Boss Picks

Why Mike Adenuga is Africa’s Hidden Treasure

Published

3 years ago

April 7, 2023

Eric

By Eric Elezuo

In the entire continent of Africa, Dr Mike Adenuga iis 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 the 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.

Adenuga who hit it big by a dint of hard work and God’s grace is by far the numero uno billionaire on the continent.

Now take out your calculators and start to crunch the numbers: He wholly owns Globacom, a telecommunications network and infrastructure (with operations cross sub Saharan Africa), juicy oil wells, has huge investments in banking, construction and an humongous real estate portfolio.

The serial investor who is simply called The Guru and who signs his name as MA Jnr will hit 70 on April 29, 2022 and The Boss is raising a toast to this giant, this remarkable spirit of Africa that has dared to thread where others dread, and has impacted the African continent with his entrepreneurial and philanthropic spirit.

His passion from giving is not only personal, the culture has also been imbibed by his companies like Globacom.

In the last year, the company dished out goodies most industrialists and multinationals dare not try. It gave out a total of 20 completed and furnished houses, 24 brand new cars, 100 generators, 200 sewing machines and 1,000 rechargeable fans among many other mouth-watering prizes in its 2022 Festival of Joy. Needless to say that many homes were infected with untold joy as landlords emerged from nowhere, just as people became car owners overnight. That is the stuff Adenuga is made of. His preoccupation certainly is discovering new ways to put smiles on the faces of Nigerians.

Before Globacom, Adenuga whom many also call Chairman was one of Nigeria’s silent billionaires. He was known but never seen, and still hardly seen. His Consolidated Oil was achieving remarkable feats in the oil and gas industry without any fanfare.

Then came Glo, and he became one of the most recognizable Nigerians alive. The reason was because Globacom, the first and only telecommunications brand wholly owned by a Nigerian, became a mega success in a very short space of time. The company became Africa’s treasure, and lifted Africans from the doldrum of exorbitant call cost. He made it easy for Africans to own phone lines within a short period of the GSM revolution, especially in the West African sub-region.

Glo introduced innovative products and delivered first-rate service and before long, Adenuga had taken this winning formula to other African Countries-Republic of Benin, Ghana and Cote D’Ivoire.

It also became the first indigenous company to lay an international submarine cable, Glo 1, which has gigantic capacity to link Africa directly to Europe and America. The optic fibre cable provides excess bandwidth to all the cities connected to the cable, and has led to a much faster and robust connectivity for voice, data and video.

Adenuga has over the years learnt to mold his companies into major, if not dominant, players. In the oil and gas sector, Conoil Plc is one of the largest and most profitable oil marketing companies in Nigeria. Conoil Producing, the downstream arm of the conglomerate, made history by becoming the first Nigerian company to strike oil and produce it in commercial quantity in 1991. This is his only company that is publicly-quoted.

With his fortunes in oil and gas, real estate and the cash cow of telecommunications, it is doubtful if any Nigerian has his raw cash. It is difficult to access his earning but the fact The bullish bull has been on the Billionaires List for decades is evidence that despite the difficulty in assessing his worth, he is a goldfish that has no hiding place..

Adenuga who got an MBA at Pace University in New York, and supported himself as a student by working as a taxi driver hit his first million as a trader selling lace.

The taciturn man of vision, who has been described as an angel of mercy for his philanthropy and immense propensity to give ceaselessly, in his characteristic disposition, may not be throwing a huge party, when he hits three scores and ten but in the homes of many who have felt him, there will be abundant prayers and celebration.

He is a quintessential leader who has the uncanny ability to spot and nurture talents. 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.

Dr Mike Adenuga Jnr ‘s contribution to the business world has not only been recognised locally, but he has also attained international acclaim.

In Nigeria, he holds the highest civilian honour of Grand Commander of the Order of the Niger (GCON), an honour reserved for mostly vice presidents, and in Ghana, he was awarded the highest civilian honour of Companion of the Star of Ghana (CSG).

According to 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, artists, footballers and many more. I am particularly proud of you. This award is our way of a saying a simply thank you.”

The entrepreneur extraordinaire was also honoured with the award of Chavalier de la Legion d Honnuer, the highest National honour of France which was bestowed on him by French President, Emmanuel Macron. He has also been privileged to host the French president at the Mike Adenuga Centre, Alliance Francaise. In fact Macron unveiled the edifice in 2019.

Explaining why the French Government decided to confer the honour on Adenuga, President Macron who described the consumate 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. Adenuga single-handedly rebuilt the Alliance Francaise, Lagos which is now part of the Mike Adenuga Centre located on Osborne Road, Ikoyi.

Adenuga, during the peak of the COVID-19 pandemic, received the singular accolade of being 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.

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.

It is in order therefore to salute the remarkable business guru, the worthy son of Africa!

Lending his voice to Adenuga invincibility, and the fact that he stands tall above others irrespective of his number in the list of richest men, Ololade Olaoye wrote that “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.”

He further noted as follows:

“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.”

Following up on the pragmatic nature of the man, whose close friends call The Bull, Chairman, Ovation Media Group, Chief Dele Momodu, in one of his Pendulum accounts titled, Dr Mike Adenuga: Encounters with the Spirit of Africa, wrote to celebrate his 68th birthday in 2021 that he is “a man who touches too many lives from behind his private and exclusive circumvolution.”

The piece is presented in part as follows:

“No man is perfect, and every soul is often misunderstood but I am reasonably convinced that Dr Adenuga’s generosity is out of this world, beyond this realm. He is a pre-eminent African that I have studied as a book and I’m sure I can produce a magnum opus on his life history. His is a life that should have spawned countless autobiographies especially from financial, entrepreneurial and philanthropic historians. I cannot do justice to this monumental human being by trying to capture his life within a single paged column, but I can provide a glimpse into a little of what makes him tick from my personal interaction with him.

“Therefore, let me just give you some of the amazing snippets of our encounters and my uncommon knowledge of him. Please, ignore some of the concocted stories you read about him from time to time. Most are conceived by fiction writers who know that his name can change your fortunes or misfortunes instantly on a good day. Some also try their luck via subliminal messages that are tantamount to blackmail. Trouble is Dr Adenuga is too complicated for most people to unravel. His stories have thus become like fables, the stuff of legends.

“A few months ago, I saw endless missed phone calls from a close friend and professional colleague. By the time I called back, I was very anxious because it was quite unlike my friend to call so frantically and desperately. I conjured a million images in my head about what could have been amiss. I soon discovered what the matter was all about. Apparently, my friend had lamented and grumbled to me about how he used to be very close to Dr Adenuga, but it seemed he had fallen out of favour with the stupendously generous man. I tried to reassure my dear friend that Dr Adenuga never forgets a favour and I’m certain his plate is always full with all sorts which is why he hadn’t yet responded to his attempts at contact and entreaties. His business model is such that he likes to be on top of his game by being hands on. While this may appear strange to many, it has worked so well for him. It is not that he micromanages. It is impossible to micromanage a huge conglomerate such as Dr Adenuga oversees. Indeed, formulating and directing policy, principle and strategy for such a consortium of companies is an arduous task at the best of times. For a man who is fastidious and meticulous in his planning and organisation like Dr Mike Adenuga, it is even more so. Furthermore, I know that Dr Adenuga prefers to deal with people on his own terms and at his own time, probably dictated by his hectic and busy schedule. I therefore advised my friend to be patient knowing that he would be pleasantly surprised.

“Anyway, my friend was in a different mood this time around. “Bod Dee, please, I need a big favour from you Sir!” This further heightened the suspense! “What can I do please, you know I’ll gladly do it if I can…”, I confirmed this to my friend. What he then told me was like I had become a prophet! “Haaa, Bob Dee, ore yin ti fowo semi lese. You don’t want to imagine how much he sent to me…” He was clearly over-excited, almost at the point of giddiness. That’s Dr Mike Adenuga for you. It was one of the reasons I added to his usual monikers The Guru, because of his great intellect and natural flair, and The Bull, because of his physical appearance coupled with the manner in which he brainstorms, barnstorms and battles through prosperity and adversity alike, as well as his zodiac sign and symbol. I coined the appellation “The Spirit of Africa” because he is a man you very rarely see but feel his presence around you in an unmistakable, distinctive and remarkable manner.

“There are tales and complaints about the fact that he does not pick calls nor reply messages but those peddling these stories are oftentimes frustrated by Dr Adenuga’s seemingly indifferent behaviour. Sadly, they don’t actually know that Dr Adenuga is merely responding to a strict code which he has earmarked and defined for himself without understanding and appreciating what is responsible for such a strict code. Those who know him well understand the fact that Dr Adenuga can be very shy and many take advantage of his benevolence and large-heartedness and his unwillingness and inability to say no to people’s needs and requests. As an exceptionally busy man, he does not engage in frivolity. He can’t afford distractions. He doesn’t believe in making a song and dance about his acts of philanthropy, charity and generosity. He will not string you along or make unfulfilled promises. He would simply not talk or revert to you until he is ready. However, when he does react and extend his largesse to you, prepare for a mind-blowing experience.

“Dr Adenuga’s morals, mores and proclivity are dictated by his abundant wealth of experience of 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 first-hand to his surprise and chagrin. These experiences have shaped his thoughts and actions.

“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.

“So, after making all this money, how does he enjoy it, I once asked him. He smiled heartily and told me: “Bob Dee, 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 you his friends…?” I concurred, words of wisdom from a sage, indeed.

“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.

“Of course, love must be reciprocal. 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. He loves people who work hard and is ever willing to offer his helping hand. Since we first met in 1991, I have gained his confidence because he knows my love and respect for him is total and unconditional. He knows my love for him transcends materialism. That is not just because he is Dr Mike Adenuga, one of the richest men in the world, but because he is my mentor and friend and for me true friendship must be total and unconditional. I therefore treat my true friends in the same way, and this just forges our bonds more. Most people fail to understand how truly satisfying and gratifying this approach is. It is an attribute and attitude that Dr Adenuga and I share, and it is why we are content and happy.

“I remember that a few years ago, I had just landed in Dubai on a Saturday morning and promptly checked into my hotel when a call came through from Lagos that I was being invited to dinner with Chairman, as I often call Dr Adenuga, the following evening in Lagos. Confusion instantly set in. A dinner with Chairman is always a treat and privilege. How would I miss such an amazing opportunity? I called the Emirate Airlines and was told the two flights to Lagos and Accra had already departed and the one to Lagos the day after was already overbooked. Based on the lessons I took from Dr Adenuga and Basorun MKO Abiola, that time waits for nobody and that you must always think outside the box to be able to achieve what others would consider seemingly impossible, I wasn’t going to give up so easily. I called The Emirate Airline again and asked if any of their flights could get me to London the same day before 8pm. They told me I could get one if I was ready to downgrade. No worries. I would even sit on a jump seat if necessary. I then called Virgin Atlantic and asked if I could get a seat to Lagos. I was told that this was possible, and I was confirmed. That was how I landed Lagos in the morning of the following day having travelled back to London from Dubai. Needless to say, I made the dinner in the evening. He loves it when you make the impossible possible. It was the portent of good fortune for me since I was able to seal some important deals that evening. Our relationship is truly spiritual, and this has been tested many times. He always knows the right times to send the goodies, almost miraculously.

“His love for the youths of Africa is palpable and they love him too. Nigerians will forever be grateful to him for breaking the seemingly impossible per second billing on telephone services. His heavy investments in laying submarine cables from Europe to Africa also stretches the imagination. The number of our youths who became GLO Ambassadors and superstars on CNN run into hundreds. He has also really done so much too for African football. He has taken our football to greater heights and African football has suddenly become a global phenomenon that can no longer be held back. It is no wonder that Africa continues to get more slots in the FIFA World Cup competition. Despite his unmatched support for the media, Dr Adenuga often suffer savage attacks from those seeking his attention but he has a solid principle: never indulge a blackmailer!

“On a personal note, he has been my mentor and benefactor, brother and friend combined. He’s been a great teacher and I have been his steadfast student. I thank God always for this uncommon grace.”

Dr. Adenuga is many things and more, and today, we preempt his 70th birthday, which is three weeks away, to raise a toast to the ever impressive hidden treasure of Africa.

Boss Picks

Koumagnon Family Pledges Unalloyed Support for Romuald Wadagni As President

Published

4 weeks ago

April 9, 2026

Eric

By Eric Elezuo

The Koumagnon Family and Allied Families of Seme-Kpodji, of the Republic of Benin, led by Monsieur Alberto Koumagnon, has declared their unflinching support for the candidacy of Romuald Wadagni as he steps out on Sunday to vie for the presidential seat of the Republic of Benin.

In statement of declaration, the families observed that Wadagni is propelled by a ‘vision embodied in this ambitious, realistic project, resolutely focused on the future of our country’.

The declaration is presented in full:

DECLARATION OF SUPPORT BY THE GREAT KOUMAGNON FAMILY AND ALLIED FAMILIES OF SÈMÈ-KPODJI FOR CANDIDATE ROMUALD WADAGNI

The great KOUMAGNON family and allied3 families of Sèmè-Kpodji, deeply committed to the values of peace, progress, and development, followed with particular interest the presentation, on Saturday, March 21, 2026, of the “Further Together” (Plus loin ensemble) social project by our dear candidate, President Romuald WADAGNI.

Following this important political event, and gathering on this day, 04/04/2026, we wish to express our full support for the vision embodied in this ambitious, realistic project, resolutely focused on the future of our country.

From the outset, we, descendants of the KOUMAGNON family and allied families, commend the enlightened leadership of President Patrice TALON who, faithful to his commitment to building a modern and prosperous Benin, has been able to propose to the presidential majority a competent, credible candidate who brings hope for consolidating achievements.

In this dynamic of continuity and progress, the candidacy of President Romuald WADAGNI is fully in line with the continuation of the structural reforms undertaken over several years in all sectors, particularly in infrastructure.

In this regard, we recognize and commend the many achievements of the government, especially road infrastructure, which has significantly improved mobility and living conditions for the populations of the communes of Sèmè-Kpodji and surrounding areas.

Moreover, these remarkable efforts reflect a constant determination to connect localities, stimulate economic exchanges, and sustainably strengthen the attractiveness of our territories.

Building on these achievements and firmly oriented toward the future, we are convinced of the relevance of the “Further Together” project.

Therefore, the great KOUMAGNON family and allied families of Sèmè-Kpodji give their firm, committed, and unconditional support to candidate Romuald WADAGNI, as well as to his running mate, Mrs. Mariam Chabi Talata Zimé Yérima.

In the same spirit, we call on all daughters and sons of Sèmè-Kpodji, as well as all citizens committed to peace and development in our country, Benin, to mobilize massively in support of this hopeful momentum by turning out in large numbers on April 12.

We also wish to assure our dear candidate of our commitment to mobilize widely to ensure a high voter turnout in the commune of Sèmè-Kpodji.

Together, let us continue the efforts undertaken.

Together, let us consolidate our achievements.

Together, let us go further.

Long live Benin on its path toward progress!

Long live the WADAGNI–TALATA ticket!
Thank you.

Done at Sèmè-Kpodji, on 04/04/2026

The great KOUMAGNON family and allied families

Boss Picks

The Billionaire Gang: The Quartet That Keeps Nigeria in Limelight

Published

2 months ago

March 16, 2026

Eric

By Eric Elezuo

With a loud ovation, Nigerians reveled at the announcement of its billionaire-quartet, Aliko Dangote, Mike Adenuga, Femi Otedola, and Abdulsamad Rabiu as among Africa’s richest individuals in 2026.

The four has constantly put Nigeria in the limelight, ensuring that Forbes is never complete without a mention of the giant of Africa, Nigeria

According to the latest Africa Billionaires ranking released by Forbes, Dangote retained his position as Africa’s richest man, with an estimated net worth of $28.5 billion. He added about $4.6 billion to his fortune over the past year, largely driven by the strong performance of Dangote Cement on the Nigerian Exchange Limited.

Telecommunications magnate Adenuga also retained his place among Africa’s billionaires.

The founder of Globacom and chairman of Conoil Producing remains one of Nigeria’s most influential entrepreneurs with diversified interests spanning telecoms, oil and gas, and banking.

Otedola, chairman of Geregu Power Plc, also featured on the list despite a slight dip in his wealth over the past year. Forbes estimates that the billionaire investor lost about $200 million following the sale of a majority stake in the power generation company at a discount to its market price.

The increase in Rabiu’s net worth was largely driven by the performance of BUA Cement, whose shares rose 135% over the past year, outperforming the broader rally on the Nigerian stock market.

The 23 billionaires on the continent are now worth a combined $126.7 billion, representing a 21% increase from 2025 after they collectively added $20.3 billion to their net worth.

Across the continent, billionaire fortunes were boosted by strong equity market performance, record corporate profits, and improving currency stability in several African economies.

South Africa remains the highest number of billionaires on the list, with seven individuals, followed by Egypt with five, Nigeria with four, and Morocco with three.

Here is a peep into the world of Nigeria’s Billionaire-Quartet.

ALIKO DANGOTE

For the President of the Dangote Group, Alhaji Aliko Dangote, and his multifaceted group, playing second fiddle has never been an option. Both the enterprise and the entrepreneur have maintained market leadership to the extent that Dangote himself has appropriated the richest man in Africa status to himself, and has hardworkingly sustained the tag for as long as anyone can remember.

Since 2014, when Forbes magazine named him the world’s 23rd billionaire, jumping 20 spots on the scale from his previous 43rd position among the elite club of the world’s richest people. Aliko Dangote has not looked back, winning back to back the accolade among African billionaires, and never slipping from the world ranking.

Again, as expected, the famous Forbes has proclaimed the soft spoken businessman as Africa’s richest man for the 12th time in a row; a proof that the name Dangote is synonymous with consistency. He is a businessman, who understands that no man rest on his oars if turnovers have to continue to turn over. With marked differentiation, he has demystified the business terrain, and proved that if it can be done, then it must done. His establishment of the humongous fertilizer and sugar plants and the ambitious refinery in Lekki, Lagos, Nigeria, are testimonies of the trajectory of one who knows his onions.

Worth $13.4 by the last Forbes ranking, which sustained him as the richest man in African for the 11th time, entrepreneur extraordinaire has the following points to his name:

Aliko Dangote, Africa’s richest person, founded and chairs Dangote Cement, the continent’s largest cement producer.
He owns 85% of publicly-traded Dangote Cement through a holding company.
Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
After many years in development, Dangote’s fertilizer plant in Nigeria began operations in mid-2021.
Dangote Refinery, under construction since 2016, hit the public space since 2024, and is one of the world’s largest oil refineries, with a capacity of 650,000 barrels per day production.

The above and many has remained the factors that have made it easy for the billionaire to remain in the top echelon of world’s money men, and the supremo among African businessmen. Little wonder he is one of the few recipients of the GCON national honours reserved for top politicians of vice president ranking and top government appointees.

Born in Kano in 1957, Dangote proudly shuttles between three wonderful tags as the richest man in Nigeria; the richest man in Africa and the richest Black man in the world. He has paid his dues, and mankind is the better for it.

Releasing impacts, Aliko Dangote Foundation (ADF), the private charitable foundation of Alhaji Aliko Dangote. Incorporated in 1994, as Dangote Foundation, is saddled with the mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. 20 years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor.

The primary focus of ADF is child nutrition, with wraparound interventions centered on health, education and empowerment, and disaster relief. The Foundation also supports stand-alone projects with the potential for significant social impact.

The Foundation works with state and national governments and many highly reputable international and domestic charities, non-governmental organizations and international agencies to advance its humanitarian agenda.

In one of its biggest collaboration to date, Aliko Dangote Foundation started working in partnership with the Bill and Melinda Gates Foundation and key northern State Governments in Nigeria from 2013 to eradicate polio and strengthen routine immunization in Nigeria.

Worthy of praise is the fact that nearly a decade, the Foundation has spent over N7 Billion in the course of feeding, clothing and the general welfare of the Internally Displaced Persons in the Northeast.

To make his host communities feel at ease, and the impact of his presence, Dangote has embarked on an initiative to provide further support to improving educational systems in Ibeju-Lekki and Epe locality. The educational support initiative is a tripartite programme consisting of scholarship, capacity building for teachers and school infrastructure projects.

In addition, Scholarships have been awarded to 52 secondary school students whilst some financial support was provided to their parents and/or guardians. Tertiary students will be included in the next batch of the scheme.

Furthermore, about 100 teachers, principals and school administrators were trained in teaching techniques for the 21st century. After which they were monitored in class on how they were using the skills acquired.

There is hardly any sector that has not felt the milk of human kindness running through Aliko Dangote; the military, media, politicians, governments across boards and more.

Dangote is surely an asset to this world!

As at today, there is no space for slowing down for Dangote as he continues to trudge on, creating firsts after first for himself and for humanity. He is blessed with three wonderful daughters, who have followed the rewarding footprints of entrepreneurship, and is looking forward to hitting the richest man in the world status. And very soon too.

ABDULSAMAD RABIU

Abdulsamad Rabiu’s consistent climb on the ladder of success has become phenomenal. The unassuming Chairman at BUA Group has become a study in entrepreneurial discipline, focus, philanthropy and intentional sacrifice. But what can actually be said of a man who has steadily evolved as one of Africa’s biggest investors, in fact, the biggest in the order of reckoning on the Nigerian Exchange. He 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 the world, especially his native Nigeria, live in better comfort. The Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar, flour among other wonderful household items has been a epitome of enterprise. He is presently by divine and entrepreneurial orchestration one of Nigeria’s richest investor. He is also the third richest man in the Africa, by Forbes calculation behind Nigeria’s Aliko Dangote, South African billionaire, Johann Rupert.

In 2023, via a list compiled by Billionaires in Africa revealed the rankings on the Nigerian Exchange, NGX, showing that Abdulsamad Rabiu, the billionaire businessman and industrialist, overtook Aliko Dangote as the richest investor in the country, albeit temporarily.

According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly-listed businesses on the local bourse were valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion then. This is a feat that can only be achieved through wholesome business acumen and dedication.

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 sought 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, 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 BUA 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.

MICHAEL ADENUGA

Michael Adenuga Jr. is one entrepreneur, who has proved over the decades 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, but 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.

“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,” according to Billionaires.Africa

Adenuga is fondly remembered for launching 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.

Love him or hate him, you can’t fault him. He is an enigma. A definition of class, humanity, intellectual discipline and entrepreneurial acumen. He is the very epitome of when the going gets tough, the tough gets going. And of course, a reference point and research material when it comes to philanthropy. Dr. Mike Adenuga doesn’t give little or give just for giving sake. He gives to sort and solve a lasting challenge. Yes, he is Dr. Michael Adenuga Jr., ‘The People’s Billionaire,’ and without introduction, the brain behind the increasingly success stories recorded at the Globacom Group, among his many other conglomerates and subsidiaries.

Known by many appellations, such as the Spirit of Africa, a rare gem, walking kindness, moon amongst the stars, owner of wealth beyond money, the mighty oak, the man with the gift of Foresight, the Bull, Pillar of sports among a whole lot more, Adenuga’s image looms large. He appears little, and achieves so much more. Hardly seen, but gracefully and consistently felt.

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.

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.

FEMI OTEDOLA

Billionaire businessman, and Chairman, Geregu Power Plc, simply addressed as Femi Otedola (CON), is a focused and determined man. He made his choice from day one, and has refused to be derailed. This explains his prolific nature in the world of entrepreneurship, which has directed his life.

One thing is very obvious before all and sundry, and that is the fact the dotting father of four adorable children is really an Epicurus son, and has no place for half measures when it comes to giving himself, his business and of course everyone around him the good life.

It won’t be forgotten in a hurry how the philanthropist spent a whopping Three Million Pounds to rent a cruise boat in celebration of his 60th birthday in 2022.

Born on November 4, 1962, in Ibadan to the family of the late Sir Michael Otedola, a former governor of Lagos State, Otedola is a definition of everything good, positive and encouraging. He has lived his 60 years representing the very essence of living, affecting lives as a philanthropist, developing careers and manpower as a businessman, industrialists and entrepreneur, and raising biological children, who has stood their own in the society. There is hardly anywhere this tall, handsome phenomenon of a personality can be faulted.

The billionaire businessman started his education at the University of Lagos Staff School before attending Olivet Baptist High School from where he was admitted into Obafemi Awolowo University in 1980. He graduated in1985.

A former chairman of Forte Oil Plc, the Chancellor of St Augustine University, Epe, Lagos, is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.

The author of the bestseller, MAKING IT BIG, who has homes in Lagos, Abuja, Dubai, London and New York City has a much impressive existence since he set out to take the bull by the horns in the field of enterprise. This is as chronicled by wikipedia. In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.

As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.

By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

Boss Picks

The Boss Newspaper Welcomes Folu Adebayo into Its League of Columnists

Published

2 months ago

March 13, 2026

Eric

By Eric Elezuo

As The Boss Newspaper continues to gain traction, expansion and readership across the media spaces, more intellectuals are joining the long list of columnists contributing beneficial articles and information to the reading public.

The latest among The Boss columnists is AI expert, humanitarian and leading autism advocate among others, Mrs. Mofolu Adebayo.

Folu, as she is fondly called, is an AI expert, technology architect, charity founder, philantropist and autism advocate with academic backgrounds in Science, Law and Artificial Intelligence. She brings a unique perspective that combines technical expertise with lived experience as the mother of an autistic young man.

Her work focuses on the intersection of artificial intelligence, technology policy and neurodiversity, exploring how emerging technologies can improve diagnosis, support, education and long-term independence for autistic individuals.

Folu is passionate about ensuring that innovation is inclusive, and that technology is designed with neurodiverse communities in mind. Through her writing, she aims to bridge the gap between technology, policy and real-world family experiences.

Folu, who writes about the intersection of AI, society, and human potential, also explores how emerging technologies are reshaping the future of work, education, and everyday life. She is also an autism advocate and brings lived experience to conversations about inclusive and accessible technology.

She joins eminent columnists already in the fold of The Boss Newspaper.