Mike Adenuga is Nigeria’s second richest individual and one of Africa’s leading entrepreneurs, with influence across telecommunications, oil and gas, and banking sectors.
As of April 2025, Adenuga’s net worth is estimated at $6.8 billion, according to Forbes, positioning him as a key player in Nigeria’s corporate landscape and a vital contributor to the nation’s economic development.
Early Life and Education
Born on April 29, 1953, in Ibadan, Oyo State, Nigeria, Adenuga is the son of Oloye Michael Agbolade Adenuga Sr., a schoolteacher, and Omoba Juliana Oyindamola Adenuga, a successful businesswoman of royal Ijebu descent.
Adenuga attended Ibadan Grammar School and Comprehensive High School, Aiyetoro, before traveling to the United States for higher education. To support his studies, he worked as a taxi driver and security guard.
He obtained degrees in Business Administration from Northwestern Oklahoma State University and Pace University, New York. This academic foundation laid the groundwork for his entry into Nigeria’s business landscape.
Early Career and Rise to Wealth
Adenuga ventured into business at the age of 26, making his first million naira through the importation and distribution of lace and soft drinks. His entrepreneurial instincts and strategic mindset were evident early on, and his initial successes set the stage for future expansion into larger sectors.
In 1990, Adenuga obtained an oil prospecting license, marking his formal entry into the energy sector. His company, Consolidated Oil (later renamed Conoil Producing Limited), became the first Nigerian company to discover oil in commercial quantities in the shallow waters of Southwestern Ondo State.
Telecommunications: The Launch of Globacom
In 2003, Adenuga founded Globacom Limited, Nigeria’s second-largest telecommunications operator. Globacom, popularly known as Glo, broke the monopoly of the existing players by offering competitive call rates and introducing the per-second billing system ahead of competitors.
Globacom has since expanded beyond Nigeria’s borders to Ghana and the Republic of Benin, with licenses secured in other African countries. Its submarine cable, Glo-1, the first privately-owned high-capacity submarine cable, significantly enhanced West Africa’s access to high-speed internet.
Globacom remains one of Nigeria’s most influential telecom operators, boasting over 56 million active subscribers as of March 2025.
Conoil Producing and Conoil Plc
Beyond telecommunications, Adenuga’s interests in the oil sector are consolidated under Conoil Producing and Conoil Plc.
Conoil Producing focuses on upstream operations, managing several oil blocks and engaging in exploration and production activities in the Niger Delta region. The company plays a critical role in Nigeria’s indigenous oil production.
Conoil Plc, a separate but related entity, operates in the downstream segment, distributing petroleum products such as gasoline, diesel, aviation fuel, and lubricants across Nigeria. The company maintains a strong retail network and continues to contribute significantly to Adenuga’s wealth.
Other Business Interests
Adenuga has investments in banking and real estate. He was a significant shareholder in Equitorial Trust Bank, which later merged with Sterling Bank Plc. Additionally, he maintains an extensive real estate portfolio with properties in Lagos, Abuja, London, and other international locations.
Net Worth Breakdown and 2025 Valuation
Mike Adenuga’s wealth is predominantly derived from:
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Globacom Limited – Over 80% ownership stake.
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Conoil Producing Limited and Conoil Plc.
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Real estate assets across major cities globally.
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Investments in financial services.
As of April 2025, Adenuga’s net worth is valued at $6.8 billion, down from $7.5 billion in 2024 due to Nigeria’s currency depreciation and ongoing regulatory headwinds in the oil and telecommunications sectors.
Philanthropy and Social Contributions
Adenuga, despite his private nature, has made substantial contributions to philanthropy, especially in education, arts, and healthcare. The Mike Adenuga Foundation has supported initiatives such as:
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Scholarships for underprivileged students in Nigeria.
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Sponsorship of cultural and sporting events, including the Confederation of African Football (CAF) Awards.
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Donations to healthcare facilities and health-related initiatives.
In 2012, he was awarded the Grand Commander of the Order of the Niger (GCON), Nigeria’s second-highest national honor, in recognition of his contributions to the country’s development.
Global Recognition
Adenuga’s influence extends beyond Nigeria. In July 2018, he was awarded the Legion of Honour, France’s highest national award, by President Emmanuel Macron, recognizing his role in strengthening French-Nigerian relations.
Recent Developments (2024-2025)
Over the past year, Globacom has focused on network upgrades and expansion to improve service quality amidst increasing competition from MTN Nigeria, Airtel Africa, and emerging telecom operators. The company continues to invest in 5G trials and infrastructure.
In the oil sector, Conoil Producing is actively involved in exploring new offshore blocks while maintaining production from existing assets. Adenuga is also reportedly exploring diversification into power generation to complement his oil and telecom assets.
Outlook
Despite macroeconomic challenges in Nigeria, including currency instability and regulatory uncertainties, Adenuga’s businesses remain resilient. His strategic investments in telecommunications and energy are expected to continue generating substantial revenue streams.
With Globacom advancing in data services and Conoil expanding production capacity, Adenuga’s net worth could rebound strongly in the coming years, particularly if Nigeria stabilizes its economic environment and currency.
Net Worth Trend (2010-2025)
2010 — $2.5 billion
2013 — $4.7 billion
2017 — $5.8 billion
2020 — $7.0 billion
2024 — $7.5 billion
2025 — $6.8 billion
