AUDACIOUS AND TENACIOUS : THE STORY OF DR. MIKE ADENUGA -A PHENOMENON AT

-Michael Effiong & Eric Elezuo

There is no better time than now when the entire world stands in awe and admiration as he clocks the BIG 70 to share the inspirational, audacious and tenacious story of Dr Mike Adenuga Jr GCON,CSG, CdrLH

His story is better felt than told, better expressed than imagined Well known but hardly seen, his story is the kind that will be so legendary that an -ism will be added to his name because his business trajectory and personal philosophy are uniquely his-and therefore worthy of emulation

Some call him The Guru, others refer to him as the The Bull or most recently, the Spirit of Africa, one thing is sure, Adenuga is like the proverbial Iroko tree who is unlike any other In terms of humility, pedigree, magnanimity, wealth and portfolio of investments, he is one of a kind. In any area of business that he plays, he almost always makes significant impact and the facts are there for all to see

When the Federal Government decided to give indigenous businessmen licences in the dollar-denominated but capital- intensive upstream oil sector, Adenuga was one of those who applied

Unlike others who sold their licences for quick bucks, Adenuga, the visionary, decided to go into full scale prospecting and exploration

The gamble paid off as one of the wells that was being drilled struck oil, making his company, Consolidated Oil, the first indigenous Nigerian company to discover oil in commercial quantity

Ever since that historic event of Tuesday,

December 24, 1991, he had popped many bottles of choice champagnes and sipped some bottles of exotic cognacs to celebrate the execution of many mega deals

Despite his success, Adenuga believes business must have a human face, it must add value, it must have an impact and ultimately, be socially responsible These are some of the core values that he considers before throwing his money into any investment That is not all, he also firmly believes that the world is a field of battle and you must prepare to win, not some time but all the time He’s a mountain climber like the Tibetan Monk, who believes that you must survive all odds to get to the top

Incredible tales have been told about his amazing capacity for work He is known to sleep very little when there is work to be done and he expects his staff to imbibe the same work ethic Though generous, he is said to have zero tolerance for incompetence or sloppiness. With him, you must be on your toes every time. It is therefore no surprise that his targeted investments and the grace of God Almighty have placed him well ahead of the authentic list of billionaires His never-give-up spirit is well known and it is this force that has driven him to achieve feats many mortals will think are impossible In the entire continent of Africa, Dr Mike Adenuga is in a class of his own-and therefore, it is inconceivable to actually put him in the same sentence or list as any of the others He is without any shadow of doubt, Africa’s hidden treasure

The reason is simple: Unlike many others whose worth can be calculated via their listed companies and assets, Adenuga’s intimidating wealth is usually in the realm of speculations, they are mostly privately-owned- which is reason he is usually given any position that meets the fancy of the publications

Ololade Olaoye wrote, “Let us face it, if we count the numbers, dollar for dollar, Mike Adenuga would sweep everyone off the park But we are in the world of paid narratives and agenda, where you can buy your place on the Rich List and those who already merited their place there don’t mind paying a few bucks to be overvalued But if you ever become a billionaire, be this one: the billionaire who doesn’t care for the validation of Rich lLsts and the media The one who touches lives here and there, far and beyond And ultimately, the one who’s more about the truth of the matter, than the narratives written by others We all can’t be the Spirit of Africa but trust me, we can learn a lot from his values and essence ” We concur with this assertion, truth be told, he has no rival Let’s then take you into the world of this symbol of endurance, entrepreneur extraordinaire and self-made business titan who is certainly one of the wealthiest black men in the world.

HIS EARLY LIFE

Born on April 29, 1953 to Oloye Michael Adenuga Sr and Chief (Mrs) Juliana Oyindamola Adenuga, the Yeyeoba of Ijebuland, Otun Gbadebo of Ikija and Iyalaje of Ijebu-Igbo, Dr. Mike Adenuga Jnr was not a silver spoon kid but his parents were comfortable

The indigene of Oru, Ijebu-Igbo, Ogun State was born and schooled in Ibadan He attended the famous Ibadan Grammar School He had his university education in the United States He majored in Business administration with emphasis on Marketing While in school, to augment the allowance sent by his parents, he worked as a cabbie (Taxi Driver), putting in many hours of work a week This culture of backbreaking hard work shaped him for his ambitious business adventures later in life

HIS FAMILY

Dr Mike Adenuga Jr is married to Mrs Titi Adenuga (nee Adewale) She provides the comfort and stability that such an incredibly busy man requires His children are Oyin, Babajide (Bobo), Paddy, Bella, Eniola, Bimbo, Sade and ‘Niyi Jnr He also has grandchildren This close knit family members will be the ones around him today as he celebrates his birthday

HIS BUSINESSES

As soon he finished his studies in the United States, Dr Mike Adenuga Jr returned to Nigeria His mother was into business, and it was under her tutelage that he began trading It is probably because of the tremendous impact that she had in his life as Business Adviser that he adored her so much Before she passed on in 2005, he dotted on her

Dr Adenuga Jr, who is the youngest of his parent’s five children, began by selling removable car stereos Probably sensing his business acumen, he was allowed to run the family saw mill factory in Ogun State

He began to steadily grow the business First, he went into the importation of saw mill equipment, then veered into importation of beer eventually hitting it big with his importation of lace.

Recounting those early days, the businessman extraordinaire said he was returning home from a trip in the United States when he missed his British Airways flight and had to fly Swiss Air On that flight ,he was lucky to sit next to the owner of one of the biggest lace manufacturing companies in Austria

He, it was, who convinced him before the flight touched down to give lace importation a shot He took this advice and the reward was good Later, he also went into tomato puree and vegetable oil. He was a sort of Jack of all trades and master of all By the age of 26, he was already a millionaire

As he grew older with more financial muscle, he decided to streamline his operations and look for investments in key sectors of the economy to concentrate on That was how he began to structure the Mike Adenuga Group where he is Chairman.

When General Ibrahim Babangida decided to break the monopoly of foreigners in the oil industry and encouraged Nigerians to participate, Adenuga was one of those who took up the challenge His company, Consolidated Oil applied for and was granted some oil blocs It was a very risky decision and even his mother advised him against it He spent over $100 million on evaluation, interpretation and drilling His courage and tenacity paid off when Consolidated Oil became the first Nigerian company to explore, discover and produce oil in large commercial quantities Now called Conoil Producing Limited, it is currently the leading indigenous oil and gas exploration and producing company in Africa.

Years later in year 2000, he bought over the moribund N a t i o n a l O i l a n d C h e m i c a l s C o m p a n y (NOLCHEM), taking over the government’s majority shares He has since injected fresh funds into the company and rechristened it Conoil Plc

Conoil Plc has over 450 retail outlets all over the country and is the acknowledged leader of development in modern retail outlets such as mega stations and non-space pumps in new-look retail outlets It is the market leader in aviation fuels

Adenuga’s most ambitious project yet is in telecommunications. His company, Globacom is the Second National Operator in the country The first is the government-owned NITEL It is obvious that with Globacom, Adenuga is not interested in short-term profit, he is there for the long haul and of course, his desire is to give Nigerians and Africans world class telecommunication services When he launched the network, he was two years behind the others, Adenuga’s entry strategy was to be innovative and aggressive He waged a price war, democratized and demystified telephone services. Today, the ultimate risk taker has taken Globacom from the nadir to the zenith of the industry

Glo was the only operator in Africa to launch its operations on the superior 2 5G network which enabled the convergence of voice, data and multimedia technologies

But more importantly, it launched operations on Per Second Billing, thus ensuring subscribers only pay for actual time spent on a call instead of the practice of billing customers N50 per minute even when the call cuts off at just 2 seconds It also crashed the cost of SIM card from N30,000 to N6,999 and later N100, thereby making it possible for low income earners, students and artisans to own GSM lines today It is now one of the most recognizable brands across the continent

The network currently has over 60 million subscribers, and is the most preferred network in Nigeria, with a vast network of already laid fibre crisscrossing all parts of the country

The Globacom network comprehensively covers over 400,000 communities, all the 36 states and all major highways Globacom has highly successful subsidiary networks operating in other West African countries. Reputed to be very hands-on in the operations of his businesses, Dr Adenuga, whose daughter, the cerebral Mrs Bella Disu is the Executive Vice Chairman, Globacom, still gets briefs on the day-to-day running of his business empire

Glo 1-This is the only solely-owned high capacity submarine cable with connection to the USA and running from the UK through African and European countries It has been and continues to be a huge commercial success at the heart of the socio-economic development of Nigeria It is remarkable that it is a Nigerian company that has pulled off this ambitious project One of Adenuga’s close associates said the idea of building a submarine cable berthed when the entrepreneur went on a business trip to Paris, the French capital, sometime around 2008

While there, he found out that telephone calls to Nigeria were epileptic unlike the connection between France and other parts of Europe When he made enquiries about what could be done to solve the problem, he was told it was to have an international submarine cable There and then, Dr Adenuga decided to build Glo 1, and the rest is now history The project is a testament to the entrepreneurial spirit and foresight of ‘The Guru’

Dr. Mike Adenuga Jr also has vast holdings in the banking, real estate and infrastructure sectors of Nigeria

It is not hard to imagine that Adenuga is the richest man in Nigeria, and indeed Africa, and of course when one quantifies wealth in terms of liquidity, and not stocks He is unmatchable HIS

His passion for giving is not only personal, the culture has also been imbibed by his companies especially Globacom Through Globacom, he became the biggest supporter of football in Africa

For so many years, the company supported the development of Nigerian sports through the sponsorship of the Nigerian Premier League and the national football teams of Nigeria when no other corporate organisation wanted to touch the assets.

Globacom spent billions of naira in developing the Nigerian league and clubs, and this culminated in Enyimba Football Club winning the prestigious Champions League twice in a row, while the Super Eagles won the Nations Cup in 2013

In that same 2013, the company signed a N1.9 billion deal with Nigeria’s league Management Committee The company also did same for other associations and major leagues in Africa

Dr Mike Adenuga Jr also started a football revolution with the sponsorship and transformation of the yearly Glo/CAF Footballer of the Year Awards He is the undisputed pillar of sports in Africa

Nigeria’s entertainment industry has also received a massive boost through Adenuga’s love for the arts expressed through Globacom

No company in the nation’s private sector in the last two decades, has consistently invested largely in Nigeria’s entertainment industry like Globacom Limited

Adenuga’s vision is reflected in Glo’s youthdriven ecosystem There is no strata of Nigeria’s entertainment industry that you will not find the signature of Glo on it: from music to acting to comedy to sports, etcetera, the list is long

Glo has come to be regarded as a network of stars No corporate organization has had the kind of constellation of entertainment heavyweights as it brand ambassadors as Globacom. All through the years, the cream of the country’s musicians, footballers, literary icons, actors, actresses and comedians have either be signed on as brand ambassadors or featured in the company’s commercials. Some celebrities who have graced Glo’s Hall of Fame include: King Sunny Ade, Ebenezer Obey, Osita Osadebe, Oliver d’ Coque, Prof Wale Soyinka, Yusuf Maitama Sule, Nelly Uchendu, Onyeka Onwenu, D’Banj, MI Abaga, PSquare Others are Rita Dominic, Ini Edo, Juliet Ibrahim, Matter Ankomah, Davido, Wizkid, Flavour, Gordons, Basketmouth, I go Dye,

Teniola, Brother Shaggi, Mikel Obi, Victor Moses, Osaze Odemwingie, Joselyn Dumas, Michael Essien, Anthony Joshua, etcetera

While the commercials that featured these stars helped to market the Glo brand and make it a household name, the partnership benefited these celebrities very well as it served as strategic public relations for their individual brands and its attendant financial gains

So far, no corporate organization has touched the lives of these celebrities like Glo The advent of Glo has really been a blessing to celebrities in the industry and beyond The most interesting factor is that Glo is still in the business of investing in the industry despite excruciating economic realities in the country

Nigeria is a reservoir of talents when it comes to entertainment, and it seems Dr Mike Adenuga Jnr understands the nitty-gritty of talents discovery, and spotting hidden treasures, especially as it effects the youths

This explains Glo’s humongous investments in talent hunt shows in the last eighteen years It has sponsored shows like: Rock ‘n’ Rule, GloNaiga Sings, Laffta Fest, and the world number one music singing talent reality TV show, X Factor, which birthed in Africa for the first time in 2013 Others are Slide and Bounce concert, an entertainment tour which went round all the geopolitical zones of the country as well as Glo Mega Music Show and Glo’s Battle of the Year, which gave the winners a life-changing N9 million prize money, a Toyota Hiace bus valued at N25 million and other prizes.

Similarly, the nation’s art and culture have also been positively touched by Globacom From Ojude Oba in Ijebu-Ode, Ofala in Onitsha, Lisabi in Abeokuta, Imeori in Abriba, Oru-Owerri in Imo state, Afia- Orlu In Nnewi, Anambra State and Abia –Ugwa in Isialangwa in Abia State among others The company has through sponsoring the festivals not only brought them to international limelight, but has also turned the host cities into major tourist attractions

On a personal level, Mike Adenuga can be described as the most generous Nigerian alive He gives ceaselessly For this angel of mercy, giving is living

Describing Adenuga’s large heart in an article, The Boss Newspaper Publisher, Dele Momodu, wrote “Everyman should wake up and pray to meet and become good friends with the Spirit of Africa Trust me, it is worth every second of it Just imagine a man who dashes out the same kind of cars he drives to friends

“He buys these expensive cars in multiples I have been a beneficiary a few times, so I know. I have a friend who got a Range Rover while his wife got another jeep How nicer and kinder can one be? No amount of money is too much for Adenuga to shell out on his family and friends And he really does not expect anything in return. If you have done him a favour then you are truly triply, not doubly blessed, since Dr Adenuga never forgets such favours and offers recompense even beyond your wildest dreams Dr Adenuga believes that his friends are entitled to the same kind of material things that he wishes for and buys for himself He has no jealous or mean streak in him in that respect”

Adenuga’s former close aide, Bode Opesietan also stated “Dr Adenuga’s generosity is legendary He gives personal rewards like no other billionaire If God has given you this kind of resources, it is not for you and your family alone” he would say”

“All year round he splashes generous gifts on extended family, friends, associates, staff and the less privileged He has a long list of beneficiaries he touches with life-transforming gifts He is detailed and exquisitely tasteful, not only in the quality of gifts but also the manner the gifts are presented”

Also during the peak of the COVID-19 pandemic, Adenuga was the first to donate N1.5 billion to fight the dreaded coronavirus scourge He set the stage for other Nigerians to contribute to the management of the scourge That is typical of the Guru, he leads, others follow According to Adenuga “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 on his friends”.

There is nothing more to add When it comes to philanthropy, Adenuga is in a class of his own! Indeed generosity is in his DNA!

Dr Adenuga’s morals and proclivity are dictated by his abundant wealth of experience in life He’s a very intelligent man who is vastly read and widely travelled As a result, he not only understands the innate cruelty of man to fellow man, he has also on occasions experienced this firsthand to his surprise and chagrin These experiences have shaped his thoughts and actions

Dr Adenuga loves integrity and loyalty Because he hardly goes out, he is able to monitor people and events quietly from his desk and home Aside from this, He has had to navigate his way through the murky waters of Nigerian politics Dr Adenuga avoids and shuns politics like the plague He does not believe that he must be involved with politics in order for his businesses to survive or thrive

All he campaigns for is an avenue to do business on a level playing field because he knows that he can survive and outlast most people He considers himself one of the fittest and the best, if not the fittest and the best since he is methodical, calculating and highly industrious and energetic

As he says often, he is hiding his head under the parapet as he is non-aligned and does not want this to be mistaken for support for one side or the other He knows Nigeria and Nigerians very intimately, and does not want to attract unnecessary attention to himself or his business

He is a sagacious and very methodical man, who rewards excellence He does not suffer fools gladly Most of his offices around the world are open 24 hours There is always somebody to take his calls When he has a brain wave, his adrenaline level pumps on over drive and he activates action immediately Everyone who knows Dr Adenuga knows he hates the word impossible He is a workaholic, pure and simple

You can call him an enigma and you will not be wrong He is a very shy gentleman, a trait that many mistake for arrogance

Before Globacom, Dr Adenuga Jnr was one of Nigeria’s silent billionaires He was making his money without fanfare Then came Glo, and he became one of the most recognizable Nigerians alive Till date, he hardly attends public functions and even if he does he sneaks in without any fuss and leaves even before the Master of Ceremonies recognizes his presence.

Despite this elusive persona, those who have met him can attest to his ebullient nature He is one man who catches his fun when he is in the mood He has very fine and elegant taste A connoisseur through and through

Contrary to what many think, he still finds time to unwind most times only in the company of his inner circle of friends and family Dr Adenuga is neither ostentatious or extravagant in his style and dress For him moderation is the value of life In the early days, it was obvious he loved safari suits, but these days nice flowing shirts which mostly have his personal crest emblazoned on them are the norm Of course like all billionaires, he loves powerful cars, nothing over the top or attention-seeking And as per flying, he has the accoutrement that fits his jet set, super executive lifestyle, which means he has long forgotten what it looks like to fly commercial

Dr Mike Adenuga has always had a great affection for France And for its language and culture And as a great admirer of the high ideals and achievements of the people of France, he often visits the country, where he also owns property, for extended visits In his business dealings too, he has maintained a productive and valuable relationship with French interests

It was out of this desire, love and affection for France that he ardently supported the development of Alliance Française in Lagos, in the wish to see that its activities, efforts and initiatives could be enhanced, and its reach and appeal increased

In endowing the concept and construction of the elegant new institute, Dr Mike Adenuga Jr has affirmed his deeply held commitment to the ongoing friendship between the people of France and the people of Nigeria, and is proud to have been able to facilitate and foster that friendship through the building of the Mike Adenuga Centre The brand new, ultra-modern Mike Adenuga Centre was unveiled by French President, Emmanuel Macron in 2019

It is for this great act and his humongous investments that the French president deemed it fit to bestow on him the country’s highest national honour

For his contribution to economies and communities across the globe, Dr Mike Adenuga has been appreciated with so many awards, traditional titles and honours The most prominent are the national honours from Nigeria,

In Nigeria, he holds the highest civilian honour of Grand Commander of the Order of the Niger (GCON), this honour was hitherto reserved for mostly vice presidents

In Ghana, he was awarded the highest civilian honour of Companion of the Star of Ghana (CSG) According to then President John Mahama, who conferred the indefatigable businessman with the honour at a state ceremony: ”You have touched many lives in Ghana You have provided employment for our teeming youths, artistes, footballers and many more. I am particularly proud of you This award is our way of a saying a simple thank you ”

The entrepreneur extraordinaire was also decorated with the Chavalier de la Legion d Honnuer (CdrLH), the highest National honour of France, by French President, Emmanuel Macron

Explaining why the French Government decided to confer the honour on Adenuga, President Macron, who described the consummate businessman as a true model of Africa, noted that he had contributed immensely to the African and French economy

He also applauded Adenuga for his promotion of the French Language and culture in Nigeria There is no shadow of doubt that Dr Mike Adenuga Jnr is the most accomplished Nigerian businessman of our time

Dr Adenuga is many things and more, and today, we raise a toast to the impressive African treasure and business phenomenon Happy 70th birthday sir!