Mike Adenuga is a renowned Nigerian billionaire businessman and entrepreneur. He is best known as the founder of Globacom, Nigeria’s second-largest telecom operator, which also has a presence in Ghana and Benin.
He also owns stakes in Conoil, an oil exploration firm, and Equitorial Trust Bank.
Adenuga was named African Entrepreneur of The Year at the first African Telecoms Awards in 2007. In 2018, French President Emmanuel Macron decorated him with the Legion of Honour.
This is his profile as told by WOA:
Mike Adenuga’s Net Worth
In 2024, Forbes ranked him as the 5th richest person in Africa, with a net worth of $6.9 billion. This makes him the richest person in Nigeria.
Mike Adenuga owns and has significant stakes in several companies across various sectors, including:
- Globacom Limited: Founded in 2003, Globacom is Nigeria’s second-largest telecommunications company, providing mobile and data services in Nigeria, Ghana, and Benin.
- Conoil Plc: Adenuga is the founder and majority shareholder of Conoil Plc, a leading oil marketing company with interests in petroleum product distribution, lubricants production, and gas supply.
- Cobble-Stone Properties & Estates Limited: He has investments in real estate through this company, developing residential and commercial properties across Nigeria.
- Sterling Financial Holding: Adenuga holds a 30.63% stake in Sterling Financial Holding, which operates Sterling Bank PLC among other financial services.
- Julius Berger Nigeria Plc: He owns a 25.1% stake in Julius Berger Nigeria Plc, a major civil engineering and construction firm involved in significant infrastructure projects.
- Transnational Corporation of Nigeria (Transcorp): He owns a 0.86% stake in this company.
- Equitorial Trust Bank (now Heritage Bank): Before its eventual sale to new investors forming Heritage Banking Company Ltd., Mike Adenuga was associated with Equitorial Trust Bank during its former operational period.
Aside from these companies, Adenuga owns several high-end vehicles, including:
- A Mercedes-Maybach S-Class
- A Mercedes-Benz AMG C63
- An armored Bentley Mulsanne estimated to cost N110.5 million
- A Mercedes Benz G Wagon
- A Range Rover
- A Toyota Landcruiser
Aside from these high-end automobiles, Adenuga owns two private jets and a Disney vault purchased at an estimated $530,000 located at Vaults and Gardens in Ikoyi.
He also owns a mansion in Banana Island, Lagos, which is reportedly the largest and most luxurious mansion in Nigeria, valued at around ₦8 billion.
The mansion covers a 3-hectare estate with nine duplexes and includes amenities like a mosque, church, and private berth for a yacht.
The billionaire also owns other mansions in Lagos, Ibadan, Abuja, Accra (Ghana), London (UK), and Johannesburg (South Africa).
But how learned is he?
Mike Adenuga’s Education Qualifications
Mike Adenuga attended the Ibadan Grammar School and later completed his Higher School Certificate at Comprehensive High School, Aiyetoro, Ogun State, Nigeria.
From there, he earned a degree in Business Administration from Northwestern Oklahoma State University in the United States.
He then pursued and obtained a Master of Business Administration (MBA) from Pace University, New York.
But how did he make his billions?
Mike Adenuga’s Success Journey
Mike was born on April 29, 1953, in Ibadan, Nigeria. His father was a schoolteacher, and his mother was a successful businesswoman from the royal family of Ijebuland.
After completing his high school education, he moved to Northwestern Oklahoma State University in the US to pursue his degree, supporting himself by becoming a taxi driver and a security guard.
After returning to Nigeria, he took over his father’s sawmill business.
His first major break came when he secured a contract with the Nigerian military government to import soft drinks and lace materials. By the age of 26, he had made his first million.
In the 1980s, Adenuga obtained a drilling license and founded Conoil, which struck oil in the shallow waters of Southwestern Ondo State and made history as the first indigenous oil company to strike oil in commercial quantities in Nigeria’s shallow waters.
In 1989, Adenuga invested his oil proceeds into founding Devcom Bank, which later merged with Equatorial Trust Bank and later rebranded as Heritage Bank.
In 2003, he founded Globacom, Nigeria’s second-largest telecom operator.
The company revolutionized Nigeria’s telecom industry with innovations like per-second billing and affordable SIM cards.
With time, Adenuga expanded into other sectors including banking (Sterling Bank), real estate through Cobble-Stone Properties & Estates Limited, and aviation services indirectly via Globacom’s infrastructure support for aviation communications.
Today, he employs thousands of people directly through his companies while creating indirect employment opportunities across various industries.
He was named African Entrepreneur of The Year at the first African Telecoms Awards in 2007. In 2018, he was decorated with the Legion of Honour by French President Emmanuel Macron.
Mike Adenuga’s Family
Mike Adenuga has two siblings named Demola Adenuga and Otunba Adenuga.
He is also a devout family man, married to two wives (Emelia Adefolake Marquis and Titi Joyce Adenuga).
Adenuga has eight children: Adetutu Oyindamola Emilia Olufeko, Prince Babajide Michael Adenuga Jr, Mike Agbolade Ishiola Adenuga, Belinda Ajoke Olubunmi Disu, Abimbola Adenuga, Eniola Adenuga, Folashade Adenuga, and Adeniyi Richard Michael-Adenuga.
Mike Adenuga’s Scandals
Despite his enviable success, Adenuga has been involved in several scandals and controversies throughout his career.
In 2006, the Economic and Financial Crimes Commission (EFCC) raided the offices of Globacom, Equitorial Trust Bank (ETB), and Conoil.
Adenuga was questioned regarding money laundering allegations and was subsequently detained. He later received a pardon from President Umaru Musa Yar’Adua’s regime.
There have also been multiple reports of Adenuga’s companies failing to pay debts to various creditors, both local and international.
This includes debts owed to companies like Total, Baker Hughes, Depthwize, Stevicnel Enterprises, and Ikengbesimi Ventures Limited. The total debt amount has been reported as over $140 million at one point.
However, despite these challenges, Adenuga remains one of Africa’s wealthiest and most influential businessmen.
