By Eric Elezuo
The drums are not enough to roll out in celebration of the official recognition and elevation of one who has come to be known by many gracious appellations including the Guru, the Bull, the Chairman and Spirit of Africa, Dr. Michael Adenuga Jr. CSG, GCON, in the Nigeria’s billionaires’ status. This is because it appears the eyes of those in charge of placement are beginning to be opened. Without an iota of doubt, the man, who sits atop the Globacom brand, is in the real sense of the word, Nigeria’s and even Africa’s richest man. The reasons are not far-fetched.
In the entire continent of Africa, Dr. Mike Adenuga is 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. If by a stroke of luck, the cash and material gifts he gave out to people this foreclosed season is counted, there’s every tendency that it will surpass the total account balance of a reputable billionaire. That’s how rich Mike Adenuga is!
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. Today, he has been allocated a net worth of $7.4 billion. That, in any case, does not tell the story of his riches and philosophy.
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 signs his name as MA Jnr, and sure to hit 71 on April 29, 2024 has dared to thread where others dread, and has impacted the African continent with his entrepreneurial and philanthropic spirit.
His passion for giving is not only personal, as the culture has also been imbibed by his companies like Globacom.
In previous years, the company had 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. Of course, one cannot talk about the revolution of telecommunications industry in Africa without dedicating reasonable number of crisp, glossy pages to Adenuga and Glo. The reason is 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.”
Dr. Adenuga is many things and more, and today, we raise a toast to Africa’s most liquid-based billionaire, Dr. Mike Adenuga Jr. CSG, GCON.