Mike Adenuga Biography, Net Worth and How He Became of Nigeria’s Second Richest Man

Among the richest men in the African continent, the name Mike Adenuga must be mentioned, and when you narrow it down to Nigeria, his $6 billion fortune rates him as the second richest man in the country. Adenuga comes behind Aliko Dangote who is both Africa and Nigeria’s richest. The Ibadan-born business mogul made his first million at the age of 26 and since then, he has not looked back. Mike’s hard work and perseverance in business led to the establishment of Globacom and Conoil which are the major sources of his income.

Far from being the son of a rich man, Adenuga had humble beginnings with a classroom teacher for a father. The multi-billionaire had it tough during his undergraduate days in the United States of America when he had to drive cabs to pay his way through school. But that is all in the past as the man now lives in the lap of luxury.

Inside The Humble Background Where Mike Adenuga Comes From

His full name is Michael Adeniyi Agbolade Ishola Adenuga and he was born in the capital city of Oyo State, Ibadan. The Nigerian business mogul was born in 1953, precisely on the 29th of April. Searches revealed the identity of his father as Oloye Michael Agbolade Adenuga Snr., who earned a living as a classroom teacher in Oyo State.

His mother, on the other hand, was a businesswoman called Omoba Juliana Oyindamola Adenuga; of royal Ijebu descent (her birth family is the Onashile of Okesopin, Ijebu Igbo). Mike Adenuga often credits his mom for passing on the business acumen that has brought him where he is today.

His Academic Qualifications Were Achieved in Nigeria and the US

Spending his early formative years in his place of birth Ibadan, Mike joined Ibadan Grammar School where he started his secondary school education. However, he did his Higher School Certificate (HSC) at Comprehensive High School Aiyetoro.

Leaving the shores of Nigeria, the emerging businessman headed to the United States of America where he enrolled in North Western Oklahoma State University to study for a degree in Business Administration. His quest for further academic qualifications took the Nigerian native to Pace University, New York, to earn an MBA. His early days as a student in the US were far from easy, Mike Adenuga had to resort to working as a taxi driver, just to augment his university education fund. Here is a list of all the academic institutions he attended;

  • Ibadan Grammar School
  • Comprehensive High School Aiyetoro
  • North Western Oklahoma State University
  • Pace University, New York

How Mike Adenuga Joined The Richest Men Circle In Nigeria

As earlier mentioned, Mike Adenuga was not born with the proverbial silver spoon. The Nigerian billionaire started life from the scratch, financing his university education with what he made from driving a cab. At a point in his life, he started selling lace materials and soft drinks. According to the self-made billionaire, any legal business that can generate revenue can go for him once he has a good understanding of the dynamics.

It was while Adenuga was distributing soft drinks and selling lace materials in 1976 that he became a millionaire; The business mogul was just 26 at the time. Making his first million early in life was a sign of greater things to come for Adenuga, and from what is perceivable, he used that as a stepping stone to achieving great feats in life.

He Made The Big Bucks From Oil and Telecommunication Sectors

Anybody who knows Mike Adenuga’s life story will agree that fate and providence worked in his favor. For one, he was favored by Professor Jubril Aminu’s oil policy that opened an inroad for individuals to exploit and explore the business of oil which birthed his drilling license to launch Consolidated Oil. Today, Conoil is regarded as a leading Oil and Gas Company in Nigeria, operating with the vision of becoming a dominant factor among the indigenous upstream petroleum businesses in Africa.

Mike Adenuga later went from oil business to telecommunication, acquiring a conditional GSM license with which he launches Globacom that has grown to become one of the biggest names in the world of telecommunications in Africa. He is also associated with other big conglomerates like Comium telecom company in Côte d’Ivoire and Stanbic IBTC Bank.

How Conoil Producing Limited Started

During the late ’80s, Mike Adenuga developed an interest in the booming oil industry which portend many potentials in Nigeria, thus, he began applying for a license. However, he couldn’t secure one until during the regime of General Ibrahim Babangida who appointed Professor Jubril Aminu as the oil minister, Aminu introduced new policies allowing individuals in the country to venture into oil exploration and exploitation.

It was in 1990 that Adenuga was finally granted a drilling license; he started operating under the company, Consolidated Oil in 1991, and in the shallow waters of Ondo State, the company struck oil in commercial quantity. This made Conoil the first indigenous company to achieve such a feat.

Conoil Producing Limited is currently considered among the major independent exploration companies in the country. Their current production capacity per day is 100,000 barrels of oil.

More About Globacom

As the Nigerian nation returned to a democratic dispensation towards the end of the 90s, the versatile businessman was busy with a feasibility study of the telecommunication industry where he saw another potential. This led Mike Adenuga to scout for a conditional GSM license which was granted in 1999.

The business mogul was not discouraged when his license was eventually revoked but went ahead to secure a second one in 2003 from an auction held by the Federal Government of Nigeria. The license was what he used in founding what we know today as Globacom and the telecommunication company has continued to grow in leaps and bounds.

Globacom wasted no time in challenging the mighty MTN and from 2003 to date, it has been considered as MTN’s major competitor in the whole of West Africa. The telecom company has since broken new horizons, spreading its wings into other African countries such as Côte d’Ivoire, Ghana, and Benin republic. The company has not rested on its laurels as it continues to acquire licenses in other countries in West Africa.

Globacom is known for different products which include Glo Gateway, Glo mobile, Glo Broad Access, and Glo-1 coverage.

One of Mike Adenuga’s business exploits is the takeover bid he made in 2015 towards the acquisition of “Comium” – the Ivorian mobile telecoms operator in Cote d’Ivoire. The bid was made for $600m.

The multi-billionaire has stakes in other multinational companies such as Stanbic IBTC Bank.

Summary of Mike Adenuga’s Companies

  • Conoil Producing Limited (founder)
  • Globacomm Telecommunication Company (Founder)
  • Stanbic IBTC Bank (Stake holder)

Mike Adenuga’s Net Worth is Calculated in Excess of $6 Billion

According to Celebrity Net Worth, Mike Adenuga’s latest net worth estimation pegged the business tycoon’s fortune at a jaw-dropping $6 billion. The estimation which was made earlier in 2021 retains his position as the second richest man in Nigeria, behind Aliko Dangote’s $11.6 billion.

Since the point he became a millionaire in 1976, The multi-talented businessman has been taking one quantum leap after another. From distributing soft drinks to selling lace material, venturing into the oil business, telecoms, and banking, the billionaire’s fortune keeps skyrocketing. According to Forbes, his total net worth in 2012 was just $4.6 billion, but within six years, from 2012 to 2018, he hit $5.3 billion. Barely a couple of years later in July 2020, the business mogul was already pushing $5.7 billion, adding an additional $300 million to come out in 2021 with $6 billion.

Needless to say, Mike Adenuga earned a lion’s share of his wallet from his numerous business interests (Conoil, Globacomm, banking, and the likes) in Nigeria and beyond. However, according to most of his employees, their chairman’s worth is seriously underestimated by the global net worth authority as they believe that he is worth a whole lot more than what we are seeing.

Summary of Mike Adenuga’s Recognition And Awards

  • In 2007, he became Africa’s Entrepreneur of the Year at the African Telecomms award (ATA)
  • 2012 was when he was awarded Grand commander of the order of Niger (GCON)
  • He became Companion of the Star of Ghana (CSG) in 2018
  • He earned 100 a Distinguished and Eminent Nigerians Centenary Award also in 2018
  • Again in 2018, he was bestowed with Commander of the Legion of Honour (by the president of France, President Emmanuel Macron)
  • In 2019, New African magazine cited him as one of the Top 100 Most Influential Africans
  • Yoruba tribal chieftaincy made him the Otunba Apesin of the Ijebu clan

The Billionaire Lives the Super Luxurious Lifestyle

With a fortune calculated in excess of $6 billion as of 2021, it goes without saying that the multi-award-winning billionaire lives life to the fullest. Testaments abound in his type of dwelling and the exotic automobiles he splurges around town with.

His Residence in Lagos is More Than Just a House

Mike Adenuga
Aerial view of Mike Adenuga’s banana Island home image source

Of course, Mike Adenuga has houses and mansions scattered all over the country and beyond. However, the one that takes the cake happens to be a spectacular ₦8 billion spread, located in Banana Island, Lagos. This particular location is where the business tycoon calls his residence, though it is worth mentioning that the word “residence” does not begin to describe this dwelling. As a matter of fact, the domicile is a collection of nine opulent duplexes situated on three hectares of land.

The dwelling is indeed a sight to behold and has been accurately described as the most expensive private residence, not only on the banana-shaped island but in Nigeria as a country. Thus, it is not surprising to hear that the residence has its own mosque, church, helipad, indoor swimming pool, car park, as well as a private pier for Adenuga’s yacht and boats.

We must not also forget to mention that the ₦8 billion-worth domicile is a recent acquisition, thus, the multi-billionaire and his family lived elsewhere before it was completed. They say some rich and famous people have their bizarre acquisitions, in Mike Adenuga’s case, it is a Disney vault (burial tomb) in Ikoyi, worth an astounding ₦200 million!

Mike Adenuga’s Car Collection

The multi billionaire’s car garage is sure bursting with a good number of exotic vehicles, but the ones that are more popular are:

1. Armored Bentley Mulsanne

Mike Adenuga
image source Armored Bentley Mulsanne

Mike Adenuga acquired this baby at the price of ₦110.5 million. Designed through a partnership between Bentley and The Armored Group, LLC, the ride is like a limited brand, exclusively made for celebs, high-profile individuals, diplomats, or people who love the lavish life. The car comes complete with some distinguishing features;

  • A sedan with 4-5 seats
  • 2 trims (with 3 configurations)
  • 505-hp, 6.8-liter V-8
  • Airline-style reclining seat
  • Top-notch infotainment system
  • State-of-the-art cabin

2. Mercedes-Maybach S-Class

Mike Adenuga
Mercedes-Maybach S-Class image source

Worth over ₦72.1 million, this Mercedes-Maybach S-Class is an apt definition of luxury. The automobile is just so perfect, enjoying this glorious sedan to the fullest means lounging in its rear seats with the luxury massaging leather recliners while the Burmester audio system hits you with the music. The special features to expect here are:

  • Four-door sedan
  • S560 – 463-hp/ 4.0-liter V-8
  • S650 – 621-hp/ 6.0-liter V-12
  • Accommodates 4-5 passengers
  • Massaging front seats
  • The cabin boasts of a fragrance system

3. Mercedes Benz AMG C63

Mike Adenuga
Mercedes Benz AMG C63 image source

The cost of this car is estimated at ₦24.3 million. It is a four-door compact luxury automobile, available as a sedan, coupe, and convertible. The special features include:

• 469-hp, 4.0-liter V-8
• 2 trim levels (with 6 configurations)
• Accommodates 4-5 passengers
• Optional offer of what is known as AMG Performance seats which can be ventilated
• Features SiriusXM satellite radio; with a six-month trial
• Also on offer are Android Auto, Bluetooth audio streaming, Apple CarPlay

4. Rolls-Royce Phantom

Mike Adenuga
Rolls-Royce Phantom image source

This Rolls-Royce Phantom worth as much as ₦151.6 million is the most expensive car in Mike Adenuga’s garage. Everybody knows that this baby is meant for those with the fattest bank check who don’t mind flaunting it. The high-end luxury sedan is best used with a chauffeur. Just recline in the rear seat and soak in the tranquility that this exotic automobile has to offer. Here are the special features to expect with the Rolls-Royce Phantom:

  • Four-door sedan
  • 563-hp, 6.8-liter V-12
  • 1 trim level (with 2 configurations)
  • Accommodates 5 passengers
  • Power-adjustable massage seats
  • Standard features include forward-collision and lane-departure warning
  • A remote-controlled infotainment system comes

Adenuga’s Private Jet

Mike Adenuga
dassault-falcon-7xprivate-jet image source

The second richest man in Nigeria has at least two private jets that ease his global movements. He has a ₦16.6 billion worth Bombardier Global 5000. The second jet is even more expensive – a Dassault Falcon 7x estimated at ₦19.6 billion.

Mike Adenuga is Big on Philanthropy

Mike Adenuga is one man who does not make noise about kind gestures but he engages in quite a lot of charitable deeds. In fact, he set up a Mike Adenuga Foundation through which he touches lives not only in Nigeria but in other parts of the African continent. A good example was in Bayelsa State when he supported some flood victims with N500 million. Again, The Glo-CAF Award has him as one of its major sponsors.

Chacha
Chacha is a writer with a wealth of experience who has contributed across several channels. Her specialty includes celebrity lifestyle including how top movie stars, musicians, and comedians live their lives.
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