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Mike Adenuga at 72: Wealth Beyond Money

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By Arinze Anapugars

What sets him apart is not his stupendous wealth or the sprawling empire he has built. Dr. Michael Agbolade Ishola Adenuga is a man whose fortune transcends money, whose true affluence is etched in the quiet revolutions he has ignited across business, society, and the human soul.

Even as he turns 72 on April 29, Adenuga remains an enigmatic titan – inscrutable as the Sphinx, elusive as a breeze at dusk. Yet his influence echoes thunderously in boardrooms, communities, and economies, belying the quietude he so fiercely guards. “Character is like a tree and reputation like a shadow. The shadow is what we think of it; the tree is the real thing,” Abraham Lincoln once reflected. Dr. Mike Adenuga, in his silence and substance, is unmistakably the tree.

The Quiet Alchemy of a Titan

By his early twenties, he had already entered the gilded ranks of millionaires, not through inherited fortune, but through the sweat of night shifts as a New York taxi driver and security guard, braving icy streets with stoic resolve. The conditions were so tough that six of his compatriots gave up their jobs owing to what they termed life-threatening weather and adverse work conditions. But Dr Adenuga understood that adversity, like the English poet, George Gordon Byron, wrote in Don Juan “is the first path to truth.” And through such crucibles, Adenuga forged not just a fortune, but a formidable will.

Upon returning to Nigeria, eschewing the comfort of white-collar prestige, he chose instead the grit of his parents’ sawmill. There, he demonstrated his instinctive flair for transformation — installing cutting-edge equipment, multiplying efficiency, and sowing the first seeds of an empire.

The Rebel Who Drilled

In the tempestuous oil industry of the 1980s, while others bartered oil blocs for quick gain, Adenuga dug deep — literally. His foray into the business was a typically audacious one. When he acquired oil blocs through his Consolidated Oil company as part of the Babangida administration’s step to break the monopoly of foreigners in the production of crude oil in the country, Adenuga refused to tow his peers’ path of selling off the oil blocs to foreign companies. He chose to embark on drilling against monumental pressure and the risk of failure. His family had warned him that the oil business was the preserve of multinational oil companies and not for individual businessmen. The mother whom he was particularly close to preferred him to remain in the manufacturing business where he had made his mark and where Nigerians had succeeded greatly.

Dismissing warnings from family and scepticism from the industry, he pioneered Nigeria’s first indigenous oil production through Consolidated Oil. It was an act of entrepreneurial defiance that redefined the energy landscape.

Then came National Oil and Chemical Marketing Company (NOLCHEM), a dying brand he acquired for a then hefty sum of ₦7.4 billion, when no one else dared touch it. He changed the name to Conoil, and, under his stewardship, it rose phoenix-like, and is now one of Nigeria’s most profitable oil marketing firms. He is, in every sense, the Prometheus of Nigerian industry, having wrested fire from the gods of foreign monopoly and gifted it to his people.

The Voice that Gave Us Voice

Yet if oil carved his name in gold, it was telecommunications that etched it into legend. Twice he won a GSM licence auction, twice the licences were revoked. The first auction was done by the Abacha regime and cancelled by successive administrations, which opined that the exercise did not follow due process. Adenuga was to again win a GSM licence in 2000 under the President Olusegun Obasanjo regime. But the spectrum he was allotted was encumbered, as it had earlier been assigned to another company. When he insisted on certain guarantees before he would make the full payment for the licence, the Federal Government petulantly revoked it and stripped him of the $20 million mandatory deposit.

It was a massive loss which would have made lesser mortals recoil. But as Friedrich Nietzsche wrote in ‘Twilight of the Idols”, “He who has a why to live can bear almost any how.” For Adenuga, that ‘why’ was vision — of a Nigeria where communication was not a privilege but a right. He pressed on and later went on to bid for the Second National Operator (SNO) license in 2002, and deposited another $20 million. This time, he was lucky. He won the bid in August of that year, and Globacom was granted the licence to operate as a national carrier, operate digital mobile lines, serve as an international gateway for telecommunications in the country, and operate fixed wireless access services.

Even then, many did not give him a chance. They argued that the telecom sector was for the well-established foreign telecom companies and that Adenuga did not have the requisite experience in that field. And when he announced that Globacom would launch with Per Second Billing (PSB), the industry scoffed loudly at him.

Again, the Great Guru, as he is fondly called by admirers, went on to prove sceptics wrong. With the birth of Globacom in 2003, his vision of democratising communication was realised. Per Second Billing, once dismissed as folly by older operators, became the new industry standard. Call rates tumbled. SIM cards not only became accessible but also affordable. The digital revolution took root. And millions of Nigerians, once voiceless, found a voice — thanks to the tenacity of one man who would not yield.

A Legacy Forged in Silence

I do not know if he ever came across this quote by Marcus Aurelius Antoninus, Roman emperor and philosopher, “Do not seek to be known, but to be worth knowing”. But perhaps no modern Nigerian epitomises this Stoic ideal more than Dr Mike Adenuga. Reclusive almost to the point of myth, he is rarely seen, seldom heard, hardly grants media interviews, and virtually never feted in public. Even many of his employees have never glimpsed their elusive Chairman, known to them only as “The Board.”

Yet his absence is an illusion. For in businesses, homes, hospitals, and schools, Adenuga’s presence is indelible. He gives, not for applause, but from an inner compass that points unfailingly to service. His philanthropy, like his wealth, is deliberate, vast, and largely unannounced. He gives quietly, contributing generously to various causes in health, education, and poverty alleviation. He has supported initiatives that aim to improve the lives of millions, particularly those from disadvantaged backgrounds. While his peers may spend their time in the public eye, Adenuga chooses to channel his efforts into creating lasting change in people’s lives. For him, wealth is beyond money. It is how you touch people’s lives.

Adenuga’s legacy looms large – not only in the industries he transformed or the fortunes he built, but in the hearts he touched without fanfare. In an age that worships spectacle, his is a refreshing, almost ancient kind of greatness: the kind that measures success in lives changed, not headlines gained. “To give without ostentation,” said the Turkish philosopher Epictetus, “is the truest form of virtue.”

The downside to Adenuga’s giving spirit, however, is that even gratitude can be an intrusion. It is taboo to try to reach him to show appreciation, even if you are privileged to have his number. A thank-you text message for a huge cheque from him once earned this writer a stern rebuke. “Not acceptable,” he responded curtly. It did not end there. The following day, he called and spent over 10 minutes warning about the “intrusion”. Such is the paradox of the man: generous beyond measure, yet resistant to recognition and expression of gratitude.

Now, as he turns 72, Adenuga’s legacy looms large — not only in the industries he transformed or the fortunes he built, but in the hearts he touched without fanfare. In an age that worships spectacle, his is a refreshing, almost ancient kind of greatness: the kind that measures success in lives changed, not headlines gained. He prefers, in his words, “to keep my head under the parapet”.

Dr Mike Adenuga has done his work – quietly, unceasingly, and profoundly. As he reflects on the past 72 years, he can do so with the serenity of a fulfilled life. For in him we find not just a titan of business, but a philosopher in action — a man whose wealth lies not only in billions, but in the beauty of restraint, the majesty of vision, and the invisible architecture of hope he has built not only in Nigeria but also across the African continent.

His bequest is one of excellence, humility, and selflessness. He stands as a shining example of how to achieve greatness without the need for flamboyance, and how to build empires while remaining steadfastly humble.

Here’s to Mr. Chairman — Nigeria’s silent sentinel of enterprise, whose greatest fortune is not in what he owns, but in how deeply he has mattered!

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What’s the Proof That Bandit Kingpin’s Mother, Sister Got 40-Years Combined Jail Term?

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1 day ago

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June 20, 2026

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By Ekunode Ayomipo Jolaoluwa

A claim circulating online alleging that the mother and sister of a notorious bandit kingpin were sentenced to 40 years imprisonment for aiding terrorism activities has continued to generate public interest and reactions.

A review of the claim shows that Nigeria’s security agencies and judicial authorities have, in recent years, intensified efforts to dismantle criminal networks by targeting not only suspected bandits and terrorists but also individuals accused of providing logistical, financial or operational support to such groups. This approach forms part of broader efforts to curb insecurity across affected regions of the country.

However, despite the widespread circulation of the claim, available information does not provide sufficient evidence to independently confirm that the individuals depicted in the image were convicted and sentenced to a combined 40-year jail term for terrorism-related offences. No official court documents, statements from relevant authorities, or verifiable judicial records were readily available to substantiate the specific details presented in the image.

The absence of key information, including the identities of the accused persons, the location of the trial, the date of conviction, and the court that allegedly handed down the sentence, makes it difficult to establish the authenticity of the claim. Such details are critical in verifying reports of criminal convictions, particularly in cases involving terrorism and national security.

Experts in media verification advise that claims relating to criminal prosecutions should be supported by official records and credible sources before being accepted as factual. Without such supporting evidence, there remains a possibility that the information may have been presented without adequate context or may be inaccurate.

While the Nigerian government has maintained a firm stance against terrorism, banditry and related crimes, and courts have handed down significant penalties in proven cases, the specific claim regarding the alleged conviction of a bandit kingpin’s mother and sister could not be independently verified at the time of this review.

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Shalina Healthcare Launches Franchise Drive to Bridge Nigeria’s Diagnostics Testing Services’ Gap

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3 days ago

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June 18, 2026

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At a landmark two-day summit in Abuja, Africa’s fastest-growing diagnostics chain unveiled a hub-and-spoke franchise model promising a bold target of 500 Points of Care across Nigeria in next 3 years.                           

Nigeria is losing more than one million citizens every year — not to untreatable disease, but to a healthcare system that cannot tell patients what is wrong with them in time. That is the stark figure Shalina Diagnostics placed before an audience of pharmacists, doctors, clinic operators, and investors gathered this week in Abuja for the company’s inaugural Franchise Partners Meet.

The event, spanning two days at the nation’s capital, marked the most public and ambitious statement yet from a company that three years ago set out to do what no pan-African private operator has managed: build a standardised, affordable, technology-backed chain of diagnostic laboratories across Nigeria, and eventually across the continent.

Speaking to delegates, Shalina Diagnostics CEO Mr. Nalin Singla framed the problem in three simple facts: there are not enough labs; the premium chains that do exist are priced out of reach for the common man; and local labs lack the trust, the consistency, and the fast turnaround that patients and clinicians depend on.

“One million-plus Nigerians die every year due to lack of quality and timely testing. This is a problem the market cannot ignore.”

– Abbas Virji, MD, Shalina Healthcare

The company’s answer is a hub-and-spoke model it based on 3 pillars : Quality, Affordability, Availability. Under the model, franchise partners operate small patient-facing collection centres and labs, gathering samples which are then processed at Shalina’s central reference laboratories equipped with advanced diagnostic technology. Results are returned electronically with agreed turnaround times.

Shalina Healthcare Managing Director Mr. Abbas Virji, who first conceived the diagnostics arm after COVID-19 exposed the country’s testing deficit, told the summit that the network effect of scale is the key to making affordability sustainable. “By having more collection points and more scale, we can achieve lower prices for testing. The power of the community coming together, having one system — that is how we solve this.”

A BUSINESS CASE BUILT FOR ENTREPRENEURS 

For aspiring franchise partners, the numbers Shalina presented were designed to dispel the notion that healthcare is an expensive sector to enter. A collection centre can pay back within three months and a full-service satellite lab achieves payback within six months, with the potential to scale as the network grows.

 

“You bring the location. We bring the lab. That is the entire model.”

  • Nalin Singla, CEO, Shalina Diagnostics

A 27-YEAR LEGACY THAT COMMANDS TRUST 

Shalina Diagnostics does not arrive in Nigeria as an unknown quantity. Shalina Diagnostics is a company launched by Shalina Healthcare, a group that has been manufacturing and distributing medicines across Africa for more than four decades, operating in 18 countries with 108 distribution depots on the continent. In Nigeria alone, the parent company has been present for 27 years, touching the lives of 40% Nigerians through 17,000 healthcare professionals, running a one-billion-tablet factory in Lagos, and more than 150 products registered with NAFDAC. The diagnostics business, now three years old, already has over 30 locations in 4 countries.

Ms. Opeyemi Akinyele, Managing Director of Shalina Healthcare Nigeria, told the summit that the diagnostics expansion is a natural extension of a mission the company has pursued since 1999. “We are anchored in three pillars — Quality, Affordability, Availability — and we are committed to delivering better health outcomes for every Nigerian.”

The company counts household names among its Nigerian pharmaceutical brands — Shal’Artem, Ibucap, Germol, Epiderm — and has  earned the trust of the Pharmaceutical council of Nigeria and the Nigerian Medical Association, while the manufacturing facility has earned the commendation of NAFDAC & The House Committee onAIDS, TB and Malaria (ATM). That institutional credibility, the company argues, is something no start-up franchise competitor can replicate.

THE SCIENCE CASE: WHY DIAGNOSTICS CANNOT WAIT 

The clinical argument for the summit was made by Dr. S.A. Sani, Associate Professor of Surgery and Consultant Surgeon at the University of Abuja Teaching Hospital, who laid out in unambiguous terms why access to diagnostics is not a luxury but a prerequisite for modern medicine. “Diagnostics affect approximately 70 percent of all healthcare decision-making,” Dr. Sani told delegates. “They guide prevention, screening, treatment, and monitoring. Without them, clinicians are flying blind.”

Article contributed by Vincent Ikuomola, a health correspondent based in Abuja

 

Photo: From left: Chief Operating Officer Shalina Diagnostics, Mr. Gaurav Bahl, MD Shalina Healthcare Nigeria, Opeyemi Akinyele, Global Head Commercial, Shalina Diagnostics, Jayant Rajani, Group Managing Director, Shalina Healthcare, Mr. Abbas Virji, Chief Executive Officer Shalina Diagnostics, Mr. Nalin Singla and Country Head, Shalina Diagnostics, Manoj Walia, during the day 2 of Shalina Diagnostics Franchisee meeting in Abuja Tuesday Photo

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The Judicial Coup That Failed: How Desperate Power Mongering Manufactured the FHC Abuja Ambush Against Opposition Parties

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4 days ago

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June 17, 2026

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By Comrade Ibrahim Garba Wala (IG Wala)

The Handshake Movement has watched with a mix of amusement and deep patriotic concern the frantic, desperate, and legally hollow theatrical display performed today at the Federal High Court, Abuja, presided over by Justice Peter Lifu.

Let it be known to the perpetrators of this palace script, the underground puppet masters, and the anxious Nigerian public: this is not a judgment; it is a political hatchet job dressed in judicial robes, and its bubble is already burst.

1. Stripping the Mask.
The Fingerprints of the Office of the Chief of Staff
We in The Handshake Movement do not speak in parables. We deal in hard truth and intelligence. The so-called “National Forum of Former Legislators” who initiated this suit are not independent actors driven by constitutional purism. They are political mercenaries, specifically assembled from the network of individuals who served and worked closely with the former Speaker of the House of Representatives, who today commands the office of the Chief of Staff to the President.

The strategy was simple but clumsy: use a shadow proxy group to establish plausible deniability for the presidency, while deploying the weight of the state to strangulate the political space. To make this collusion even more laughable, the Attorney-General of the Federation and Minister of Justice, an official who is supposed to represent the entire federation, bizarrely abandoned all pretenses of neutrality in April and joined the matter as a plaintiff.

This is a textbook institutional gang-up. It is a manufactured, state-sponsored ambush designed to eliminate the African Democratic Congress (ADC) and other viable opposition platforms because the ruling elite is terrified of a fair contest in 2027.

2. The Legal Absurdity and Judicial Contempt!
To the legal mind, today’s pronouncement is a house of cards built on shifting sand. It completely collapses under the weight of two undeniable facts:

A. Overriding the Constitutional Regulator.
The Independent National Electoral Commission (INEC), the only body legally empowered to register and evaluate political parties, filed an explicit counter-affidavit stating under oath that the ADC has met all constitutional thresholds, broken no laws, and that no basis for deregistration exists. For a trial judge to ignore the regulator’s own submission in favor of a proxy group’s political sentiments is an extraordinary judicial overreach.

B. Defying the Superior Court.
More egregiously, Justice Peter Lifu was fully aware of a subsisting order of the Court of Appeal issued on May 22, 2026, directing a strict stay of proceedings on this very matter. By choosing to flagrantly bypass an active directive from a superior court to rush out this verdict, the judge has engaged in a form of institutional rascality that undermines the entire hierarchy of the Nigerian judiciary.

3. The Panicked Subversion of a Failing Regime.
We must ask ourselves: Why the panic?
Why the desperation to wipe viable alternatives off the ballot right after they have successfully concluded their primaries and fields?

The answer lies in the streets of Nigeria. The incumbent administration is facing a massive, irreversible crisis of legitimacy. Having failed completely to secure the lives of our citizens from rampant insecurity, and having plunged millions of families into unprecedented, crushing economic hardship and starvation, the ruling party knows it cannot face the Nigerian electorate in 2027 on the merit of performance.
Because they cannot convince the voters, they have resorted to trying to choose the voters’ options for them. This judgment is a desperate attempt to manufacture a civilian dictatorship by judicial decree. They want to hand a second term to the incumbent without a contest.

Our Unshakeable Position: The Bubble is Burst.
The Handshake Movement warns those who are playing with this political fire to cease and desist immediately. Nigeria belongs to its citizens, not to the whims, caprices, and survival instincts of a panicked cabal operating from the corridors of power.

1. To the Judiciary.
We are immediately petitioning the National Judicial Council (NJC). A judge who actively disregards an appellate court’s stay of proceedings order cannot be allowed to bring the entire legal institution into disrepute for partisan convenience.

2. To our Candidates, Mobilisers, and Millions of Citizens.
Remain completely calm, resolute, and focused. This judgment is legally dead on arrival. The moment the appeal is entered and an immediate Stay of Execution is filed, this desperate ambush is frozen. Do not halt your campaigns. Do not slow down your grassroots structures.

3. To the Oppressors.
You have miscalculated. By trying to bury the opposition through backdoor maneuvering, you have only succeeded in unmasking your desperation and uniting the democratic forces of this country against you.

The ADC and the coalition of progressive movements will be on the ballot in 2027. Democracy cannot, and will not, be strangled in Nigeria.

Comrade Ibrahim Garba Wala (IG Wala) is the Lead Advocate, The Handshake Movement

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