BY ABIODUN CASTON-DADA
Oftentimes, it is the success stories of billionaires that are told and we rarely hear of how they grind and hustle before they make it to the top. Many times they fail in business and have to go back to the drawing board to re-strategise before they finally hit the bull’s eye.
Dr. Mike Adenuga’s rise to the pinnacle of success is not the one of ‘Bed of Roses’ but a rollercoaster despite coming from a well to do family and being born with a silver spoon. Many people don’t know of how he started out in life by driving a Cab in New York to survive as a student.
After his HSC at the popular Ibadan Grammar School, the mother of young Adenuga 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 US. On getting to America, young Adenuga despite coming from a rich home took up a series of menial jobs to offset his bills, among which was Cab Driving. He was also a Security Guard.
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.
Foray Into Business
After his education, he ventured into business. He sold lace materials and distributed drinks. He was also into importation of car stereos. And he proved himself a dogged entrepreneur, making his first million in 1979 at the age of 26.
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.
He struck crude oil in commercial quantities at 40 and launched a telecom company that revolutionise the Nigerian telecommunication industry at 50.
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.
Dr. Mike Adenuga is one individual that believes so much in the “Nigerian Project”, and this can be seen in the numbers of companies he has invested in and established in Nigeria which are changing lives daily.
Today, Dr. Mike Adenuga is ranked Africa’s 6th richest person, with a net worth estimated around $6.5 billion to $7 billion.
The Globacom Story
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.
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.
Philanthropy
Dr. Mike Adenuga is a kindhearted philanthropist who has come to the aid of many, including average Nigerians and celebrities, and he doesn’t do this for photo-op or media hype. Truly, when it comes to philanthropy, Dr. Mike Adenuga stands in a class all by himself.
His favourite quote about his act of generosity is: “If God has given you this kind of resources, it is not for you and your family alone”. His belief is that charity is a spiritual obligation that should never be a subject of media hype or vain-glorification. His attitude to giving to strangers is rare and enviable. “To give without ostentation,” said the Turkish philosopher Epictetus, “is the truest form of virtue.”
Honours and Awards
The Nigerian government recognized dr. Mike Adenuga’s 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 (GCON).
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.
Dr. Mike Adenuga holds a Yoruba tribal chieftaincy as the Otunba Apesin of the Ijebu clan.
He was labeled the “Spirit of Africa” because of his rare traits of touching numerous people’s lives even when you can’t see him physically.
As the Chairman of Chairmen turns 73 on 29 April, we wish the business titan many more years filled with happiness and joy in good health.
Abiodun Caston-Dada is a media practitioner and the publisher of Acada Magazine
