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Mike Adenuga at 72: The Billionaire and His Entrepreneurial Consistency
Published
1 year agoon
By
Eric
…His 2024 Exploits
By Eric Elezuo
The saying, when the going gets tough, the tough gets going, applies chiefly to a man, who has justifiably fits the term, ‘The People’s Billionaire,’ as a result of his humanitarian gesture to everything that pertains to life and living. He is Dr. Michael Adenuga Jnr. He is the brain behind the successes recorded at Glo. He is the Chairman, Globacom Group, among other conglomerates.
Rising from a year that has been replete with economic downturns, where several enterprises and entrepreneurs are counting their losses, Dr. Adenuga has significantly raked in over United States $700 million, to shove up his fortune. A feat, only fit for kings!
According to Billionaires.Africa, a news magazine that tracks the progress or otherwise of African billionaires, Adenuga, in spite of the harsh economic environment, occasioned by policy somersaults of the present administration, has proved that his business acumen supercedes environmental economic variables, giving him the leverage to not only have its head above water, but to smash every available class ceiling of average.
The magazine wrote, “Amid a year marked by currency depreciation across several African nations, including Nigeria, billionaire businessman Mike Adenuga solidified his position among the continent’s wealthiest individuals and the world’s 450 richest people. Adenuga, who built his fortune in telecommunications and oil production, saw his net worth rise by $700 million in 2024, a testament to the resilience and diversification of his business empire.
“As of Jan. 1, 2024, Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, estimated Adenuga’s wealth at $6.1 billion. By Dec. 31, 2024, his net worth had grown to $6.8 billion, ranking him as the 448th richest person in the world. Adenuga’s wealth is anchored in his control of Globacom, Nigeria’s second-largest mobile telecommunications and digital services provider, which boasts over 60 million subscribers.”
Known by so many appellations including the Spirit of Africa for his philanthropic gestures across board, and The Bull, for his resilience and ability to dare the impossible, Adenuga has proved over the years that he is not the regular billionaire. He is of the stock that is not regulated by stock market figures, but by liquid cash. And that explains why his wealth and net worth supercedes whatever figures churned out by any institution, or any position he is placed in the billionaires’ list.
Adenuga is, for all intent and purpose, in a world and class of his own. This is because his business trajectory and personal philosophy are uniquely his, and therefore worthy of emulation.
Sitting atop one of the most cherished and subscribed network, Glo, Adenuga has not only inspired lives, and practically lifted not a few to enviable heights.
Known for his diverse investments in oil, gas, telecommunications, banking, construction, and real estate, Mike Adenuga notably shook up the African telecom sector with the launch of his telecommunications network, Globacom Limited (Glo), in August 2003.
Also referred to as The Guru, Adenuga is like the proverbial Iroko tree, who is unlike any other. In terms of humility, pedigree, magnanimity, wealth and portfolio of investments, he is one of a kind.
When the Federal Government decided to give indigenous businessmen licences in the dollar-denominated but capital-intensive upstream oil sector, Adenuga was one of those who applied.
Unlike others who sold their licences for quick money, Adenuga was vision personified, and decided to go into full scale prospecting and exploration. The gamble paid off as one of the wells that was being drilled struck oil, making his company, Consolidated Oil, the first indigenous Nigerian company to discover oil in commercial quantity. The epoch making discovery on December 24, 1991, changed many narratives.
Despite his success, Adenuga believes business must have a human face, it must add value, it must have an impact and ultimately, be socially responsible. These are some of the core values that he considers before throwing his money into any investment.
That is not all, he also firmly believes that the world is a field of battle and you must prepare to win, not some time but all the time. He’s a mountain climber like the Tibetan Monk, who believes that you must survive all odds to get to the top.
Incredible tales have been told about his amazing capacity for work. He is known to sleep very little when there is work to be done, and he expects his staff to imbibe the same work ethic. Though generous, he is said to have zero tolerance for incompetence or sloppiness. With him, one must be on their toes every time.
It is therefore, no surprise that his targeted investments and the grace of God Almighty have placed him well ahead of the authentic list of billionaires. His never-give-up spirit is well known and it is this force that has driven him to achieve feats many mortals will think are impossible.
Adenuga has no rival. He is a symbol of endurance, entrepreneurship, extraordinaire and self-made business titan, who is certainly one of the wealthiest black men in the world.
A toast to the impressive African treasure, business phenomenon and this generation’s Mr. Consistency.
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Who Gets the Blame When Opportunities Disappear? The South Africa Example
Published
3 hours agoon
June 21, 2026By
Eric
By Anjorin Fehintola Stella
As South Africa approaches June 30, the date set by certain anti-immigrant groups as deadline for undocumented migrants to leave the country, tensions surrounding immigration have once again captured national and international attention. These groups have argued forcefully and publicly that foreigners are responsible for rising unemployment, escalating crime, and increasing pressure on already overstretched public services such as hospitals, schools, and housing. The debate has sparked strong and deeply divided reactions across the continent, raising urgent concerns about xenophobia, social cohesion, human rights, and the future of African unity at a time when continental cooperation has never been more necessary.
Yet beneath the headlines and the heated rhetoric lies a deeper and more unsettling question; Why do immigrants so often become targets during periods of economic and social uncertainty? And what does the persistence of this pattern tell us about how societies respond when the gap between expectation and reality becomes too painful to confront honestly?
The current tensions in South Africa are not simply about immigration. They reflect broader and far more complex struggles over identity, opportunity, belonging, and the distribution of scarce resources in a society still grappling with the deep and unresolved legacies of apartheid and structural inequality. To reduce the debate to a question of who should or should not be in the country is to miss what is truly at stake, both for South Africa and for the wider African continent.
Throughout history, societies facing economic hardship have repeatedly searched for visible and identifiable groups to blame for problems that are in reality deeply structural and systemic. This is not a uniquely South African phenomenon. It is a recurring pattern in human social behaviour that has appeared across cultures, continents, and centuries. In post-World War One Germany, economic devastation and national humiliation were channelled into blame directed at Jewish communities, with catastrophic consequences. In the aftermath of the 2008 global financial crisis, rising unemployment across parts of Europe fuelled hostility toward immigrant communities in countries including Greece, Hungary, and the United Kingdom. In the United States, periods of economic contraction have historically coincided with surges in anti-immigrant sentiment directed at whichever group happened to be most recently arrived and most visibly different from the majority. The pattern is consistent, when jobs become scarce, living costs rise, and opportunities diminish, frustration seeks an outlet, and that outlet is rarely the complex institutional and policy failures that actually caused the hardship.
This phenomenon is commonly and usefully referred to as scapegoating. Rather than confronting the structural causes of social and economic challenges, which are difficult to understand, slow to change, and rarely produce a satisfying emotional response, public frustration is redirected toward groups that are politically vulnerable, socially distinct, and easy to identify. Immigrants fit this profile in almost every society where they are present in significant numbers. They look different, speak differently, worship differently, and occupy a social position that makes them easy to portray as outsiders who do not belong and therefore do not deserve the resources they are perceived to be consuming.
South Africa’s situation reflects many of these dynamics with particular intensity, shaped by a history that makes its current crisis both understandable and deeply tragic.
Despite being one of Africa’s most industrialized and developed economies, South Africa continues to experience some of the highest levels of unemployment on the continent and indeed in the world. Official unemployment figures have consistently exceeded thirty percent in recent years, with youth unemployment reaching even more alarming levels. Economic inequality, as measured by the Gini coefficient, remains among the highest of any country on earth. Millions of South African citizens continue to live in poverty, in informal settlements without adequate sanitation or electricity, with limited access to quality healthcare, education, and economic opportunity. These are not new problems. They are the accumulated product of centuries of colonial exploitation and decades of apartheid, a system that was specifically designed to concentrate wealth, land, and opportunity in the hands of a small racial minority while deliberately excluding the majority from the formal economy.
For many South Africans, the promise of economic transformation that accompanied the end of apartheid in 1994 and the dawn of democracy remains painfully and visibly unfulfilled. While political freedom was achieved, and while the legal architecture of racial discrimination was dismantled, economic inclusion has proven far more difficult and far slower to realize. Land remains heavily concentrated. Corporate ownership remains skewed. Access to capital, education, and professional networks continues to reflect the inequalities of the past. This disconnect between the political promises of liberation and the economic realities of daily life has contributed to growing frustration and disillusionment, particularly among younger South Africans who were born after apartheid ended and who cannot understand why freedom has not yet translated into opportunity.
In such an environment, immigrants often become symbols of broader anxieties that have little to do with immigration itself. Many foreign nationals living in South Africa come from Nigeria, Zimbabwe, Mozambique, Somalia, Ethiopia, and other parts of the continent. They operate small businesses in townships and urban centers, work in informal sectors, provide services, and seek economic opportunities that are unavailable or severely constrained in their home countries. Their presence within local communities creates visibility. And that visibility, in a context of scarcity and frustration, can generate the perception that they are taking jobs, occupying business spaces, or accessing services that rightfully belong to citizens.
This perception, however, frequently diverges significantly from the evidence. Research on the economic impact of immigration in South Africa and elsewhere consistently shows that immigrants do not simply take jobs from citizens. They also create jobs, start businesses that employ local workers, fill skills gaps in sectors where domestic supply is insufficient, and contribute to local economies through their spending, taxation, and economic activity. A Nigerian shopkeeper in a township is not stealing an opportunity from a South African. In many cases, that shopkeeper has created a service, employed assistants, and provided affordable goods in a community that was previously underserved. The relationship between immigration and unemployment is complex, contested among economists, and cannot be reduced to the simple arithmetic of more people competing for fewer jobs.
Consider, for example, the experience of a Zimbabwean trader who crossed into South Africa after Zimbabwe’s economic collapse in the late 2000s. Having lost his savings and his livelihood to hyperinflation and political instability, he arrived with little more than skills and determination. Over years of persistent effort, he built a small clothing stall, then a shop, then a small enterprise employing three South African workers. He pays rent to a South African landlord, buys stock from South African suppliers, and contributes to the local economy in ways that are invisible in anti-immigrant rhetoric but very real in the daily life of his community. His story is not exceptional. It is representative of countless immigrants whose contributions are routinely overlooked in debates that reduce their presence to a threat.
The reality is that unemployment, poverty, and inequality in South Africa cannot be meaningfully explained by immigration. These challenges are the product of historical dispossession, inadequate education infrastructure, insufficient investment in skills development, failures of governance and service delivery, and the structural features of an economy that has not succeeded in creating opportunities fast enough to absorb its growing population. These are the real causes of South Africa’s economic distress. They are difficult to address, require sustained political will, and do not lend themselves to simple solutions or satisfying emotional narratives.
However, complex explanations rarely generate the same emotional response as simple ones. When people experience prolonged hardship, when they watch their children go hungry, when they cannot afford school fees or medical care, when they have applied for jobs repeatedly and been rejected, the desire for immediate and identifiable answers becomes overwhelming. In that state of distress, a narrative that points to a visible group of outsiders as the source of the problem offers something that structural analysis cannot, a clear villain and the emotional relief of righteous anger. This is not a failure of intelligence. It is a very human response to pain. But it is a response that, when translated into policy or action, produces injustice rather than solutions.
The consequences of xenophobic sentiment extend far beyond those who are directly targeted. When anti-immigrant hostility becomes normalized in public discourse, it weakens the social trust upon which functioning communities depend. It creates fear and suspicion where cooperation and mutual support are needed. It divides communities along lines of origin and nationality at precisely the moment when shared challenges require collective response. In South Africa, where the wounds of racial division already run deep, the addition of nationality-based hostility adds another layer of fracture to a society that is still in the long process of healing.
For the immigrants themselves, the impact of this hostility can be devastating and sometimes fatal. South Africa has experienced multiple episodes of deadly xenophobic violence over the past two decades, including the widespread attacks of 2008 in which over sixty people were killed, and subsequent outbreaks in 2015 and beyond. Shops and homes were looted and burned. Families were displaced. People who had built lives over years lost everything in days. Many of those targeted had lived in South Africa for decades, raised children there, built businesses, and considered it home. In moments of mob violence, none of that mattered. What mattered was that they were perceived as foreign.
The South African experience raises uncomfortable but necessary questions about African solidarity and the meaning of continental unity in practice. Africa has a long and rich tradition of intra-continental migration. People have moved across the continent in search of pasture, trade, education, employment, and safety for thousands of years. These movements have contributed to cultural exchange, the spread of knowledge, economic growth, and the complex and vibrant diversity that characterizes African societies today. The idea that Africans should be hostile to other Africans seeking opportunity within the continent sits in painful tension with the values of solidarity and shared humanity that African political and cultural traditions have long celebrated.
As African countries continue to pursue greater economic and political cooperation through frameworks such as the African Continental Free Trade Area, which envisions the free movement of goods, services, and eventually people across the continent, the challenge will be to translate those institutional commitments into genuine cultural and social acceptance at the community level. Trade agreements and policy frameworks matter enormously. But they cannot achieve their full potential in societies where ordinary people view fellow Africans as threats rather than as partners and neighbors.
None of this means that governments should ignore legitimate concerns about border management or the pressures placed on public services by large-scale immigration. Every sovereign nation has both the right and the responsibility to manage its borders and regulate the flow of people entering its territory. Immigration policy is a legitimate area of governance, and there are real and valid questions about how to ensure that public services are adequately funded to serve growing populations, how to manage informal settlements, and how to create pathways to legal status for long-term residents. These are proper subjects for policy debate and democratic deliberation. However, there is a fundamental and morally significant difference between addressing immigration through careful, rights-respecting policy and assigning blame for complex, historically rooted societal problems to people who had nothing to do with creating them.
The current debate in South Africa serves as a sobering reminder that economic hardship tests the strength of social order in ways that prosperity rarely does. It reveals how quickly frustration can be redirected toward those perceived as different, and how easily social divisions can deepen when the competition for scarce resources becomes acute. It also reveals the critical importance of leadership in such moments. When political leaders and public figures validate scapegoating narratives for short-term political gain, they legitimize hostility and make violence more likely. When they speak honestly about structural causes and call for solidarity, they create space for more constructive responses. The role of leadership in shaping how societies respond to economic stress cannot be overstated.
Media also bears significant responsibility in these moments. The way immigration is framed in news coverage, in social media discourse, and in public commentary shapes how ordinary people understand the issue and where they direct their frustration. Reporting that reduces immigrants to numbers and threats, that amplifies the most extreme anti-immigrant voices without context or counter-narrative, and that fails to humanize the people at the center of the debate contributes to the very climate of hostility that makes violence possible. Responsible journalism on migration requires not only accuracy but empathy and context.
Ultimately, the question confronting South Africa is larger than immigration itself. It is about how societies respond when expectations collide painfully with reality, when the promises of the past remain unfulfilled in the present, and when the future looks uncertain. Do they find the political courage and social will to confront the structural challenges that limit opportunity and perpetuate inequality? Or do they retreat into the easier and more emotionally satisfying path of finding groups to blame? History offers a sobering and consistent lesson. When opportunities disappear, someone is almost always held responsible. The real measure of a society’s maturity, its justice, and its humanity lies in whether it has the honesty and the courage to ensure that blame does not become a substitute for solutions. For South Africa, and for many societies navigating similar pressures across the world, the path forward will not be found in the targeting of the vulnerable. It will be found in the difficult, unglamorous, and absolutely necessary work of addressing the deeper inequalities and structural failures that give rise to public frustration in the first place. That work cannot wait, and it cannot be avoided. The people living at the sharp edge of these tensions, both citizens and immigrants alike, deserve nothing less.
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What’s the Proof That Bandit Kingpin’s Mother, Sister Got 40-Years Combined Jail Term?
Published
1 day agoon
June 20, 2026By
Eric
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
Published
3 days agoon
June 18, 2026By
Eric
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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