News

Published on June 11th, 2018

0

How Mike Adenuga Started His Business, His First Millions and Becoming A Billionaire!

Regarded as one of  the richest  black people in the world, Mike Adenuga was not born with a silver spoon, rather he was born into the humble family of Oloye Adenuga, a school teacher, and Juliana Oyindamola Adenuga a business woman of royal Ijebu descent.

Mike Adenuga had his secondary school education at the Ibadan grammar school Oyo State. He worked as a taxi driver and security guard to support his education while studying at the university. He graduated from Northwestern Alva Oklahoma State university and pace university New York, with a degree in business administration.

He made his first fortune at age 26 in the 1970s when he returned to Nigeria after studying in the US. He took over his mother’s sawmill business  and  distributed lace and other materials, he also sold Coca Cola. He made some powerful friends in the Nigerian military and relied  on those relationships to corner  lucrative state construction contracts.  Nigeria’s former military president, Ibrahim Babangida, awarded him an oil prospecting license. He used that to build Conoil and became the first Nigerian to strike oil in commercial quantities.

In 1990, he received a drilling license and in 1991, his consolidated oil struck in the shallow waters of South Western Ondo State, the first indigenous oil company to do so in commercial quantity. He was issued a conditional GSM license in 1999, after it was revoked he received the second one when the government held another auction in 2003. His Telecom company Globacom spread quickly and started challenging the giant MTN Group.

He has built a fortune in mobile telecom, real estate and oil production. He launched Globacom mobile phone network in 2006, which has reached about 30 million subscribers, and advancing its operation in West Africa, i.e the Republic of Benin, and recently, he acquired licenses to start business in Ghana and Ivory Coast.

Mike Adenuga is the second richest man in Nigeria and one of the richest men in the world!

Tags:


About the Author

A writer, fiction weaver, poet and blogger... A fierce fighter who needs no sword! Passionate about the art and more... La'bos



Leave a Reply

Back to Top ↑