Mike Adenuga Jr is a Nigerian business mogul, entrepreneur and owner of Globacom (the second largest telecommunication network in Nigeria). Mike Adenuga is also the Chairman of Conoil (an oil exploration company) and owns stakes in Equitorial Trust Bank and here is his current net worth.
Adenuga is also the richest man in Nigeria and Africa as a whole after Dangote. If you are searching for his 2019 net worth, then stick with me as I show you nearly everything you need to know about this man.
Mike Adenuga Net Worth
As of May 2020, Mike Adenuga is estimated to be worth about $5.9 billion which is 2.3 Trillion Naira.
Otunba Adenuga seems to be on his way to overtake Aliko Dangote as the richest man in Africa with the way his net worth has been on the increase lately.
Early Life And Childhood
Michael Adeniyi Agbolade Ishola Adenuga Jr was born on the 29th of April, 1953 at Ibadan, Oyo State, Nigeria.
His dad Michael Agbolade Adenuga Sr, was a school teacher while his mum, Juliana Oyindamola Adenuga was a businesswoman from the royal family of Ijebu Igbo.
Growing up, Adenuga Jr had his secondary school education at Ibadan Grammar School and later at Comprehensive High School, Aiyetoro.
After his secondary school education, he started working as a taxi driver to help generate funds for tertiary education. It was during this period his passion for business strongly developed.
Later on, he got an admission to study at Northwestern Oklahoma State University where he graduated with a degree in Business Administration. He also went on to study at Pace University, New York.
Venture Into Business And Rise To Limelight
Mike Adenuga’s rise to limelight was never an instantenous one, having been in business for quite some time . it took a while for things to really start going for him.
I have seen people start a business today and expect that the business will “explode” overnight. It doesn’t always work that way, there’s always a time for development. Even in business, growth is not just something you can come by, it is a process.
We have seen this not only in Adenuga’s life, we have also seen it with most of the richest businessmen out there in the world today. Talk of Femi Otedola, Aliko Dangote, Ifeanyi Ubah and even Folorunsho Alakija who is an extra-ordinary businesswoman and the second richest woman in Africa.
(Now let’s get back to Adenuga’s story)
In the year 1990, his young Petroleum and Gas company, Consolidated Oil (now Conoil), received a licence to drill in the Southwestern part of Ondo State in Nigeria. Just a year later, they struck oil in large commercial quantity in that part of the country. By this, they became the first indigenous Petroleum and Gas company to do so across the country.
This opened so many doors for his company and gave it much opportunities to grow and spread its reach even beyond Nigeria. It wasn’t long, they started working with the high and mighty from different parts of the world, supplying Petroleum products to several companies within and outside the country.
As the money kept flowing in, Adenuga diversified into other sectors of business in order not to put all his eggs in one basket.
One of the major areas he diversified is telecommunication. In 1999, he was granted a “conditional” licence to operate a telecom company in the country. That was how Nigeria’s second largest telecom operator, Globacom, was born.
After he was given a conditional GSM licence in 1999, he started the company that is today known as Globacom or GLO in short form.
Prior to its inception, the telecom giant MTN, was already in existence in the country and has already dominated several parts of it. No one expected GLO will be able to challenge or compete with MTN (the largest telecom operator in the country) the way it has done over the years.
For one reason or the other, GLO had its operating licence revoked and was out of business for a while until it was issued another one after the government put out an auction in 2003.
Bouncing back to its feet, the company spread its reach far and near. It so challenged MTN to the point that in several locations in the country, GLO became the number one telecom network providers in those areas till today.
Globacom’s reputation in data (for browsing the internet) has endeared them in the hearts of several Nigerians especially the youths who see them as the “Largest Data Network” in the country.
Personal Life And Family
He is married to two wives – Titi Joyce Adenuga and Adefolake Emilia Adenuga. The home is blessed with 7 children (male and female).
He currently lives them in mansion at Banana Island, Ikoyi, Lagos State, Nigeria.
Awards And Honours
In 2007, he was given “African Entrepreneur of The Year” at the first African Telecoms Awards.
In 2012, the Goodluck Jonathan led administration conferred on him “Grand Commander of the Order of the Niger (GCON)” the second highest honour in the country.
He is also reported to have been given the tribal chieftaincy title of the Yoruba people, “Otunba Apesin of the Ijebu Clan”
Mike Adenuga’s house is more than just a house, it’s an estate of its own. With 9 duplexes inside the mansion, Mike’s home is truly beyond what anyone can ever expect.
One of those duplexes serves as his personal home office while the others are for his large extended family, guests, friends, and even workers.
Apart from all these, there is a very large swimming pool and garage for his numerous luxury cars.
Inside the house, there is said to be a church and a mosque (so any of his family members can worship their God the way they like).
The house also has a helipad, a 200-seat capacity meeting hall and a Yatch deck making it one of the best places to visit for a vacation in Banana Island, Ikoyi, Lagos.
The house is estimated to cost N9 billion. Of course when you are the second richest man in Africa, a house so costly will be almost nothing to you.
Cars And Other Automobiles
Mike Adenuga is reportedly the owner of N150 million Rolls Royce Phantom 1, a multi million naira Yatch and a Private Jet.
Michael Adeniyi Agbolade Ishola Adenuga Jr GCON, started from the scratch and crawled his way to the top. With the way he is stinkingly rich today, one would hardly believe he was once a commercial taxi driver.
His story is truly a source of inspiration to so many out there that are still struggling to make a decent living. If he can make it, so can any one of us regardless of where we come from and other odds that may seem to be against us now.
With Mike Adenuga networth at $5.9 billion, he is currently the richest man in Africa after Aliko Dangote who is estimated to be worth about $8 billion presently.