Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#480 Mike Adenuga $4.01B

Random fact: Biggest landowner on upscale Banana Island, in Lagos.

Overview

Adenuga is the chairman of Globacom, Nigeria's second-largest telecommunications company by market share. The Lagos-based company has 36 million subscribers in Africa's most populous country, and also operates in Benin and Ghana. Adenuga also owns 89.3 percent of Lagos-based petroleum products distributor Conoil.

As of July 27, 2017:
Last change -$67.3M (-1.6%)
YTD change +$34.9M (+0.9%)
Industry Media & Telecom
Biggest asset Globacom
Citizenship Nigeria
Age 64
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mike Adenuga's net worth of $4.01B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Adenuga's fortune is derived from Globacom, the second-biggest telecom in Nigeria by market share, according to the Nigerian Communications Commission website in May 2017. Globacom revenue is calculated using the average 2016 revenue-per-subscriber multiple of two peers: MTN Nigeria and Airtel Nigeria. It was updated on April 24, 2017 to account for latest peer performance.

The billionaire's wholly-owned Mike Adenuga Group owns all of Globacom, according to its website. A 2006 report by Nigeria's Economic and Financial Crimes Commission into alleged misconduct by Nigeria's then-vice president Atiku Abubakar stated that "the equity structure of Globacom was found at some point to be [split]," with Adenuga holding 51 percent, Alh G. Subair 24 percent, and Prince Babatunde Akinyera and Okechukwu Igbomor both holding 12.5 percent. It also stated that Akinyera was probably a front for Abubakar. A Nigerian Senate panel cleared Adenuga of any wrongdoing in 2007. To reflect the possibility of past partners, this analysis calculates the cost Adenuga would have paid to buy out the partners in 2006, based on Globacom's market value at the time.

Adenuga has interests in seven oil blocks in the Niger Delta through Conoil Producing. Two of the blocks, OML 59 and OML 103, are valued based on four transactions in October 2014, where Shell sold oilfield stakes for an average price of $100,000 per-daily barrel produced. That price is discounted 30 percent to account for the "bullish nature" of the transactions. The value of two oil prospecting licenses is based on the 2007 acquisition price and discounted 10 percent for security risk. A further 15 percent discount is applied as of June 2016 to all oil assets to account for depressed oil prices. Adenuga also owns a 89.3 percent stake in petroleum products company Conoil.

Bode Opeseyitan, a spokesman for Conoil and Globacom, didn't respond to repeated e-mails, text messages and phone calls request comment.

Biography

Birthdate: 4/29/1953
Family: Married, 7 children

Mike Adenuga Jr. was born to Michael Agbolade Adenuga, a school teacher, and his wife, Oyindamola on April 29, 1953 in Ibadan, a Nigerian city located 90 miles north of Lagos. He was said to be so large at birth that he was called "John the Bull," a nickname that stayed with him to adulthood. After attending grammar school, Adenuga left for the U.S. where he received an undergraduate degree at Northwestern Oklahoma State University and an MBA at Pace University in New York. To help pay his tuition, he worked as a security guard and a taxi driver.

Adenuga returned to Nigeria after graduation and took over his family's sawmill. He used it as a base to diversify into trading, starting with sawmill equipment, and expanded into fabric and beer. In 1990, the Nigerian government, then led by military ruler Ibrahim Babangida, awarded Adenuga an oil block in the Niger Delta as part of an initiative to encourage local participation in the oil industry by private companies. A year later, Adenuga's Consolidated Oil Limited, which is now called Conoil Producing, said it became the first Nigerian company to find and produce oil in commercial quantities. Conoil Producing has interests in seven oil blocks.

The billionaire submitted the winning bid in 2002 for a wireless-carrier license being auctioned off by the Nigerian Communication Commission. He founded Globacom with a $20 million non-refundable deposit and a $180 million loan from BNP Paribas. The bidding process came under scrutiny four years later, when Nigeria's Economic and Financial Crimes Commission investigated possible misconduct and fraud by Nigeria's then-vice president, Atiku Abubaker. Adenuga was arrested and questioned about his role in allegedly accepting payments from Abubaker through his bank, Equatorial Trust Bank. He denied any involvement and left Nigeria after he was released. He didn't return until President Olusegun Obasanjo's term ended in May 2007. A Nigerian senate panel cleared Adenuga of any wrongdoing later that year.

Adenuga is married and lives in a mansion on Banana Island, one of Lagos's most expensive neighborhoods. He has seven children between his current and former wife.

Milestones
  • 1953 Mike Adenuga is born in the Nigerian city of Ibadan.
  • 1990 Government awards Adenuga an oil block in the Niger Delta.
  • 1991 Adenuga's Conoil Producing becomes first local company to strike oil.
  • 2001 Submits bid for wireless carrier license. Misses deadline and loses out.
  • 2002 Wins license for wireless carrier after resubmitting his bid.
  • 2003 Globacom, or "Glo Mobile," begins operating in Nigeria.
  • 2006 Adenuga arrested in probe into alleged corruption of the vice president.
  • 2007 New administration clears Adenuga of any wrongdoing in corruption probe.
  • 2008 Globacom expands outside Nigeria and starts operating in Benin.