Anyone who doesn’t know the story of the now much renowned Michael Adenuga would feel that he is one of those kids that was born into tremendous wealth and just capitalized on it, not knowing that he had some troubles growing up too, had to face a series of challenges all by himself and what he is now is a product of decades spent fine-tuning himself.
Born into the family of Chief Mike Adenuga Sr (school teacher) and Madam Oyindamola Adenuga (trader) in the year 1953, Mike Adenuga is now one of the biggest moguls in Africa and with a net worth set at about $4.6 billion as at January of 2015, he is one of the biggest names in the telecommunications industry.
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He had his primary school education at his hometown of Ibadan and went on to have his secondary education at the Ibadan Grammar School. After secondary school, Mike Adenuga traveled out of the country to the united states where he studied and got a degree in Business Administration from the North-western State University. While he was in the university, a lot of money was not forthcoming from his parents who were also low-income earners and because of this, he had to take on a taxi job to make ends meet while he schooled at the same time. After his first degree, he went on to get a master’s degree on the same course but at the Pace University in New York.
Getting his drilling license in the year 1990, it took his company just a year before they discovered oil on the lands of Ondo state and he became the first nation-based company to find oil in such appreciable quantities. Branching off from the oil sector and going into telecoms, he got a license in the year 1999 but he faced a snag which had his license revoked. Luck was soon to smile on him again though as the government held an auction in 2003 which saw him get another one. This was the birth of Globacom, his telecoms company.
With Globacom, Mike Adenuga has challenged the giants in the industry and with the competitiveness, he has brought to the whole game, it can be said that he has challenged well. One of the biggest highlights of his company’s policies has to be the optic fiber cables which connect to most countries in Europe and every other part of the world, the first of such innovation in the region. Mike has also not forgotten where he was coming from as he keeps pushing his oil business to the forefront also. For example, Conoil – which happens to be his oil and gas sector investment – is one of the largest players in the industry.
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He has holdings in the banking sector also, being the major holder in the Equatorial Trust Bank which met the standard #25 billion minimum deposit imposed by the CBN then, something that forced many out of the banking sector and caused others to merge.
Globacom now being the fastest growing network in Africa and the most innovative network in Nigeria, the business mogul is married to his second wife and has eight children from both marriages.