In the fast-changing African corporate landscape, Nigerian billionaire Mike Adenuga stands out as a transformative figure, with a wide portfolio that includes telecoms, oil and gas, and construction.
Mike Adenuga’s rise to become one of the world’s Black billionaires has been nothing short of amazing, according to Forbes, with a phenomenal net worth of $5.7 billion.
Mike Adenuga’s journey to becoming the third wealthiest person in Nigeria and a member of Africa’s billionaire elite began modestly, with him earning his first million at the age of 26 selling lace and distributing soft drinks.
He has evolved into an industry titan, and he has been a driving force in the advancement of Africa’s telecoms sector. Globacom Limited, his telecom company, has grown to become Nigeria’s third-largest operator, with a staggering 55 million users.
However, Adenuga’s effect goes far beyond telecommunications. His smart investments in Nigeria’s upstream and downstream oil sectors demonstrate his foresight. Conoil Producing, his oil exploration venture, has established its name by operating six oil blocks in the Niger Delta, establishing Adenuga as a significant player in the energy sphere.
Conoil Plc, a leading oil marketing business, has attracted recognition among his notable public ventures due to its remarkable financial performance. The company’s profit increased by 440 percent in the first quarter of its fiscal year 2023, from $1.21 million in the first quarter of 2022 to $6.5 million in 2023.
Mike Adenuga’s success story, from humble beginnings to leading industry-altering ventures, is a testament to Africa’s economic landscape’s limitless possibilities. His entrepreneurial savvy, combined with a visionary approach, not only solidifies his standing as a transformative force, but also demonstrates his steadfast dedication to changing Africa’s corporate narrative on the world arena.
Mike Adenuga owns seven enterprises and assets as compiled by HowNG. He currently has direct or indirect ownership in the following companies, demonstrating the breadth and scope of his massive corporate empire:
1. Globacom Limited
Globacom, launched in August 2003 by Mike Adenuga, is Nigeria’s top mobile phone network. It is the third-largest operator in the country, with 55 million users. The Globacom-1 (Glo-1) undersea cable, a cutting-edge 9800km underwater cable system connecting Nigeria and the United Kingdom, is the company’s crown jewel.
This incredible infrastructure, which has been completely operating since 2011, has a mind-boggling minimum capacity of 640 Gbit/s and a total capacity of 2.5 Tbit/s. The completion of the $1.5 billion Glo One underwater cable in 2011 illustrates Adenuga’s commitment to technological advancement and connection.
2. Conoil Producing
Conoil Producing, a significant indigenous oil exploration and production firm in Nigeria, exemplifies Mike Adenuga’s ability to diversify. Conoil Producing has created a considerable niche in the sector since 1991, when it was the first locally owned company to strike oil and produce it in commercial volumes.
The company has over 26 years of experience in the entire exploration and production value chain and operates six highly potential licenses in the Niger Delta. Conoil Producing presently has a large ultimate recoverable oil reserve of about 400 million barrels and 1.8 trillion cubic feet of gas, and it produces an amazing 20,000 barrels of oil per day.
3. Cobble-Stone Properties & Estates Limited
Through Cobble-Stone Properties & Estates Limited, Adenuga’s influence extends into the real estate sector. This well-known property development and marketing firm has helped to shape Nigeria’s skyline. Cobble-Stone has exhibited Adenuga’s vision for altering urban environments through a portfolio of nearly 200 iconic structures comprised of residential, commercial, and mixed-use complexes, including the current Ilé jà development.
4. Conoil Plc
Mike Adenuga’s strategic expertise is demonstrated by his ownership of a majority (74.4%) interest in Conoil Plc, a profitable oil marketing company. Conoil’s expertise in marketing diesel, kerosene, aviation fuel, and gasoline has aided its market prominence. The company’s endorsed brand “Quatro” lubricants further demonstrate its success story.
5. Sterling Financial Holding
Adenuga’s financial acumen is demonstrated by his 30.63 percent ownership in Sterling Financial Holding, a well-known financial services firm listed on the Nigerian Exchange. Sterling has two major subsidiaries: Sterling Bank PLC, which provides commercial banking services, and Alternative Bank Limited, which is a pioneering Non-Interest Banking (NIB) firm.
6. Julius Berger Nigeria Plc
Adenuga’s influence extends into the civil engineering and construction sectors as a prominent stakeholder with a 25.1 percent ownership in Julius Berger Nigeria Plc. Adenuga’s competence in planning, developing, and constructing big infrastructure projects demonstrates the company’s dedication to nation-building. His daughter, Bella Disu, sits on the company’s board of directors.
7. Transnational Corporation of Nigeria (Transcorp)
Mike Adenuga’s diverse interests include the Transnational Corporation of Nigeria Plc, a conglomerate with holdings in power generating, hospitality, agricultural, and the oil and gas industries. His 0.86 percent ownership demonstrates his dedication to Nigeria’s long-term development and economic progress.