Adenuga @71: Jack of all trades, master of all

One of the few Nigerians on this year’s Forbes World Billionaires list is Mike Adenuga. He is currently the second wealthiest man in Nigeria, having made his mark in the banking, real estate, oil and gas, telecommunications, and aviation industries. Adenuga epitomises a self-made man.

Born on April 29, 1953, in Ibadan, Nigeria, to Oloye Michael Agbolade Adenuga Snr. and Omoba Juliana Oyindamola Adenuga, Mike Adenuga’s journey began in humble surroundings, with his father a schoolteacher and his mother a businesswoman.

His educational journey began at Ibadan Grammar School, and he then earned his higher school certificate from Comprehensive High School Aiyetoro.

Despite his modest beginnings, Adenuga’s determination propelled him forward. He worked tirelessly as a taxi driver to fund his university education.

He graduated from Northwestern Oklahoma State University and Pace University with degrees in Business Administration before pursuing an MBA at Pace University in New York.

Adenuga attributes much of his success to his mother’s influence, acknowledging her role in shaping his formidable work ethic

At 26, his relentless drive struck gold. His diverse business ventures culminated in his first million dollars, a stepping stone to his grand ambitions.

His business acumen is undeniable, as reflected in his estimated net worth of $6.7bn by Forbes. But Adenuga’s legacy extends beyond wealth. He is a true inspiration, demonstrating the power of hard work, vision, and an unwavering entrepreneurial spirit.

His diverse portfolio spans telecommunications (Globacom), oil exploration (Conoil Plc), banking (Sterling Bank), real estate (Cobble-Stone Properties), and construction (Julius Berger). Adenuga is a true “Jack of all trades” and a “master of all”.

Telecoms

Adenuga’s fearless approach to risk-taking was evident when he delved into the telecommunications industry race after Nigeria opened its doors to GSM licenses.

Despite initial setbacks, his determination remained unwavering. Eventually, in 2003, he successfully secured a license and launched Globacom.

By 2001, Adenuga had already established himself as a prominent figure in Nigeria’s economy. When the opportunity arose with the Obasanjo administration offering GSM licenses, he naturally joined the competition. Despite facing a setback and losing $20m in the process, Adenuga was resolute.

His persistence paid off handsomely as he returned stronger, securing a license that paved the way for Globacom’s emergence as a future national telecom leader.

Launched in 2003 with the ambition to become Nigeria’s telecom giant, Globacom swiftly established itself as a game-changer under Adenuga’s astute leadership.

Despite entering the market two years after its competitors, the company, propelled by Adenuga’s vision, became known for its innovative approaches.

It championed per-second billing, a revolutionary concept that democratised phone usage for Nigerians, solidifying Globacom’s status as a trailblazer in the telecommunications industry.

Globacom, with over 60 million subscribers, has continually pushed boundaries in the telecommunications industry, pioneering various network technologies such as 2.5G, 3G, and 4G LTE.

Constantly setting new standards, Globacom has been at the forefront of innovation.

One of its most significant achievements was the launch of Glo-1, a groundbreaking intercontinental submarine cable project that transformed internet connectivity in Nigeria.

With a staggering investment of $250m, solely funded by Globacom, Glo-1 marked the first of its kind in Africa.

Stretching over 9,800 kilometres, the cable links Nigeria to Europe and America, with landing points along the West African coast and Europe.

This monumental infrastructure upgrade significantly enhanced internet speed and reliability for voice, data, and video services.

Beyond its impact on individual users, Glo-1 provided vital connectivity for key sectors such as oil and gas, banking, and education.

This transformative project underscores Adenuga’s foresight and dedication to shaping Nigeria’s technological landscape.

Despite the chaos that ensued a few months ago due to a major cut in submarine cables, telecommunications subscribers across Nigeria and several other African countries found themselves in a state of panic.

There were reports that the outage, which affected internet users in South and West Africa, might continue for several weeks. Among those significantly affected were banks and telecom organisations, heavily reliant on those cables for internet services.

However, amid the turmoil, Globacom subscribers remained unaffected. They continued to enjoy uninterrupted internet connectivity and other services throughout the outage.

This resilience serves as a testament to the strength and foresight of Globacom, a company that has made substantial investments in infrastructure development.

Such an achievement directly reflects the vision of Adenuga, the founder and chairman of Globacom.

His forward-thinking approach to prioritising infrastructure has firmly positioned the company as a dependable service provider, capable of weathering unforeseen disruptions with ease

Oil and gas

His influence extends beyond the realm of telecommunications; he is also a significant figure in Nigeria’s oil and gas industry. Adenuga saw an opportunity when Gen. Ibrahim Babangida’s (retd.) administration opened the door for indigenous participation.

Despite initial hesitations, Adenuga boldly invested over $100m in exploration and drilling activities.

His gamble paid off in 1991 when Consolidated Oil, his company, achieved a historic milestone by becoming the first Nigerian company to discover and produce oil in commercial quantities.

Today, Conoil Producing Limited, formerly Consolidated Oil, stands as a trailblazer in Africa’s indigenous oil and gas exploration and production sector.

This pioneering spirit continued as Adenuga identified potential in the National Oil and Chemical Company. He acquired the company, infused it with fresh investments, and rebranded it as Conoil Plc.

Conoil’s success story is remarkable. It has become a household name in Nigeria, boasting a network of over 450 retail outlets across the country.

Adenuga’s vision and strategic investments have solidified Conoil’s position as a key player in Nigeria’s oil and gas landscape

It is a leader in modern retail formats, including mega stations and non-space pumps, and holds the top spot in the aviation fuel market.

His leadership has propelled Conoil Producing to operate six promising oil blocks in the Niger Delta, with a daily production of approximately 20,000 barrels.

Its 27-year track record is further bolstered by substantial oil reserves, estimated in millions of barrels, and vast gas reserves in trillions of cubic feet.

Adenuga’s significant stake (74.4 per cent) in Conoil Plc underscores his commitment to the company’s continued success.

Conoil’s strong market presence is built on its expertise in supplying a wide range of petroleum products, from petrol and diesel to kerosene and aviation fuel.

Its “Quatro” brand of lubricants is another testament to its diversified product line.

Banking

Adenuga’s foray into banking began with the establishment of Devcom Bank and Equitorial Trust Bank. Both institutions became trailblazers in their fields, contributing significantly to the development of the public, commercial, and retail sectors.

Their financial strength shone brightly during the 2005 banking consolidation exercise. ETB effortlessly met the N25bn capital requirement, a testament to its stability and avoiding the need for a stock market offering.

This achievement solidified their position as major players in the Nigerian financial landscape.

However, Adenuga’s vision extended beyond individual success. Recognising the potential for further consolidation, he orchestrated the strategic merger of ETB and Devcom Bank, which laid the groundwork for an even more formidable presence in the industry.

Years later, the merged entity consolidated further, joining forces with Sterling Bank Plc.

Today, Adenuga remains a significant shareholder of the resulting behemoth, Sterling Financial Holding.

This publicly traded giant, a testament to Adenuga’s astute financial strategy, operates two key subsidiaries: Sterling Bank Plc, a cornerstone of traditional commercial banking services in Nigeria, and Alternative Bank Limited, a pioneering force in Nigeria’s non-interest banking sector that offers innovative financial solutions.

Aviation

The billionaire businessman is also playing actively in Nigeria’s aviation sector. His company, Conoil, boasts an aviation arm, Conoil Aviation, actively involved in the aviation sector.

Conoil Aviation plays a key role in keeping Nigerian airplanes fuelled. It handles the entire process, from production and storage to transportation and delivery of jet fuel in at least six major airports across the country: Nnamdi Azikiwe International Airport, Abuja; Margaret Ekpo International Airport, Calabar; Mallam Aminu Kano International Airport, Kano; Murtala Muhammed International Airport, Lagos; Maiduguri International Airport, and Sokoto airport.

His foundation

Beyond his accomplishments in business, Adenuga is also well-known for his generosity and unwavering commitment to philanthropy.

His altruistic efforts have touched the lives of countless individuals and celebrities alike.

Established by the business titan, the Mike Adenuga Foundation stands as a beacon of pan-African philanthropy.

Rooted in the belief of fostering social and economic empowerment across Nigeria and other African nations, where the Mike Adenuga group of companies operates, the foundation is committed to catalysing positive transformations in these regions.

Through a diverse array of initiatives, it endeavours to harness resources, cultivate skills and knowledge, ignite innovation, drive social and economic progress, fortify infrastructure, widen educational access, improve healthcare systems, foster partnerships between nonprofits and governmental bodies, promote commerce, empower local enterprises, and elevate living standards.

At its core, the foundation prioritises critical areas such as health, rural development, education, entrepreneurship, and providing special opportunity grants.

Distinguishing itself from conventional grant-giving entities, it strategically aligns with stakeholders and beneficiaries to conceive and execute impactful programmes.

The foundation donated N500m to aid flood victims in Bayelsa State.

Through its actions and collaborations, the Mike Adenuga Foundation assumes a pivotal role in advancing philanthropy and effecting positive change across African societies.

More than just offering aid, its mission is to empower Nigerians and other Africans by creating enduring solutions that propel social and economic progress.

During the height of the COVID-19 pandemic, Adenuga demonstrated remarkable leadership by being among the first to donate N1.5bn towards combating the dreaded coronavirus scourge.

In addition to offering crucial assistance in handling the situation, his proactive initiative encouraged other Nigerians to support the cause. This exemplifies Adenuga’s characteristic leadership style: he leads by example, prompting others to follow suit.

In Adenuga’s words, “How much money can one individual or his family enjoy? You must spread it and touch lives; that is what brings true happiness and joy. What’s the point if your friend is wealthy and it doesn’t show in his friends?”