Headline

Abdulsamad Rabiu, Northwest’s Largest Employer of Labour

Published

3 years ago

January 29, 2022

Eric

By Eric Elezuo

Only a few days ago, he was adjudged Nigeria’s second richest man, a feat he achieved by putting the interest of Nigerians, especially his Northeast region into selfless consideration. He is the Chairman, Chief Executive Officer, BUA Group, Alhaji Abdulsamad Rabiu.

Describing his efficiency, notable Nigerians, who attended the opening of the 3 million metric tonnes per annum BUA Cement Sokoto Line 4 Factory or 3MPTA BUA cement, line 4 cement plant, in Sokoto, took turns to remark the importance of the industrialist, who on many occasions, has made the Forbes list of billionaires in the world, following his inclination to creating millionaires through the provision of veritable employment opportunities, with special focus on those of his northwest origin. Today, he is the fifth richest man in Africa, and the second richest man in Nigeria.

The BUA Cement Sokoto Line 4 was built to the following specifications: three million metric tonnes per annum capacity; 6,000 TPD ILC with the highest energy efficiency and latest pollution abating equipment; 48 MW dual fuel power Plant and so on. The Line 5 is already in the works and should be ready in the first quarter of 2023.

With an array of political, financial and entrepreneurial presence at the occasion, the person of Alhaji Samad and the importance of his BUA Group were brought to the fore and celebrated. Leading the fray of eulogies, Nigeria’s president, Muhammadu Buhari, could not hide his joy at the impact of the entrepreneurial giant, noting that he has remained the largest employer of labour in the northwest region of Nigeria.

He said: “I am pleased that through these investments, BUA Cement has created employment opportunities for our citizens. Today, BUA is the largest employer of labour in the North-West region.

“I always remind Nigerians that every region, indeed every state, in Nigeria sits on huge reserves of resources. For example, in this area, Kebbi, Sokoto and Zamfara can boast of rice production, gold and other precious metals development and of course, heavy industries like cement manufacturing.

”As a government, we introduced policies and mechanisms to support such investments in a legal, ethical and inclusive manner.

”For example, we have the National Food Security Council on Food Security Matters and the Presidential Artisanal Gold Mining Development Initiative to develop local artisanal gold mining and ensure health and safety of mining workers and protect the environment.

”We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition so as to take advantage of the huge market here, as well as in the greater African region and the world at large.”

Recalling how he, as Head of State in 1985, was at the same location to commission the 2nd line of the facility, the president expressed quite a feeling of nostalgia.

”Today, almost 37 years later, to commission the fourth line is a very special day for me personally.

”As you all know, one of the key economic pillars of our administration has been to create an enabling environment for businesses to thrive. This is necessary for job creation and indeed, for our economy and national security.

”In the past few weeks, I visited Ogun and Kaduna states where I observed many private sector investments in action. And today, I am here in Sokoto to commission this multi-billion Naira project.

”It is therefore very clear for all to see that our policies are working. Progress is gradually being made in all parts of the country,” he said.

In his speech as well, the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, lauded the seasoned entrepreneur, and appealed to manufacturers of building materials in the country to bring down cost of building materials to affordable price for ordinary citizens.

Speaking about the high cost of building materials in the country, he said, “let me use this opportunity to appeal to our manufacturers to please take urgent actions in bringing down price of building materials in Nigeria.

“Indeed, there have been call by construction companies urging the cement and steel manufacturers to do something about the skyrocket price of these two essential items in the manufacturing sector.

“These sector is one of the major sectors of our economy that contribute to the creation of employment and produce for both domestic and export use. Please pay more attention at satisfying our domestic needs, so that prices can come down,” Emefiele said.

He assured that the Central Bank of Nigeria on its part will continue to provide needed support in the provision of need cash, plants and equipment, needed to improve the capacity of the cement production in the country

He said the Central Bank of Nigeria is ready to assist existing investors, both the current and prospective manufacturers that the bank is ready to continue to collaborate with them in enabling the development of viable manufacturing sector in the country.

In his response, Abdul Samad Rabiu commended the President for creating the enabling environment for businesses to thrive, and acknowledged the support of the Central Bank of Nigeria (CBN) and its Governor in setting up the gigantic project.

He noted that, ”so far, we have invested over a billion dollars in the past four years and we urge the CBN to continue to support industries like ours that use locally sourced raw materials to add value.”

He pledged that BUA would continue to invest more in the cement industry until Nigeria is self-sufficient and the commodity is made available, accessible, and affordable for all Nigerians.

”In the past 6 years, we have completed 4 plants – two in Obu, Edo State and two in Sokoto (of which this Sokoto line 4 is the fourth) with BUA’s total production capacity now standing at 11.5 million tonnes with the completion of this plant.

”Next year, we intend to complete the construction of two new plants of 3 million metric tonnes each for which construction is ongoing – one in Edo and the other, here in Sokoto.”

The Chairman of BUA said he looked forward to President Buhari commissioning these plants next year which will bring total production capacity to 17.5 million metric tonnes.

RABIU’S FULL SPEECH

Your Excellency, The President of the Federal Republic of Nigeria, President Muhammadu Buhari, GCFR Your Excellency, the Governor of Sokoto State & distinguished guests.

Your Excellency Sir, may I seek your permission to please stand on the already established protocols? Thank you.

I would like to start by expressing my most profound appreciation to Your Excellency, Mr President, for gracing today’s commissioning despite your busy schedule. Your presence here today, sir, is another affirmation of your unwavering commitment to Nigerian businesses and your vision to industrializing Nigeria.
I also welcome You and everyone else to the commissioning of the BUA Cement Sokoto Line 4 at this historic location – a location steeped in history, and one where Mr. President commissioned the second line in 1985 when he was Head of State.
President, a little over four and half years ago, shortly after the commissioning of BUA’s first greenfield cement complex – the 3million metric tonnes per annum BUA Cement Obu Line 1 by His Excellency, the Vice President, we continued our audacious yet structured expansion programme to meet the ever-growing demand for cement in Nigeria with regional exports also in focus.
We had a vision to support your government’s infrastructure agenda by ensuring we use locally available raw materials to produce cement here in Nigeria.
In the past 6 years, we have completed 4 plants – two in Obu, Edo State and two in Sokoto (of which this sokoto line 4 is the fourth) with BUA’s total production capacity now standing at 11million tonnes with the completion of this plant.
Next year, we intend to complete the construction of two new plants of 3 million metric tonnes each for which construction is ongoing – one in Edo and the other here in Sokoto. We expect these plants to be completed next year which will bring our total production capacity to 17million metric tonnes. We look forward to Your Excellency coming to commission them by the first quarter of 2023 ISA.
President, distinguished guests, BUA will continue to invest more in the cement industry until Nigeria is self-sufficient and cement is made available, accessible, and affordable for all Nigerians.
President, there are many reasons one can attribute to the important nature of this plant. The attendant effect of these investments in new factories go beyond the community and the state. It extends to the region and the entire country.
From a job creation and economic standpoint, the Sokoto plant continues to be the largest private sector employer of labour in the North-Western part of Nigeria. Also, by adding value to resources mined in Nigeria, Nigeria is being saved billions of US dollars in foreign exchange that would have been spent on importation, whilst also ensuring product availability. In fact, 95% of all the raw materials used in our cement manufacturing process are sourced locally.
In addition to this, and our investment in social impact and CSR programmes for the community and sokoto state at all levels, we are also committed to environmental sustainability. We have diversified our energy sources by introducing greener alternatives – in this case, LNG – to power the kiln and 48 megawatts power plant. Our power plants are now running on 100% LNG leading to reduced carbon emissions. This is the first of its kind at any cement factory in Nigeria.
What this means also, is that as soon as the AKK gas project comes on stream, we are ready to be one of the first off-takers to satisfy our energy needs. This will also encourage further industrialization within the region, open new industries and ensure greater development and prosperity for this region and the nation in general.
Mr President Sir, all of this will not have been possible without your support and commitment to the development of the Nigerian economy.
As a Proudly Nigerian Company, we will do our best to continue to support those efforts.
The support of the Central Bank of Nigeria and its Governor in setting up this gigantic project is also worthy of mention. So far, we have invested over a billion dollars in the past four years and we urge the CBN to continue to support industries like ours that use locally sourced raw materials to add value because as mentioned earlier, these industries potentially save the country billions of dollars yearly and also ensure products are readily available across the length and breadth of the country.
I must also thank specifically, His Excellency, the Governor of Sokoto State – Rt Honourable Aminu Tambuwal who has never wavered in his support in ensuring an enabling environment for BUA Cement to thrive. Thank you, Your Excellency.
In the same vein, our partnership with our host community, Kalambaina Community, has been mutually beneficial. The people of Kalambaina have been so cooperative, peaceful, and supporting of the business and our activities. This has ensured a mostly hitch-free operation in this area for more than five decades and has given us the confidence to invest more whilst adding to the socio-economic development of the area through various investments in infrastructure, education, healthcare, jobs, and other social impact areas.

CLOSING

Distinguished guests, I would like to restate that BUA Cement remains fully committed in making cement more available, affordable, and accessible using raw materials available locally. This is important for housing and infrastructure development as well as national development and we will keep doing our own part to actualize this goal.

Finally, I want to thank Mr President for his commitment to the growth and development of manufacturing, mining, and other key industries in this country.

Businesses can only thrive if the enabling environment is right and is supported by the right policies.

We are aware of your government’s efforts, but we know that government alone cannot do it without the positive collaboration and support of the private sector. This is where we come in and we will continue to support national and economic development as we have always done.

Once again, I welcome all our distinguished guests to the commissioning of the 3 million metric tonnes BUA Cement Sokoto Line 4.

Thank you for listening.

Among a-list personalities that graced the event together with the host governor, Alhaji Aminu Tambuwal, were His Imperial Majesty The Ooni of Ife Oba Adeyeye Enitan Ogunwusi Ojaja II; The Sultan of Sokoto, His Eminence Muhammadu Sa’adu Abubakar; The Emir of Kano, His Royal Highness, Alhaji Aminu Ado Bayero; The Emir of Bichi, His Royal Highness Alhaji Nasiru Ado Bayero, The Governor of the Central Bank of Nigeria, Godwin Emefiele; Mr Olumide Akpata, President of the Nigeria Bar Association; Mr Sijibomi Ogundele of Sujimoto; Mr Segun Awolowo, former helmsman at the Nigeria Export Promotion Council (NEPC), Dr Taiwo Afolabi of the SIFAX Group; Mr Jubril Adewale Tinubu, the Group CEO of OANDO PLC; Chief Sam Iwuajoku, the founder and Chairman of Quits Aviation; Otunba Niyi Adebayo, Minister of Industry, Trade and Investment; Mr Tayo Ayeni, Chairman of Skymit Motors, Senator Mohammed Daggash; Dr Aliyu Modibbo Umar, former Minister of Commerce and of the FCT; Balogun Akin Osuntokun.

Other dignitaries at the events includes all the Governors of Kebbi, Kano and Kwara States as well as the deputy governor of Jigawa States and his counterpart in Sokoto State.

THE ABDULSAMAD RABIU WE KNOW

As one of Africa’s biggest philanthropist, Rabiu has graciously used his BUA Foundation and the phenomenal Abdul Samad Rabiu Africa Initiative to not only affect lives, but ensured that the people of world, especially his native Nigeria, live in defined comfort.

Born August 4, 1960, in Kano, to one of Nigeria’s foremost industrialists in the 1970s and 1980s, Khalifah Isyaku Rabiu, Abdul Samad Isyaku Rabiu CON is a perfect combination of many things in one.

It was in his native Kano that he kick started his academic pursuit, carousing through elementary education with ease as a gifted child, and obtained his First School Leaving Certificate. He was later admitted into the Federal Government College, Kano, where he had his secondary education, and gradually with honours.

With a combination of fate, brilliance and determination, Abdulsamad was catapulted to Capital University in Columbus, Ohio, where he studiously studied Economics, and acquired his tertiary education before returning to Nigeria, all before his 24th birthday, to oversee his family business. He was that much sort after, and highly brilliant, and considered capable of holding fort for his father, who was being detained by the administration of General Muhammadu Buhari over matters concerning import duties.

In 1988, just after learning the ropes of entrepreneurial excellence, Abdul Samad Rabiu established BUA International Limited, for the sole purpose of commodity trading. The company followed after the footsteps of his father, and imported rice, edible oil, flour, and iron and steel.

In 1990, having exhibited the character worthy of a world class entrepreneur, and the ability to execute classical projects, Rabiu’s BUA was invited by the government, which owned Delta Steel Company to supply its raw materials in exchange for finished products. This provided a much-needed leverage for the young company, and consequently expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.

Rabiu’s dexterity showed further a few years later, when the company acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria, and there erupted the company’s and BUA’s influence and care over the people in the provision of affordable edible oil. His passion to see people excel in comfort has continued to make him churn out one great tiding after another, and endearing him in the hearts of the generality of the public.

A man with a vision for tomorrow, Rabiu, in 2005, started two flour-milling plants, in Lagos and in Kano, and by 2008, had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. This was a feat only a bravest of hearts could wroth. As a result, in 2009 the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. Rabiu’s passion for expansion is unequalled.

BUA Group has since concentrated and excelled in manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. This is in addition to being the chairman of the Bank of Industry (BOI).

The Group, in 2019, announced plans to merge its privately owned Obu Cement with the publicly traded Cement Company of Northern Nigeria Plc (CCNN), to create Nigeria’s second largest cement producer thereby consolidating the grip on the cement market and breaking its monopolistic status.

It is worthy of note that Cement Company of Northern Nigeria PLC in which Rabiu owned more than 97% was producing two million metric tons of cement per annum (Mtpa) while Obu Cement has an annual production capacity of 6Mtpa. The move is in line with the company’s resolve to deepen the Nigerian capital markets and enhance the growth of the cement industry.

Rabiu’s expansion strides cannot be complete without a mention of his extraordinary philanthropic gestures.

In April 2020, he made a whopping donation towards the fight to contain the spread of the Coronavirus pandemic presently ravaging the country.

In a letter dated April 24, 2020, he personally signed and addressed to The Presidential Task Force on COVID-19, the billionaire businessman, congratulated the duo of the Task Force and the Nigeria Centre for Disease Control (NCDC) for doing a good job while observing that much as so much has been done, there was still need to do a lot more, as the disease continued to make inroads into many parts of the country, especially Lagos and Kano states.

“I view with deep concern, the increased rate of spread of the Coronavirus, especially in Kano and Lagos states despite concerted collective efforts to curb the spread and effects of the virus in Nigeria,” he said.

With sincere reference to ‘what is going on, especially in Kano at the moment’ the philanthropist, who had earlier donated N1 billion to the private sector led CACOVID and other states, announced the release of another N3.3 billion ‘grant to the working group made up of the Presidential Task Force, NCDC and other stakeholders in equipping two existing permanent facilities in Kano and Lagos states’.

He said: “To this end, I am immediately committing and making available – through the Bua Foundation two grants of Two Billion Naira for the Kano-based intervention and One Billion Naira for Lagos State being the two epicentres of this virus in Nigeria.”

Rabiu also informed that “a sum of N300 million will also be made available immediately in cash to the Presidential Task Force to assist with logistical and operational activities of the taskforce. This grant is in addition to BUA’s earlier contributions to the private sector led CA-COVID coalition and donations to other states.”

Giving directive on how the funds will be spent, the BUA Foundation Chairman hinted that the “working Group will be expected to use resources at its disposal to ensure these facilities – to be determined by the Working Group – are fully equipped in the shortest possible time.”

He further revealed his trust in the working group to judiciously use the grant for the purposes meant, saying “I believe this will effectively help to expand the scope of interventions, ongoing research as well support already stretched medical cities dedicated to this fight.”

Rabiu’s BUA had in March through a confirmed funds transfer to the COVID-19 relief fund account with the Central Bank of Nigeria redeemed its pledge of N1billion ($2.6m) to the fight against COVID-19. In addition, the company also announced another donation of N300 million to Sokoto, Edo and Ogun States to assist in galvanizing a coordinated response and adequate preparedness in the fight against the COVID-19 pandemic in this states. The donations to Sokoto and Edo States were on behalf of its Cement subsidiary, BUA Cement which has its major operations in those states whilst Ogun was also selected as a beneficiary due to its proximity to Lagos which had been the epicenter of the virus in Nigeria.

In total, Rabiu and his group donated N4.6 billion to the fight against the dreaded pandemic in a addition to other incentives, making them the single highest donor as at date.

In 2021, Rabiu’s focus bestowed on him the grace of becoming the biggest gainer in shares. According to Forbes, which listed the billionaire among the four top billionaires in Africa for the year, “shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, doubled in value in the past year. That pushed Rabiu’s fortune up by an extraordinary 77%, to $5.5 billion. One thing to note: Rabiu and his son together own about 97% of the company, giving the company a tiny public float. The Nigerian Stock Exchange requires that either 20% or more of a company’s shares to be floated to the public, or that the floated shares are worth at least 20 billion naira — about $50 million — a paltry sum, to be sure. A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement. (Forbes discounts the value of stakes when the public float of a company is less than 5%.)”

Rabiu has constantly used his BUA Foundation for his philanthropic activities. Some of them include the construction of a 7,000-square-meter paediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano amongst several others.

He is known to have signed several major deals with French companies in recent times, from Axens as technical partner to his new refinery, to a 300tn plasterboard factory deal with French construction giant St Gobain. He followed it up with listing a segment of his business empire on the Lagos Stock Exchange.

In June 2021 therefore, when French President Emmanuel Macron inaugurated the France-Nigeria Business Council, a private sector initiative to enhance business relations between the two countries, Abdul Samad Rabiu, was appointed its inaugural President. He had earlier been appointed Chairman of the France Nigeria Investment Club. These appointments drew encomiums from high places including President Muhammadu Buhari.

Practically every woman’s dream, Abdul Samad is married to his beautiful wife, and they are blessed with children, among whom are Isyaku Rabiu, Junaid Rabiu, Rukkayah Rania Rabiu and Khadijah Rabiu. He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines.

Samad’s fortunes improved as follows giving him the leverage to start the year 2022 on a high note:

BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of press time, Jan. 6.
The company’s market capitalisation increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.

He added a whopping $1.9 billion to his networth, bringing his total fortune to $7.2 billion.

Rabiu’s abilities are compared only with the best. He is a force to reckon with in the field of enterprise and human capacity building. He is quite a gift to Nigeria, and the world.

A hearty congratulations to you sir as you continue to take the entrepreneurial world by storm, and continue to be shinning light for the people of Nigeria, especially the northwest.

Headline

Height of Disrespect: Obasanjo Berates NNPCL over Invitation to Tour PH Refinery

Published

17 hours ago

January 4, 2025

Eric

Former President Olusegun Obasanjo has slammed the Nigerian National Petroleum Corporation Limited (NNPCL) over the recent invitation extended to him, to tour both Port Harcourt and Warri refineries.

Obasanjo reacted to the invitation via a statement issued by his media aide, Kehinde Akinyemi, in which he described the invitation as disrespectful to his office and person.

He argued that the oil company had not sent any formal invitation to him as of Thursday, January 2, 2024.

The NNPCL invitation was sequel to the former president’s doubt on the repairs of the refineries. Obasanjo had in a recent interview on Channels television revealed that although the NNPCL was aware of its inability to effectively manage the national refineries, it rejected a $750 million offer from Aliko Dangote to manage the Port Harcourt, Warri and Kaduna refineries in 2007, during his administration.

He questioned why NNPC is now working with Dangote, saying,: “Not only will he make it (his refinery) work, he (Dangote) will make it deliver. And whether we announce our own government refineries working or not working, it is like a man who plants 100 heaps of yam and says he planted 200 heaps. After he harvests 100 heaps of yam, he will also harvest 100 heaps of lies.”

Responding to the former president, the corporate communications officer of NNPCL, Olufemi Soneye, said the company recently achieved the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery, stressing that the exercise was not the typical Turnaround Maintenance (TAM) of the past but a comprehensive overhaul designed to meet world-class standards.

Soneye went ahead to extend an invitation to Obasanjo to have a tour of the refineries.

In return, Obasanjo’s media aide said: “Is that the right way to invite a former president of the country? Who says Baba has even seen the statement or read the news? It is a total disrespect for the office of the former president.

“Ask the NNPCL that as of January 2, have they written to him? Is there any official letter addressed to him, inviting him to the refinery? It is an absolute insult, and the former president cannot dignify such with a response.”

Headline

Mike Adenuga: The Billionaire and His Entrepreneurial Consistency – $700m Better in 2024 –

Published

18 hours ago

January 4, 2025

Eric

By Eric Elezuo

The saying, when the going gets tough, the tough gets going, applies chiefly to a man, who has justifiably fits the term, ‘The People’s Billionaire,’ as a result of his humanitarian gesture to everything that pertains to life and living. He is Dr. Michael Adenuga Jnr. He is the brain behind the successes recorded at Glo. He is the Chairman, Globacom Group.

Rising from a year that has been replete with economic downturns, where several enterprises and entrepreneurs are counting their losses, Dr. Adenuga has significantly raked in over United States $700 million, to shove up his fortune. A feat, only fit for kings!

According to Billionaires.Africa, a news magazine that tracks the progress or otherwise of African billionaires, Adenuga, in spite of the harsh economic environment, occasioned by policy somersaults of the present administration, has proved that his business acumen supercedes environmental economic variables, giving him the leverage to not only have its head above water, but to smash every available class ceiling of average.

The magazine wrote, “Amid a year marked by currency depreciation across several African nations, including Nigeria, billionaire businessman Mike Adenuga solidified his position among the continent’s wealthiest individuals and the world’s 450 richest people. Adenuga, who built his fortune in telecommunications and oil production, saw his net worth rise by $700 million in 2024, a testament to the resilience and diversification of his business empire.

“As of Jan. 1, 2024, Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, estimated Adenuga’s wealth at $6.1 billion. By Dec. 31, 2024, his net worth had grown to $6.8 billion, ranking him as the 448th richest person in the world. Adenuga’s wealth is anchored in his control of Globacom, Nigeria’s second-largest mobile telecommunications and digital services provider, which boasts over 60 million subscribers.”

Known by so many appellations including the Spirit of Africa for his philanthropic gestures across board, and The Bull, for his resilience and ability to dare the impossible, Adenuga has proved over the years that he is not the regular billionaire. He is of the stock that is not regulated by stock market figures, but by liquid cash. And that explains why his wealth and net worth supercedes whatever figures churned out by any institution, or any position he is placed in the billionaires’ list.

Adenuga is, for all intent and purpose, in a world and class of his own. This is because his business trajectory and personal philosophy are uniquely his, and therefore worthy of emulation.

Sitting atop one of the most cherished and subscribed network, Glo, Adenuga has not only inspired lives, and practically lifted not a few to enviable heights.

Known for his diverse investments in oil, gas, telecommunications, banking, construction, and real estate, Mike Adenuga notably shook up the African telecom sector with the launch of his telecommunications network, Globacom Limited (Glo), in August 2003.

Also referred to as The Guru, 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.

His story is like a movie: 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 money, Adenuga was vision personified, and 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. The epoch making discovery on December 24, 1991, changed many narratives.

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, one must be on their 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.

Adenuga has no rival. He is a symbol of endurance, entrepreneurship, 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 back-breaking 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.

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. She passed on in 2005.

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 National Oil and Chemicals Company (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 SUPPORT FOR SPORTS

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.

HIS GIANT STRIDES IN CULTURE AND CREATIVE INDUSTRY

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 youth-driven 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.

The most recent in the list of Glo’s ambassadorial list is Ime Bishop Okon, better known as Okon, a favourite comedian among entertainment buffs.

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.

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.

HIS PASSION FOR PHILANTHROPY

He is without doubt, the most generous Nigerian alive. He gives ceaselessly and carelessly. He is an angel of mercy; giving is living for him.

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.

“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,” he wrote.

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”.

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!

HIS PHILOSOPHY OF LIFE

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 in politics 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, and does not like attracting unnecessary attention to himself or his business.

Among many of his pluses, Adenuga is sagacious, methodical man, and rewards excellence. He does not suffer fools gladly. Most of his offices around the world are open 24 hours.

HIS LIFE STYLE

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.

HIS LOVE FOR FRANCE

Dr. Mike Adenuga has always had a great affection for France, and had long established a cordial relationship with the nation between the recent President Bola Tinubu incursion into French territory. He often visits the country, where he also owns property, and 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.

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.

HIS HONOURS ROLL

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, Ghana and France.

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.

A toast to the impressive African treasure, business phenomenon and this generation’s Mr. Consistency.

Headline

Again, Ohanaeze Urges Tinubu to Release Nnamdi Kanu

Published

22 hours ago

January 4, 2025

Eric

The President-General of Ohanaeze Ndigbo, Nze Ozichukwu Fidelis Chukwu, has posited that President Bola Tinubu would write his name in gold if he orders the release of Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB).

Nze Chukwu made the appeal while welcoming Tinubu to the South East, ahead of his scheduled visit to Enugu State on Saturday.

He expressed delight over the gradual attitudinal change of the Federal government under Tinubu towards the Igbo nation.

Ohanaeze spokesman, Alex Ogbonnia, quoted Nze Chukwu as saying: “It is, therefore, hoped that with the Enugu visit, President Tinubu will write his name with gold in the hearts of Ndigbo and all the well-meaning Nigerians, if he orders for the release of Mazi Nnamdi Kanu.”

Ohanaeze insisted that national peace, unity, patriotism and sustainable economic development of any country are the outcomes, effects or products of equity, and social justice.

“In other words, there is hardly any society or group that can be complacent under severe existential threats such as orchestrated marginalization, relative deprivations, and external instigation of insecurity, conflagrations and crises,” he added in a statement.

The organisation also commended Governor Peter Mbah for his “disruptive, innovative and massive infrastructural developments in Enugu State; Enugu International Conference Centre, Enugu Smart schools in all the electoral wards of Enugu State, hospitals across the states, resuscitation of Hotel Presidential Enugu, Flour Mills, Nigergas, the construction and rehabilitation of hundreds of roads in the State, etc, within a short period of his administration”.

The statement added: “We also appreciate His Excellency, Sen Hope Odidika Uzodimma, CON, the Chairman of the South East Governors Forum and Chairman of the All Progressive Governors Forum, for the life-saving installation of Night Landing Equipment at the Sam Mbakwe International Cargo Airport, Owerri.

“Finally, we wish President Tinubu a safe, joyous and eventful trip as he is treated with the Igbo hospitality in Enugu State.”