• Michael Adeniyi Agbolade Ishola Adenuga, born 1953, rose from a humble trader to a telecommunications tycoon, founding Globacom in Nigeria and expanding across Africa
• Despite early struggles, including driving taxis to finance his education, Adenuga’s oil businesses with Conoil and later telecommunications made him one of the richest men in Africa.
• His journey is a testament to relentless ambition, strategic investments and a visionary approach to business

Legit.ng journalist Basit Jamiu has over 5 years of experience in education, history and current affairs in Nigeria and around the world.

Michael Adeniyi Agbolade Ishola Adenuga. Born on April 29, 1953, he was born in the heart of Ibadan, Nigeria.

His journey from humble beginnings to staggering success is nothing short of legendary.

Early Struggles and Formative Years

AdenugaHis early years were marked by a relentless pursuit of education and opportunity.

to Ibadan Grammar School and later Comprehensive High School Aiyetoro, he laid the academic foundations that would sustain his future endeavours.

Read too

Tinubu sends key message to North, announces new plans

The world beyond Nigeria beckoned and he heeded the call, traveling abroad to earn a degree in Business Administration from North West. Oklahoma State Universityfollowed by an MBA from Pace University in New York.

His academic journey was not without trials; young Adenuga drove taxis and sold lace materials to make ends meet, embodying the very essence of entrepreneurship.

The first million

Fate smiled on Adenuga in 1979.

Through a series of strategic moves and shrewd investments, he made his first million at the tender age of 26.

This milestone marked the beginning of a career that would see him navigate and conquer various industries with aplomb.

Entering the oil industry

In the late 1980s, Adenuga’s ambitions turned to Nigeria’s booming oil industry.

Conformable Nairametricsdespite initial setbacks, his persistence paid off in 1990 when a new policy by the Minister of Petroleum, Professor Jubril Aminu, under the leadership of General Ibrahim Babangidahis regime, allowed private individuals to venture into oil exploration.

Read too

Tinubu takes new measures against hunger, poverty at G20 summit, details emerge

Armed with a drilling licence, Adenuga’s Consolidated Oil has commenced operations in Ondo State, marking its successful foray into the oil sector.

The birth of Globacom

The dawn of a new democratic era in Nigeria in the late 1990s gave Adenuga yet another opportunity.

Recognizing the untapped potential in the telecom sector, he acquired a conditional GSM license from Federal Government in 1999.

Although this initial license was withdrawn, Adenuga’s tenacity saw him obtain a second license in 2004 through a government tender.

This crucial moment led to his birth Globacoma telecommunications giant that quickly established itself in Nigeria, BeninGhana and Côte d’Ivoire.

Globacom’s aggressive expansion and competitive pricing have positioned it as a formidable rival to MTN Group, with millions of subscribers across the continent.

In 2015, Adenuga’s vision expanded further with the acquisition of Ivorian mobile telecommunications operator Comium for $600 million, solidifying his status as a telecommunications tycoon and reflecting his unwavering commitment to expanding Africa’s telecommunications infrastructure.

Read too

Peter Obi reacts after two young Nigerians cause a global stir with their exceptional brilliance

Mike Adenuga Earns Millions Despite Losing Naira

Meanwhile, Legit.ng reported earlier that Mike Adenuga saw his wealth increases with over half a billion dollars.

Adenuga’s net worth has increased by $600 million since January, from $6.1 billion at the start of the year to $6.7 billion, according to Forbes’ Real-Time Billionaires List.

Source: Legit.ng