The Great Guru, Spirit of Africa among others.
As you journey on in life, we pray for God’s protection and sound health. May this special day be filled with joy, laughter and memorable moments.
‘Biodun Caston-Dada is a media practitioner and the publisher of Acada Magazine
