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Opinion

Who’s Afraid of Mike Adenuga

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By Ololade Olaoye

Towards the end of every year, the world awaits the latest announcement of who are the latest richest men and women. The ratings are usually based on stock market figures and performances. Unknown to many, this often has its limitations.

In Africa for example, Stock Exchanges are not as vibrant and accurate as in other climes. It is laughable whenever the African ratings accord low figures to someone in the uncommon league of Dr Mike Adenuga Jr., a man who’s practically the wealthiest and most cash-liquid man in Africa.

Please, take note of the following:
Dr. Adenuga was the first Nigerian to discover oil in Commercial quantity, since 1991, over 30 years ago. Today, he owns about ten oil wells and Conoil, his only publicly quoted company, operates both upstream and downstream, with humongous gas deposits. There are not many such operators in Africa. Most of those individuals with huge investments in the oil sector have since packed up. Adenuga’s tenacity is remarkable and salutary.

In telecoms, Glo remains a formidably popular and dominant player, fully owned by one man, Dr Adenuga, who makes money every second. His uncommon investments in submarine cables from Europe to Africa gave the Glo network the “speed of life!” as well as the status of the market leader in the highly profitable business of internet.

Glo is always grossly undervalued when the ratings are announced. For obvious reasons, as not doing so wouldn’t align with the agenda of those desperate to make the man look small.

In banking, Adenuga owned Devcom Merchant Bank and Equitorial Trust Bank which was acquired by Sterling Bank Plc. Adenuga currently owns substantial stakes in both Sterling Bank and First Bank of Nigeria.

In Real Estate, Dr. Adenuga’s property portfolio at home and abroad is second to none. His properties dot many city capitals in Nigeria and beyond.

Not too long ago, he acquired significant interests in Julius Berger Nigeria Plc, the biggest Construction conglomerate in Nigeria. He is heavily into manufacturing and many other sectors of the economy.
Directly and indirectly, he’s the single largest employer of labour in the country, possibly asides government. It is noteworthy, that his philanthropic gestures are beyond imagination. You should ask about the impact of the Mike Adenuga Foundation. That a good deed does not get reported doesn’t mean good hasn’t been done. Glo has touched the lives of too many entertainers and sports icon. Matter of fact, Glo elevated our celebrities to superstar status and helped to reward the services of some of our forgotten icons. Glo customers are pampered endlessly.

No wonder, he is often referred to as “The Spirit of Africa…”

Let us face it, if we counted the numbers, dollar for dollar, Mike Adenuga would sweep everyone off the park. But we are in the world of paid narratives and agenda, when 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 lists 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.

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Opinion

Skills Acquisition: Way Forward for Nigeria’s Educational Development

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By Ayo Oyoze Baje

“The future belongs to those who learn more skills and combine them in creative ways” – Robert Greene

As concerned Nigerians keep deliberating on the best way to navigate the twists and turns inherent in our education delivery system, if yours truly has his way secondary school students should be spending three days of each week for theoretical knowledge and two for practical skills development. These include skills such as tailoring/fashion design, hair dressing and carpentry. Others include building construction, painting, domestic farming, singing, acting, oratory and comedy.

This has become more expedient because in 2023, Nigeria ranked 100th out of 100 countries in Coursera’s Global Skills Report in terms of skill proficiency. Incidentally, the country also ranked low within the Sub-Saharan Africa, placed 12th out of 13 countries.In fact, other African nations such as Botswana and Cameroon outperformed Nigeria in the same report. This was an indication of a significant skills gap in the country. But recent indicators suggest an increase performance that should be built on. For instance, Nigeria showed the fourth-highest year-on-year growth rate for Professional Certificates enrollments on Coursera. This clearly suggests a growing awareness and participation in skills development initiatives which should be built on.

For instance, the unemployment rate in Nigeria stands at about 4.84% in 2025, according to Statista. com. This translates to an estimated 5.74 million people who are unemployed. Similarly, the youth unemployment rate is around 7.50% according to Trading Economics.

Given the current global influence of information technology, the expanding impact of Artificial intelligence ( AI ) and the soaring influence of climate change. Others include the increasing need to ride the freaky waves of economic survival, and the stifling space for employment, not only in Nigeria but across the globe. Yet, the country is abundantly blessed with rare talents in different fields of human endeavour.

Mention names such as Silas Adekunle, known for his robotics expertise and the world’s first intelligent gaming robot or Riya Karumanchi, who invented a device to assist visually impaired individuals the importance of skills acquisition in the development of the talents of our youth gradually dawns on us.

It is a similar scenario when the name of
Hassan and Hussaini Muhammad, who created a way to convert petrol, water, salt, and alum into hydrogen cooking gas crop up. And out there there are other young Nigerian inventors such as Khalifa Aminu (FM transmitter), Muazzam Sani (remote-controlled car), and the team behind the smart walkway light and automatic irrigation. The importance of skills acquisition cannot therefore, be over emphasized.
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Put in its simple terms, skills acquisition is crucial for Nigerian students academic development, because it enhances their employability, as well as boosts entrepreneurship. In fact, it contributes to overall national development. According to experts on educational development it empowers students to be self-reliant, reduces poverty and unemployment, and also provides them with a global perspective.

The impact and import of students’s skills acquisition is amply deployed in Bells University of Technology, Ota, Ogun state. There, students are exposed to the practical aspect of whatever course they are studying such that seasoned professionals are invited to deliver the practical aspect of their theoretical knowledge.Such is the impact that engineering students have become problem solvers. They have constructed pavements, fences, designed and built solid infrastructure.

Furthermore, the Centre for Agricultural Technology and Entrepreneurial Studies (CATES) has come up as a key initiative at the same university. As a noble cause it was established to foster practical, solution-oriented approaches to agricultural and entrepreneurial development within the university and the wider community. The skills promoting aspect of it is that CATES focuses on areas such as poultry technology, aquaculture, cassava farming, and mushroom culture. It also operates a vegetable farm and a plantain farm on campus. All these explain why graduates of the citadel of knowledge become self employed, with several of them kick starting the process right from the University as undergraduates. All these boost their financial independence while they contribute to the Gross Domestic Product, GDP.

Skills acquisition therefore,
increases employability, more so in today’s competitive job market. Having relevant skills makes students more attractive to employers. These include skills such as digital literacy, communication, and problem-solving, which are highly valued across various industries.Entrepreneurship programs teach them how to start and manage their own businesses. This eventually, leads to economic growth and improved living standards with appreciable Human Development Index, HDI. By equipping students with practical skills, skill acquisition programs can assist to lift individuals and families out of the terrifying trap of poverty and ultimately reduce the unemployment rate for the country.

From the global perspective, many skills are transferable across borders. This is one good lesson learnt from the COVID-19 pandemic. Nigerian students can latch on it to participate in the global economy through remote work or international collaborations. It also fosters confidence in students, assist them to adapt to the global socio-economic dynamics,while instilling a sense of accomplishment in them, thereby contributing to overall personal growth.

Of great significance, is that
a skilled workforce is essential for the nation’s economic growth and technological advancement. Overall, the skill acquisition programs contribute to building a more productive and innovative society. So Nigeria work on the report which highlighted specific skill areas where it lags, especially technology and data science.

Nigeria should also learn from countries that stand out for their high levels of skill acquisition and development. These include Northern European nations such as Finland, Norway, and Sweden which consistently rank high, along with Switzerland, Singapore, and Germany. These countries often prioritize education, training, and creating opportunities for their populations to acquire and utilize a wide range of skills. As rightly noted by Malcolm X: ” Education is our passport to the future, for tomorrow belongs to those who prepare for it today”.

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Opinion

The Unsung Patriots: When Integrity Stands Above National Honours

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By Sani Sa’idu Baba

Nigeria’s Democracy Day ought to be a solemn reminder of the sacrifices, resilience, and commitment of individuals who have stood tall in the face of tyranny and injustice. It is a day that should celebrate not only democracy itself, but also the patriots who have preserved its fragile flame. Yet, in what many see as a deliberate and politically motivated omission, several Nigerians of high calibre, unimpeachable character, and unassailable contributions to nationhood were left out of the national honours list announced by President Bola Ahmed Tinubu’s administration.

This omission is not a matter of oversight. It is a calculated decision that speaks volumes about the political insecurities within the corridors of power. One name that resonates profoundly in this discourse is Chief Dele Momodu, adopted son of the late MKO Abiola, a journalist, publisher, presidential aspirant, and fearless voice of the people for over four decades. Chief Momodu is a man who has not only chronicled Nigeria’s history but has lived and shaped it through his unwavering commitment to truth, justice, and democratic ideals.

Let us be honest, this is not about merit. If it were, Chief Dele Momodu’s name would have featured prominently on that list. This is about fear, fear of principled rejection. It is about avoiding the kind of national embarrassment that befell the Buhari administration when internationally acclaimed writer Chimamanda Ngozi Adichie openly declined a national honour because she believed it lacked genuine integrity. Her rejection was not out of arrogance, but from a place of conviction, a deep sense of responsibility not to allow her name to be used as an endorsement of a government she could not, in good conscience, support.

President Tinubu’s government, undoubtedly aware of Dele Momodu’s outspokenness and principled stance, likely feared a repeat of such rejection. Because men like Chief Momodu would not want to accept such honours from those who have allegedly turned our hard earned democracy into a civilian dictatorship. For him, a national honour must be more than a political gesture, but a reflection of national values, a reward from a government that truly serves its people.

Chief Momodu has never been one to seek validation from the powerful. His life’s work has been about amplifying the voices of the voiceless, challenging injustice, and standing firm even in the face of exile and persecution. That is who he truly is. I believe that he will happily accept a national honour from a government that embodies the ideals of democracy not one that plays lip service to it. It’s only a matter of time!

This June 12, as we mark another chapter in Nigeria’s democratic journey, we must also reflect on the kind of leadership we celebrate. It is not enough to decorate the loyal and the silent. True honour lies in recognising the bold, the honest, and the principled even when their truths are uncomfortable.

To Chief Dele Momodu, and others like him who continue to walk the path of integrity, your absence from the national honours list is not a dishonour. In fact, it is a badge of honour in itself. For in a time where sycophancy is rewarded, your principled silence, your steadfast commitment to truth, and your refusal to compromise, speak louder than any medal ever could. Nigeria sees you. History will remember you.
Your recent 65th birthday celebrations which was meant to be simple and low-key but turned into a well organised global celebration all in your honour speaks volumes.

May your integrity continue to inspire a generation that refuses to trade truth for personal gains.

Happy democracy day…

Dr. Sani Sa’idu Baba writes from Kano

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Opinion

Nigeria’s Reforms Have Put the Country on the Global Economic Map

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By Abdul Samad Rabiu

As my country steadies itself, Britain, its Western allies and their companies should deepen this partnership

As ghosts of the 1930s haunt the global outlook, the scramble for trade deals has seized control of government agendas. The United States has leveraged its “tariff war” to secure better terms, driving both friend and foe to the negotiating table. British deals with the US and India have provided some refuge from the prevailing gloom.

Less reported – but with similar potential – was last year’s signing of the Enhanced and Trade and Investment Partnership (ETIP) between the UK and Nigeria , the former’s first such agreement with an African nation. Quiet in its arrival, the pact may yet echo louder.

As someone who has built multinational businesses across Africa, I know the vast opportunity the continent offers, and Nigeria in particular, which alone accounts for a fifth of sub-Saharan Africa’s 1.2 billion people. But I also understand the limitations we have often placed on ourselves when it comes to securing investment.

Lowering barriers to trade is crucial, and for that Britain’s ETIP looks prescient. However, investment and business potential will remain discounted as long as African nations cling to state intervention – from subsidies and price controls to exchange rate distortions – all of which have consistently bred dysfunction and economic instability. Fortunately, Nigeria has now decisively turned a corner, embracing market economics under a liberalising government.

In Morocco this week, Foreign Secretary David Lammy indicated Britain’s position is shifting too. Setting out his strategy for Africa, he said British policy must transition from aid to investment. “Trade-not-aid” is no new idea – but it is the first time a British government has so clearly echoed the demand the African continent has voiced for years.

In making that shift, Nigeria is taking the lead for a continent to follow. So many Nigerian administrations I have known have been hostage to economic events, doubling down time and again on state intervention rather than having the conviction to reform. This administration is proving different. After two years of difficult reforms, Nigeria – under President Bola Tinubu – is now poised to fulfil the promise of its vast natural resources, rapidly growing population of over 200 million people, and strategic coastal location along the Gulf of Guinea.

First, the Tinubu administration removed a crippling fuel subsidy – the most significant policy reform in years. At 25 to 30 cents per litre, petrol in Nigeria was among the cheapest in the world. But the subsidy was bankrupting the government: by 2023, it consumed over 15 per cent of the federal budget – roughly equivalent to the proportion the UK spends annually on the NHS.

When President Tinubu ditched the fuel subsidy on his first day in office, criticism quickly followed. Prices, at least for the time being, have risen. However, statistics must be understood in light of the wide-ranging distortions the subsidy created.

Officially, fuel consumption in Nigeria has dropped by 40 to 50 per cent. But that is not because Nigerians’ petrol use reduced by this amount. In reality the country was subsidising the region, with cross border fuel smugglers profiting from arbitrage. The illegal trade was so blatant that on a visit to neighbouring Niger a few years ago, then-President Mohamed Bazoum even joked about it, thanking Nigeria for the cheap fuel. Though the move was politically unpopular, the subsidy had become unsustainable. Now, spending is being redirected toward development and infrastructure – laying the foundations for long-term growth.

Second, the country has moved from a fixed to a market-determined exchange rate. Previously, only select groups could access the official rate – especially those with political connections; the rest had to rely on a more expensive parallel informal market determined by supply and demand. But selling dollars at an artificially low rate only entrenched scarcity, a problem compounded by an opaque exchange mechanism that deterred foreign investment.

Every two weeks, we used to make the 12-hour drive to Abuja to seek dollar allocations for imports – camping out at the Central Bank for three or four days. Now, I no longer need to go. I’ve met the new Governor only once in two years – because I haven’t had to. Monetary orthodoxy has finally arrived, bringing with it the liquidity that both domestic and foreign businesses depend on to smooth trade and de-risk investment.

Third, the shackles of politics are being prised from business, bringing greater certainty, fairness and stability to the landscape. Five years ago, I woke up one morning to find that the port concession for a new venture of mine had been revoked. It turned out my company was outcompeting a friend of an official of the Nigerian Ports Authority. In the end, it took then-President Buhari’s personal intervention to save the enterprise.

Had I not been politically connected, the business would have folded – along with the 4,000 jobs it provided – at a time when job creation was, and remains, Nigeria’s most urgent challenge. Today, such connections are no longer necessary. The playing field is being levelled, flattening the political ridges and dips that once skewed the game.

Many of these reforms required political courage to withstand the force of criticism. Prices rose as distortions were removed, yet the administration held firm, even as vested interests co-opted public discontent for their own ends.

Indeed, many of the benefits of reform are still to be felt by the wider public. But economic fundamentals must be fixed before that becomes possible. That lead-time often tempts market reformers to reverse course, or avoid reform altogether. Now that Nigeria has made it through the toughest phase, its direction should be clear to investors.

For Britain, the Enhanced Trade and Investment Partnership with Nigeria was a strategic bet on reform, resilience and long-term reward. Nigeria is now delivering its part of the bargain. As my country steadies itself, the UK, its Western allies – and their companies – should deepen this partnership.

Abdul Samad Rabiu is a Nigerian businessman and philanthropist

Culled from Daily Telegraph (UK)

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