Born in the ancient city of Ibadan to Micheal Agbolade and Omoba Juliana Oyindamola Adenuga, Mike Adenuga is one of the most influential businessmen in the world. He is a telecom and oil and gas tycoon and a billionaire.
But his entrepreneurial success started in the trenches despite coming from a relatively successful family. His father was a teacher, and his mother was a successful trader.
Adenuga sold lace materials and distributed drinks to make money. By age 26, he made his first million. Since then, he has built a flourishing business empire that has catapulted him into the Forbes billionaires list.
His business empire generally centres around telecom and oil and gas. He ventured into the telecom sector through the establishment of Globacom in 2003. He came into the industry at a time when many Nigerians could not afford sim cards and the cost of airtime.
He revolutionised the sector by making sim cards and airtime cheap for the ordinary Nigerian. In no time, Glo, as it is popularly called, became a household name in Nigeria and neighbouring Ghana. Today, Glo has over 55 million subscribers.
Adenuga also ventured into Nigeria’s oil and gas industry through the founding of Conoil Producing. He became the first Nigerian to find oil in commercial quantity. He found oil at an unusual place, 50 to 60 kilometres northeast of Okitipupa in Ondo State.
Many experts wrote off the place as not being attractive for oil prospecting. However, Adenuga’s intuition and research suggested otherwise. Explaining what made him remain hopeful of finding oil despite the warnings of experts, he noted:
“It takes God to strike oil. The man who knows never tells you where the oil and gas are. Even God doesn’t tell you. You must make the effort to find it. That is the challenge. You must look for it. God has put it there but you must use technology, you must use everything you can to get it. When you get it, you are lucky. If you don’t get it, you go back and you sharpen your pencil again. In oil and gas, you never say die.”
Today, he operates 6 oil blocks in the Niger Delta.
Adenuga is now the 3rd richest man in West Africa. He also holds the title of the 6th richest man in Africa. In the 2022 ranking of Africa’s billionaires, his net worth was $6.7B, making him the 324th richest man in the world as of January 23, 2022.
As of the time of filing this report, Adenuga had a Real Time Net Worth of $5.7B, earning him the 394th richest man in the world.
Adenuga is married with seven children. He holds a Master of Business Administration from Pace University in New York where he supported himself as a student by working as a taxi driver.
Maj. Gen. Fatuma Gaiti Ahmed is the first female commander of the air force and…
Benjamin E. Mays High School brought together its 272 senior class members for a meeting…
Afrika Owes' emotional response to learning that she had passed the bar exam on her…
A 49-year-old New York attorney was on April 26 sentenced to 10 years in federal…
During an appearance on The Jennifer Hudson Show on Wednesday, pop legend Cher opened up…
Authorities in Florida said an 11-year-old boy was accidentally shot and killed by his 14-year-old…
The famous Taylor Schlitz family is making headlines once more as the youngest of the…
Sony Pictures Entertainment has appointed Tahra Grant as its Chief Communications Officer. She replaces Robert…
Meet Ashley M. Fox, the founder of Empify and the first in her family to…
Tyra Banks, the iconic former host of Dancing With the Stars, has made a delightful…
A Brazilian woman named Érika de Souza, 42, is under investigation for manslaughter after authorities…
Ghana’s Asante king Otumfuo Osei Tutu II has unveiled the long-lost treasure of the kingdom…
Deion Sanders is a retired American professional football and baseball player who currently coaches at…
Tiger Woods is set to receive $100 million from PGA Tour Enterprises for his loyalty,…
Jalen Hurts, the Philadelphia Eagles' quarterback, has shown his affection for the community by contributing…