People & Business - The Man Who Started With Nothing To Become The Second Richest Nigerian Billionaire

Mike Adenuga was declared the second richest Nigerian billionaire on March 9th, 2011 by Forbes Magazine.

Adenuga, Nigeria's second richest man, built his fortune in telecom and oil production.


His mobile phone network, Globacom, is the second largest operator in Nigeria, with 37 million subscribers.

His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.

How did he emerge as one of the richest black billionaires?

Born on April 29, 1953, in Ibadan, Oyo State Nigeria to Chief Michael Agbolade Adenuga and Chief Mrs. Onyindamola Adenuga

At his birth, it was said that he was large that they called him
“John the Bull,” which stayed with him until he grew up.

Adenuga got an undergraduate degree at Northwestern Oklahoma State University and MBA at Pace University in New York.,

He worked as a security guard and a cab driver to pay for his tuition

He returned to Nigeria after graduation and took the role of taking over his family’s sawmill

He made his first million at age 26 selling lace and distributing soft drinks.

Adenuga was awarded CEO of the by Thisday in 2004.

He was named African Entrepreneur of the Year at the maiden African Telecoms Awards (ATA) on August 15, 2007.

In the same year, he was awarded the Nigerian Information Technology and Telecommunication (NITTA).

They awarded him the Man of the Year for his contributions to the growth of telecommunication in Africa.

Mike Adenuga’s story is a story of courage, brevity, and persistence.

If he had given up or had he refused to take the risk and drill for oil, he wouldn’t have made to the Forbes list of billionaires.