Biography: Mike Adenuga, 2nd Richest Man in Nigeria

ADVERT

The second richest man in Nigeria, Mike Adenuga Jr from Oyo State was born on April 29, 1953. He is the Nigerian Chairman Chief Executice Officer of Globacom. Adenuga ascend to wealth and associated popularity is an interesting story. His resolve to succeed despite all odds started when, while in United states of america, he worked as a taxi cab driver and security guard to support himself at university.

Michael Adeniyi Isola Adenuga maried with 7 children got his secondary school education at the Ibadan Grammar School, Ibadan, Oyo State, before proceeding to the North-Western University in Oklahoma and Pace University, New York, both in the USA where he studied business administration.

At age 26, Adenuga became a millionaire with connections in high places. With his unique flair for risks and absolute tenacity of purpose, quickly he started making profits in billions of dollars. He is the owner Equitorial Trust Bank and Consolidated Oil, which performs crude oil drilling, refining along with marketing.


His 1st shot into the consciousness of Nigerians was when his company, Consolidated Oil became the first indigenous company to strike crude in December 1991. He lately venture into the telecommunications market. With his Communications Investment Limited, CIL, he was issued a conditional licence in 1999 and frequencies to operate the Global System of Mobile Communications (GSM). The licence was later revoked. Once again, when in 2002, the government through the Nigerian Communications Commission (NCC), organised new auction for the GSM licence, the CIL participated and was one of the four that won the bid. He paid the $20 million mandatory deposit.

However, in the process of effecting the release of the balance payment of $265 million, the corporation was adjudged to have failed to pay within stipulated time. CIL lost both the licence and $20 million deposit. He later went on to bid for the Second National Operator (SNO) licence, and deposited another $20 million. This time, he was lucky.

He won the bid in August 2002 through his Globacom Limited. The SNO has a wider range of operations as Globacom has the right to operate as a national carrier, operate digital mobile lines, serve as international gateway for telecommunications in the country and operate fixed wireless access phones.

Adenuga’s estate business and company shares traverse several countries in Western European countries, North America and the Middle-East

ADVERT