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.
1. 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 leaving the league.
Adenuga’s telecom company is a sponsor of the Nigerian premier league.
2. 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.
3. He attended college in the U.S.
Adenuga studied
business administration at Northwestern Oklahoma State University and Pace
University in New York.
4. 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.
5. 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.
6. 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 TheAfricanMillionaire.com. Some believe that these relationships helped perpetuate Adenuga’s wealth, a belief that Adenuga hasn’t confirmed.
7. 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.
8. 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.
9. 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.
10. 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.
11. He lives on 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.
12. Ancestry
Adenuga is a
descendant of a wealthy mid-19th-century trading family named Pariola. The
Pariola family was successful in trading goods such as palm oil, stock fish,
flour, and food products. Through the Pariola family, Adenuga is also related
to royalty. The Adetona family, which has reigned over the ljebu Kingdom of
Nigeria, also descends from the Pariolas.
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