Mike Adenuga: How FG Sold Glo License to Nigerian Billionaire After Starting Life as a Petty Trader
- Michael Adeniyi Agbolade Ishola Adenuga, born in 1953, transformed from a humble trader to a telecommunications tycoon, founding Globacom in Nigeria and expanding across Africa
- Despite early struggles, including driving taxis to fund his education, Adenuga's ventures in oil with Conoil and later in telecom have made him one of Africa's wealthiest men
- His journey is a testament to relentless ambition, strategic investments, and a visionary approach to business
Legit.ng journalist Basit Jamiu has over 5 years of experience covering education, history and current affairs in Nigeria and worldwide.
Michael Adeniyi Agbolade Ishola Adenuga. Born on April 29, 1953, was born in the heart of Ibadan, Nigeria.
His journey from humble beginnings to staggering success is nothing short of legendary.
Source: UGC
Early Struggles and Formative Years
Adenuga's early years were marked by a relentless pursuit of education and opportunity.
At Ibadan Grammar School and later Comprehensive High School Aiyetoro, he laid the academic foundations that would support his future endeavors.
The world beyond Nigeria beckoned, and he heeded the call, traveling abroad to secure a degree in Business Administration from North Western Oklahoma State University, followed by an MBA from Pace University in New York.
His academic journey was not without its trials; the young Adenuga drove taxis and sold lace materials to make ends meet, embodying the very essence of the entrepreneurial spirit.
The First Million
Fate smiled on Adenuga in 1979.
Through a series of strategic hustles and shrewd investments, he made his first million at the tender age of 26.
This milestone marked the beginning of a career that would see him navigating and conquering various industries with aplomb.
Entering the Oil Industry
In the late 1980s, Adenuga's ambitions turned towards the booming oil industry in Nigeria.
According to Nairametrics, despite initial setbacks, his persistence paid off in 1990 when a new policy by Oil Minister Professor Jubril Aminu, under General Ibrahim Babangida's regime, allowed private individuals to venture into oil exploration.
Armed with a drilling license, Adenuga's Consolidated Oil began its operations in Ondo State, marking his successful foray into the oil sector.
The Birth of Globacom
The dawn of a new democratic era in Nigeria in the late 1990s presented Adenuga with yet another opportunity.
Recognizing the untapped potential in the telecommunications sector, he acquired a conditional GSM license from the Federal Government in 1999.
Although this initial license was revoked, Adenuga's tenacity saw him secure a second license in 2004 through a government auction.
This pivotal moment led to the birth of Globacom, a telecommunications giant that quickly established itself across Nigeria, Benin, Ghana, and Côte d'Ivoire.
Globacom's aggressive expansion and competitive pricing positioned it as a formidable rival to the MTN Group, with millions of subscribers across the continent.
In 2015, Adenuga's vision extended even further with the acquisition of Ivorian mobile telecom operator Comium for $600 million, solidifying his status as a telecommunications magnate and reflecting his unwavering commitment to expanding Africa's telecom infrastructure.
Mike Adenuga Gains Millions Despite Naira Loss
Meanwhile, Legit.ng earlier reported that Mike Adenuga has seen his wealth increase by more than half a billion dollars.
Adenuga's net worth grew by $600 million since January, from $6.1 billion at the beginning of the year to $6.7 billion, according to Forbes' real-time billionaires list.
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Source: Legit.ng
