Michael Adeniyi Adenuga Jnr is a Nigerian billionaire businessman and the second-richest person in Africa. His company, Globacom is Nigeria’s second-largest telecom operator, which has a presence in Ghana and Benin. He owns stakes in the former Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company).
Being one of the world’s wealthiest men, Mike Adenuga controls the continent’s largest business empires which comprise of oil and gas, telecoms, aviation, banking, and real estate.
He made his first fortune at age 26 in the 1970s when he returned to Nigeria after studying in the United States. He took over his mother’s sawmill business and distributed lace and other materials. He also sold Coca Cola. 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.
The former Equitorial Trust Bank (ETB) was established in 1990, as a limited liability company and in March 1990, it commenced operations.
He launched Globacom mobile phone network in 2006, which has reached about 30 million subscribers, and advancing its operation in West Africa.
He was issued a conditional GSM license in 1999; after it was revoked he received the second one when the government held another auction in 2003.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.
It launched services in the Republic of Benin in 2008 and has continued its spread across Ghana and Cote D’Ivoire, with more licenses currently being prospected in other West African countries.