Dr. Mike Adenuga, popularly known as ‘The Bull’ by his associates, is a successful entrepreneur in Nigeria, with a vast business empire that spans across critical sectors such as telecommunications, oil and gas, banking, real estate, construction, and hospitality. He is a source of inspiration for many budding entrepreneurs across the globe.
Adenuga’s success did not come on a silver platter; he had to work his way up the ladder through hard work and a dose of luck. After his university education in the United States of America, he returned to Nigeria and ventured into the distribution of clothing materials and carbonated drinks.
He made his first million by the age of 26. However, his big break came in 1989, when the government granted Nigerian entrepreneurs licenses to prospect for oil with a view to encouraging indigenous participation in the critical sector.
Adenuga was one of the 11 beneficiaries of the gesture. Unlike some who sold their licenses or developed cold feet, he deployed his resources and trudged headlong into the project. His company, Consolidated Oil Limited, struck oil in 1991, becoming the first among those awarded licenses to bring to reality the expectation of the government.
Adenuga’s venture in the oil and gas industry was inspiring, but his adventure in the telecommunications sector was even more impressive. After the transition to democratic rule in 1999, the new government sought to deepen the country’s telephone density and advertised to sell four Global System for Mobile Communications (GSM) licenses to operators through the auction system in 2001.
Adenuga’s company, Communications Investment Limited (CIL), paid the required initial deposit of $20 million and got a conditional license, which was later revoked, causing him to forfeit the deposit. However, he was undaunted.
Two years later, another company he owned, Globacom, was awarded the Second National Carrier License. Globacom’s entry into the telecoms industry on August 29, 2003, was a game-changer for Nigerians as tariffs tumbled following the introduction of the per second billing system. Globacom also crashed the price of SIM cards, making them more affordable for low-income people.
Globacom became the first single telecommunication company in the world to own its international submarine cable when it unveiled Glo 1, the 9,800 km-long submarine cable with a minimum capacity of 2.5 Tbit/s. Glo 1 enables direct connectivity between West Africa and the rest of the world. Globacom also signed a partnership agreement with an Israeli network equipment supplier, Ceragon Network, to improve its service in rural areas and increase broadband access to the latest 5G network.
Adenuga’s life does not revolve only around business; he has a heart of gold. Through his philanthropic endeavors coordinated by the Mike Adenuga Foundation, he donated N500 million to the Lagos State Government and N1 billion to the Federal Government in March 2020 to support efforts to curtail the spread of COVID-19. He also helps those in need almost on a weekly basis and supports Nigeria’s entertainment industry, football, and African culture. He is respected for his humility, which is combined with unwavering competence.
Adenuga has received numerous awards and honors, including Nigeria’s second-highest title of Grand Commander of the Order of Niger (GCON), Officer of the Order of the Niger (OON), and Commander of the Order of the Niger (CON). In 2017, he was conferred with The Companion of the Star of Ghana, the highest national award in Ghana, and the award of “Chevalier la Legion d’Honneur.” In July 2018, the French President, Emmanuel Macron, elevated him to ‘Command
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