How much is Mike Adenuga’s net worth?
| net worth: | $6 billion |
|---|---|
| age: | 71 |
| Birth: | April 29, 1953 |
| gender: | Male |
| Height: | 1.73 m (5 ft 8 in) |
| country of origin: | Nigeria |
| Sources of funds: | entrepreneur |
| Last Updated: | August 6, 2024 |
Introduction
Mike Adenuga is a Nigerian billionaire businessman and the second richest person in Africa.
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His company Globacom is Nigeria’s second-largest telecom operator, with a presence in Ghana and Benin. He also has stakes in Equitorial Trust Bank and oil exploration firm Conoil.
Mike Adenuga’s net worth is estimated at $6 billion.
early life
Michael Adeniyi Agbolade Ishola Adenuga Jr. was born on April 29, 1953 in Ibadan, Nigeria.
His father was a school teacher while his mother was a businesswoman of royal Ijebu descent.
Adenuga received his secondary school education at Ibadan Grammar School, Ibadan and Comprehensive High School, Aiyetoro, where he obtained his Higher School Certificate. He worked as a taxi driver to raise funds for his university education.
Livelihood
entrepreneur
Not one to be immune to hard work, Mike Adenuga funded his university education by working as a taxi driver before graduating from Northwestern Oklahoma State University.
In 1979, he achieved his first significant success by earning a million dollars for the first time by selling laces and distributing soft drinks.
Over the next 11 years he consolidated his business, investing his profits and building a financial foundation that catapulted him into the ranks of the giants.
An important step in his career was that he obtained a drilling license in 1990, paving the way for his entry into the Nigerian oil industry.
His company, Consolidated Oil, discovered oil in commercial quantities in southwestern Ondo State in 1990, a milestone for indigenous oil companies in Nigeria.
Businessman
Building on his successful oil venture, he was awarded a conditional GSM licence in 1999, marking his entry into the telecommunications sector.
Unfortunately, his initial license was revoked, but he persevered and acquired a second GSM license following a government auction in 2003.
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Using these lucrative licenses, Adenuga founded Globacom (GLO), a telecommunications company that gained prominence in Nigeria and expanded across the country.
He was so successful that he was named African Entrepreneur of the Year at the 1st African Telecom Awards in 2007, highlighting his entrepreneurial excellence.
He joins Nigerian businessman and entrepreneur Aliko Dangote on Forbes Africa’s 2023 billionaires list.
Mergers and Acquisitions Specialist
In May 2015, Adenuga initiated the acquisition of Ivory Coast’s mobile telecommunications operator Comium Côte d’Ivoire with an offer of $600 million.
In the years following Globacom Limited’s initial African expansion into Côte d’Ivoire, the Nigerian multinational telecommunications company identified further opportunities abroad.
GLO, headquartered in Lagos, remained a privately owned telecommunications company, with Adenuga holding a controlling stake.
The company currently provides telecommunications services in four countries in West Africa including Nigeria, Republic of Benin, Ghana, and Côte d’Ivoire.
The international business community recognizes the GLO and its influential President, Dr. Mike Adenuga Jr., for their impressive achievements in a harsh and challenging business environment.
International recognition
Forbes ranks him as Africa’s sixth richest man, with a personal wealth of more than $7.3 billion – and ranks him 324th on the world’s billionaires list.
He made his fortune through diversification and acquisitions, using his vast oil wealth to successfully launch his telecommunications business in Nigeria before expanding abroad.
A key factor behind the success of his telecommunications company GLO is expanding services to include internet access in addition to phone services.
In 2011, the company constructed a high-capacity fibre optic submarine cable at a cost of $800 million, connecting users to the Internet through the United Kingdom.
They launched 4G LTE service in 2016, providing faster and efficient broadband connectivity to customers and added around 40 million internet subscribers by 2020.
Mike Adenuga lives his life following Nelson Mandela’s famous quote – “There is no passion in small games.”
Philanthropist and innovation expert
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Adenuga and his companies support social and community development, and it is their priority to engage in philanthropic efforts and support various upliftment initiatives.
His innovative business strategies and personal leadership have been key in driving the growth of his diverse enterprises and building an influential African brand.
The businesses in his portfolio contribute significantly to the economic growth of West Africa and play a vital role in the development of the region.
The key reason for the growth and expansion of their business is their unwavering commitment to job development, which creates tremendous opportunities for the communities in the area.
Focusing on indigenous business development, Adenuga’s impressive achievements highlight the potential of African businesses on a global scale.
By providing technological infrastructure to facilitate business, his telecommunications ventures contribute to advancing technology infrastructure in Nigeria and neighboring countries.
Adenuga has built an extensive global network by collaborating with business leaders such as Microsoft founder Bill Gates, who has pledged $100 million to address malnutrition in Nigeria.
Mike Adenuga’s net worth
Mike Adenuga has a net worth of $6 billion.
Highlights
Here are some of the best highlights of Mike Adenuga’s career:
- Globacom is Nigeria’s second largest telecom operator
- He has a stake in Equitorial Trust Bank
- Grand Commander of the Order of the Niger (2012)
- Commander of the Legion of Honour (2018)
Frequently Asked Questions
How much is Mike Adenuga’s net worth?
Mike Adenuga’s net worth is estimated at $6 billion.
How old is Mike Adenuga?
Mike Adenuga was born on 29th April, 1953 and is currently 71 years old.
How tall is Mike Adenuga?
Mike Adenuga has a height of 1.73 m, which is equivalent to 5 feet 8 inches.
Summary
Mike Adenuga is a Nigerian billionaire who is one of the richest Africans.
With over 24 million subscribers in Nigeria, Globacom also operates in the Republic of Benin, where it recently acquired licences to start business, Ghana, and the Ivory Coast.
Mike Adenuga has a net worth of $6 billion.
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Source: https://th-xuyenmoc.edu.vn
Category: Net worth