Business
Profile: Mike Adenuga
The beginings of a business Empire
On completion of his studies in the United States, he took over the running of his father’s sawmill business. Adenuga later ventured into commodity trading in the 1970s and at the age of 26, he made his first million dollars.
After the liberalization of the banking sector in the late 1980s by the Nigerian government, Adenuga obtained a banking license and incorporated his bank, Devcom Bank. Adenuga later obtained another banking license and incorporated Equatorial Trust Bank. Few years later, both banks later merged and still maintained the name ‘Equatorial Trust Bank’.
Adenuga also acquired some oil blocks in the late 1980s and Consolidated Oil (Conoil) was born. Back in those days, indigenous (Nigerian) firms shied away from the risk of oil exploration. Adenuga followed his instincts and explored for oil. He successfully stuck oil in 1991 and became a major player in the oil and gas sector.
In 1998, Adenuga decided to expand his business empire by obtaining a mobile telephony (GSM) license. After obtaining the license and entering into strategic partnership with Alcatel, the new government cancelled all GSM licenses issued out, claiming that due process had been followed in the original issuance of the licences.
The cancellation of the license did not stop Adenuga.
He bid again and won a second GSM license. Adenuga’s love for his business and his firm belief that business and politics do not mix incurred the wrath of the government. The result was the cancellation of his second GSM license.
He admits that the cancellation of his second GSM license was one of the most trying periods of his life. Down but not out, Adenuga kept hope alive and pressed on. With the law on his side he regained his GSM license. With his GSM license back, Mike Adenuga founded the second national telecom operator, Globacom Communications.
In its first year of operation, Glo Mobile became the fastest growing GSM network in Africa, achieving a record one million subscribers and covering over 87 towns in just nine months. The network has extended to other parts of Africa and is seeking to connect other parts of the world soon. The company in 2007 won the National Operator of the Year while Glo Mobile received the Mobile Company of the Year.
Mike Adenuga is a holder of the Officer of the Order of the Niger (OON); he was awarded CEO of the year by Thisday in 2004; named African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA) in 2007.
Sources: Forbes, The Habari Network
