Mike Adenuga: How FG Sold Glo to Nigerian Billionaire After Starting Life as a Small Trader

• Born in 1953, Michael Adeniyi Agbolade Ishola Adenuga grew from a humble trader to a telecommunications tycoon, founding Globacom in Nigeria and expanding across Africa.
• Despite early difficulties, including using a taxi to finance his education, Adenuga’s ventures into oil and later telecoms with Conoil made him one of the richest men in Africa
• His journey is a testament to relentless ambition, strategic investments and visionary business approach

legit.ng Journalist Simple Jamiu has over 5 years of experience covering education, history and current affairs in Nigeria and globally.

Michael Adeniyi Agbolade Ishola Adenuga. He was born on April 29, 1953, in the heart of Ibadan. Nigeria.

His journey from humble beginnings to astonishing success is nothing short of legendary.

Early Struggles and Formative Years

adenuga‘s early years were spent in a relentless pursuit of education and opportunity.

On: Ibadan With the Grammar School and then the Comprehensive High School Aiyetoro, he laid the academic foundations that would support his future endeavors.

Also read

Tinubu sends important message to the north, announces new plans

The world beyond Nigeria called out to him and he heeded the call and traveled abroad to pursue a degree in Business Administration from the North West. Oklahoma State Universitythen completed his MBA Pace University in New York.

His academic journey was not without its trials; Young Adenuga drove a taxi and sold lace supplies to make ends meet; This represented the essence of the entrepreneurial spirit.

First Million

Fate smiled on Adenuga in 1979.

Thanks to a series of strategic efforts and smart investments, he earned his first million at just 26 years old.

This turning point marked the beginning of a career that would see him confidently navigate and conquer various industries.

Introduction to the Oil Industry

In the late 1980s, Adenuga’s passions turned to the burgeoning oil industry in Nigeria.

Accordingly NairametryDespite initial setbacks, his persistence bore fruit in 1990 when the Minister of Petroleum, Professor Jubril Aminu, pursued a new policy under the General. Ibrahim BabangidaHis regime allowed private individuals to engage in oil exploration.

Also read

Tinubu took new steps on hunger and poverty at the G20 summit, details emerged

Adenuga’s Consolidated Oil, which has a drilling licence, made a successful entry into the oil industry and started its operations in Ondo State.

Birth of Globacom

The dawn of a new democratic era in Nigeria in the late 1990s presented Adenuga with yet another opportunity.

Realizing the untapped potential in the telecommunications sector, it received a conditional GSM license from Turkey. Federal Government In 1999.

Although this first license was revoked, Adenuga’s perseverance enabled him to obtain a second license through a government auction in 2004.

This pivotal moment led to the birth of globacomA telecommunications giant rapidly gaining ground in Nigeria, BeninGhana and Ivory Coast.

Globacom’s aggressive growth and competitive pricing have positioned it as a formidable competitor. MTN The group with millions of subscribers across the continent.

In 2015, Adenuga’s vision expanded further with the acquisition of Ivorian mobile telecom operator Comium for $600 million; This cemented his status as a telecoms mogul and reflects his unwavering determination to expand Africa’s telecoms infrastructure.

Also read

Peter Obi reacts after two young Nigerians made waves around the world with their extraordinary intelligence

Mike Adenuga Made Millions Despite Naira Loss

Meanwhile, legit.ng Mike Adenuga previously reported seeing his wealth increases more than half a billion dollars.

Adenuga’s net worth has increased by $600 million since January, from $6.1 billion at the beginning of the year to $6.7 billion, according to Forbes’ real-time billionaires list.

Source: Legit.ng