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Mike Adenuga at 72: The Billionaire and His Entrepreneurial Consistency 

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…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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El-Rufai to Remain in ICPC Custody Till June

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Justice Darius Khobo of the Kaduna State High Court has adjourned the bail hearing of former Governor of Kaduna State, Mallam Nasir El-Rufai, to the first week of June, 2026.

El-Rufai is being arraigned on multiple charges bordering on alleged financial crime and abuse of office by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Similarly, another charge, number KDH/KAD/ICPC/01/26, against Mallam Nasir El-Rufa’i and one Amadu Sule (LEDA) has also been filed before a Kaduna State High Court in the Kaduna Judicial Division,” the ICPC said last month.

“The charges in the State High Court case range from abuse of office, fraud, and intent to commit fraud to conferring undue advantage, among others. Both charges were filed by the ICPC on the 18th of March, 2026.”

Speaking after the court session, counsel to the former governor, Ukpon Akpan, kicked against the lingering adjournment of the bail hearing by one presiding judge as politically motivated.

The high-profile case has drawn significant public attention, with heightened security presence observed around the court premises.

The former governor had arrived at the court at about 9 am in a convoy accompanied by ICPC officials and operatives of the Department of State Services (DSS).

During the proceedings, supporters of the former governor gathered outside the courtroom, while security agencies maintained order and restricted movement within the vicinity.

Inside the courtroom, journalists, as usual, were not allowed, as proceedings are expected to focus on arguments presented by both the defence and prosecution regarding the bail request.

At the last sitting, the defence team had maintained that their client poses no flight risk and is willing to comply with all conditions set by the court.

Meanwhile, the prosecution has urged the court to carefully consider the gravity of the charges.

The 66-year-old former governor of Kaduna has been in ICPC custody since February 19 following his release by the Economic and Financial Crimes Commission (EFCC).

El-Rufai, a former minister of the FCT, was, however, released on March 27 based on compassionate grounds following his mother’s death.

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Timi Frank Petitions US, Demands Gbajabiamila’s Resignation over ‘Anti-Democratic’ Remarks

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Political activist, Comrade Timi Frank, has called on the United States government to investigate and sanction the Chief of Staff to the President, Femi Gbajabiamila, over alleged actions capable of undermining Nigeria’s democracy.

Frank’s demand followed a viral video in which Gbajabiamila was quoted as telling Hon Leke Abejide, during his wife’s 50th birthday that: “Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing… stay in ADC and win your election… bring Bala Gombe, and we’ll support him. Good luck in court.”

Describing the remarks as “reckless” and dangerous, the former Deputy National Publicity Secretary of the All Progressives Congress (APC), said they point to a deliberate attempt to weaken opposition parties and erode democratic institutions.

“Your statement, as Chief of Staff, raises serious concerns about the determination by President Bola Ahmed Tinubu’s regime to truncate democracy,” he said, adding that “inference can be made that there is an infringement on the independence of the judiciary.”

He warned that any suggestion that courts could be influenced “undermines public confidence in democratic institutions,” citing references to political actors, including Leke Abejide, as requiring clarification to avoid “dangerous interpretations.”

Frank argued that Gbajabiamila’s comments effectively confirm the Presidency’s involvement in crises rocking opposition parties such as the Peoples Democratic Party (PDP), Social Democratic Party (SDP), New Nigeria Peoples Party (NNPP), and the African Democratic Congress (ADC).

“When a Chief of Staff speaks, it reflects the body language of the President. This points to a deliberate attempt to weaken opposition and consolidate power,” he said.

He further claimed that state influence, including the use of the judiciary, is being deployed against opposition parties. “The audacity of the statement suggests nothing will happen even if opposition parties are destabilised. That is dangerous,” he added.

Frank described Gbajabiamila as “an alter ego of the President” who had “displayed the arrogance of power,” insisting that public office holders must uphold restraint, respect for the rule of law and constitutional order.

He also urged U.S. authorities to probe Gbajabiamila’s activities and financial dealings.

“As an American citizen, he should be held accountable. We want to know if he is meeting his tax obligations in line with his earnings in Nigeria,” Frank said, describing him as “a bad ambassador of the United States.”

“We want to be sure that all earnings, including those from official and business engagements in Nigeria, are properly declared and taxed,” he added.

On accountability, Frank insisted resignation was the only honourable option.

“We call for your resignation with immediate effect. If such a statement were made in the United States, the official involved would have resigned forthwith,” he said.

He disclosed plans to petition the U.S. Embassy in Nigeria, stressing that “those entrusted with leadership must reflect humility, constitutional awareness and respect for separation of powers.”

“Power is transient, but institutions must endure. Any comment that diminishes their independence must be corrected,” he added.

The call comes amid rising concerns over the stability of Nigeria’s multiparty system and allegations of increasing pressure on opposition parties.

Comrade Timi Frank is the ULMWP Ambassador (East Africa and Middle East) and Senior Advisor, Global Friendship City Association (GFCA), USA.

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Alleged Coup Plotters Get April 22 Date for Trial, Slammed with 13-Count Charge

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The Federal Government has filed a 13-count charge before the Federal High Court in Abuja against a retired Major General, a retired Naval Captain, a serving police inspector, and three others over an alleged coup plot and acts of terrorism.

The alleged coup plotters, are scheduled to be arraigned tomorrow (Wednesday), April 22, before Justice Joyce Abdulmalik of the Federal High Court, Abuja.

Those named in the charge are Major General Mohammed Ibrahim Gana (rtd), Captain (NN) Erasmus Ochegobia Victor (rtd), Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani.

Also listed as a defendant, but said to be at large, is former Minister of State for Petroleum Resources, Timipre Sylva.

The charge, filed by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo, SAN, accuses the defendants of offences ranging from treason and terrorism to failure to disclose security intelligence and money laundering linked to terrorism financing.

At the centre of the case is an allegation that the defendants conspired in 2025 to undermine the Nigerian state.

According to the charge, they “conspired with one another to levy war against the state to overawe the President of the Federal Republic of Nigeria,” an offence punishable under Section 37(2) of the Criminal Code.

The prosecution further alleged that the defendants had prior knowledge of a planned treasonable act involving one Colonel Mohammed Alhassan Ma’aji and others but failed to alert authorities.

The charge stated that they, “knowing that and intended to commit treason, did not give the information thereof with all reasonable despatch to either the President or a Peace Officer.”

In another count, the defendants were accused of failing to take preventive steps, as they allegedly “did not use any reasonable endeavours to prevent the commission of the offence.”

Beyond treason, the Federal Government is prosecuting the defendants for terrorism-related offences under the Terrorism (Prevention and Prohibition) Act, 2022.

The charge alleged that they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria.”

Particularly, Inspector Ahmed Ibrahim and Zekeri Umoru are accused of participating in meetings linked to terrorist activities.

Prosecutors claim they acted “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”

The charge also accused the defendants of providing support for terrorism, alleging that they “knowingly and indirectly rendered support” to facilitate acts of terror.

In addition, the prosecution alleged a deliberate suppression of intelligence, stating that the defendants “had information which would be of material assistance in preventing the commission of the act of terrorism but failed to disclose the information to the relevant agency as soon as practicable.”

The case further traced financial transactions allegedly linked to terrorism financing, with multiple defendants accused of handling proceeds of unlawful activities.
Bukar Kashim Goni is alleged to have “indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing,” while Abdulkadir Sani allegedly retained N2 million from a similar source.

Zekeri Umoru, according to the charge, “without going through a financial institution accepted a cash payment of the sum of N10,000,000,” and also retained an additional N8.8 million suspected to be proceeds of terrorism financing.

Inspector Ahmed Ibrahim was also accused of taking possession of N1 million linked to the same alleged scheme.

All financial-related counts were brought under the Money Laundering (Prevention and Prohibition) Act, 2022.

The 13-count charge presents what prosecutors describe as a coordinated network involving security personnel, civilians, and a politically exposed individual, allegedly connected to activities threatening national security.

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