Saturday, 21 February 2015

12 Things You Didn’t Know About Nigerian Billionaire, Mike Adenuga

The second-richest man in Nigeria, businessman Mike Adenuga makes most of his money in the mobile telecom and oil production industries, both on the investment and entrepreneurial side. With a net worth of $8 billion, Adenuga is the founder of one of Nigeria’s largest mobile phone networks and the oil exploration firm, Conoil Producing. He is 61 and credited with creating 6,080 jobs. Here are 12 things you didn’t know about Mike Adenuga.

He supports Nigerian athletes

After the Nigerian soccer team won the 2013 African Cup of Nations, Adenuga not only rewarded them with $1 million, but also gave the team’s coach $200,000 and offered to personally pay his salary when he considered 

He has seven children

The mogul has seven children from several different women, some of whom work for his telecom company. Adenuga is known for having a polygamous lifestyle. He is married to Titi Joyce Adenuga. Pictured is his son, Paddy Adenuga.

He attended college in the U.S.

Adenuga studied business administration at Northwestern Oklahoma State University and Pace University in New York.

He once drove a taxi

To earn some extra money during college, Adenuga drove a taxi and worked as a security guard at night. When he returned to Nigeria after earning his university degrees, he operated and worked in a small sawmill that he inherited from his father.

He struggled to get his license

His Global System for Mobile Communications License, that is. In 1999 Adenuga was issued a conditional license to operate Communications Investment Limited (CIL). Later the Nigerian government revoked the license and organized an auction for it. Four companies, including CIL, bid and won on the license and paid a $20 million deposit for the license. Unfortunately, CIL failed to pay the deposit on time, losing both the license and the deposit. Finally in 2002 Adenuga bid and won the license through his company Globacom Limited.

He first made a name for himself in construction

While still in his early 20s, Adenuga used his relationships with military personnel to land high-earning government construction contracts. In the 1980s and 1990s Adenuga sought out construction contracts with various sectors of the military to “build a diverse portfolio” according to Some believe that these relationships helped perpetuate Adenuga’s wealth, a belief that Adenuga hasn’t confirmed.

He founded a bank

Adenuga is the founder of Equitorial Trust Bank, one of the largest commercial banks in Nigeria. At one point the bank grew to have 100 branches before being bought out by Serling Bank Plc., a financial services provider.

He’s been arrested

In 2009, Nigeria’s Economic and Financial Crimes Commission detained Adenuga for money laundering. Following the event, Adenuga fled the country to live in London until he received a pardon. It’s suspected that Adenuga’s activities as a “political influence peddler” helped him get the pardon.

He has already purchased his grave

In 2013, Adenuga paid more than $1 million to secure his burial site. The site is in the modern Vaults and Garden Cemetery in Lagos, Nigeria, where many of the country’s affluent are buried.

He is philanthropic

In 2012 Adenuga donated around $3.4 million to the Bayelsa Flood Relief Fund. Governor Seriake Dickson made a personal visit to Adenuga to receive the donation. The Globacom founder’s check helped set up a post-flood management committee.

He lives in Banana Island

Adenuga lives in an estate worth an estimated $5 million-plus on Banana Island in Nigeria. The property contains eight duplexes, two watch towers, a mosque, a church, a multipurpose hall, a helipad and a yacht deck.

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