MIKE ADENUGA, GCON - a patriot and a role model

Mike Adenuga, GCON

Mike Adeniyi Ishola Adenuga  was born on April 29, 1953 in Ibadan, Oyo State Nigeria. He hails from Ijebu-Igbo, Ogun State. His father, Chief Mike Adenuga Senior, was a school teacher and the mother, Chief (Mrs). Oyindamola Adenuga was a successful businesswoman in Ibadan. It is argued that Mike was influenced by his late mother’s business acumen. The caring mother, reports have it, was troubled when Mike made his first foray into relatively unfamiliar oil and gas business terrain, as it was a landscape even much clever entrepreneurs of that time dreaded. But his passion to succeed would not be discouraged.

 Beneath Adenuga’s imposing physical stature lies a soft heart for his motherland, Nigeria. His patriotic adoption of the nation’s green and white colours for Globacom speaks volumes of his intent and deep yearning to see Nigeria attain its rightful place in the comity of nations. He firmly believes that only Nigerians can champion the development of this country as no foreigner would do it for us.

Adenuga can easily be described as the man with the Midas touch.

Otunba Adenuga graduated with a degree in Business Administration from Northwestern University, Alva, Oklahoma, and had an MBA, majoring in marketing from Pace University, New York, all in United States of America. He holds an honorary doctorate degree from Olabisi Onabanjo University, Ago Iwoye Ogun State.

At age 22, Mike took into commodity trading, importing electronics systems and fabrics through which he made his first millions of naira.

With the government’s liberalization of the banking sector of 1980s, he obtained a banking license and incorporated his bank, Devcom Bank on June 9, 1989 and that was followed by the acquisition of another banking license that same year which became known as Equatorial Trust Bank. They would subsequently merge together, retaining the name Equatorial Trust Bank.

BUSINESS INSIGHT

That telecom mogul and oil magnate, Dr. Mike Adenuga is ranked the richest man in Nigeria and his position as one of the wealthiest persons in Africa is not an error. His total assets in the recent past were put at over 7 billion dollars, which means his interest in oil and telecom was not put into consideration, as only his fortune in banking was used in the rating. However, everyone who knows the Adenuga empire knows the bank is just a fraction of his immense fortune. His Globacom, is fast taking over as the leading telecom company in Nigeria.

 The thrust of Adenuga’s business started with oil when he bought over the government’s National Oil and renamed it Conoil. Today, Conoil Producing is one of the largest oil exploration companies in Nigeria, producing over 100,000 barrels per day.

 Conoil is reputed to be one of the few indigenous companies to have clinched Shell’s Oil Mining Lease (OML).

 Mike Adenuga has shown remarkable drives in managing the uncertainties of the marketplace by surviving, succeeding and building an almost next-to-none business conglomerate, starting out from a very humble beginning and went ahead to deliver great feats only daring men could pull.

GLOBACOM

Then came the GSM opportunity, Otunba Mike Adenuga went for the license and entered into strategic partnership with Alcatel of Germany that set the business on the upswing.  This wasn’t to last long as the license was cancelled. That was enough to have made him beat a retreat but he had faith and ultimately made history.

 His first shot into the consciousness of Nigerians was when his company, Consolidated Oil became the first indigenous company to strike crude in December 1991. He lately ventured into the telecommunications market. With his Communications Investment Limited, CIL, he was issued a conditional licence in 1999 and frequencies to operate the Global System of Mobile Communications (GSM). The licence was later revoked. Once again, when in 2002, the government through the Nigerian Communications Commission (NCC), organized new auction for the GSM license, the CIL participated and was one of the four that won the bid. He paid the $20 million mandatory deposit.

However, CIL lost both the license and the $20 million deposit. He later went on to bid for the Second National Operator (SNO) license, and deposited another $20 million. This time around, he was lucky.

He won the bid in August 2002 through his Globacom Limited. The SNO has a wider range of operations as Globacom has the right to operate as a national carrier, operate digital mobile lines, serve as international gateway for telecommunications in the country and operate fixed wireless access phones. Adenuga’s estate business and company shares traverse several countries in Western European countries, North America and the Middle-East.

Today, Globacom is a huge success story, having been named as the fastest growing GSM network in Africa, at ThisDay Award in 2004 while Adenuga was named African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA) on August 15, 2007.

 Like the committed business that he really is, Mike Adenuga has shown the ability to take opportunities presented and create genuine businesses with real capacity.

Globacom’s historic introduction of Per Second Billing and subsequent crashing of SIM price did not only skew the GSM equation in its favour but has continued to hold a lot of implications for the fledgling Nigerian telecommunications sector.

Mike Adenuga is arguably the richest man in Nigeria. He has interests in real estate in Nigeria and around the globe, with property all over Western Europe, North America, and the Middle East.

PILLAR OF SPORTS

His interest in growing the sports sector started with his Globacom’s securing of the sponsorship title rights of the Nigerian Premier League at an annual fee of N639 million for four consecutive soccer seasons.
GLO sponsors sports events as a way to give back to communities within the countries they operate. In Nigeria, GLO has also sponsored the Nigerian National Football Teams, Nigeria Football Federation (NFF), Glo Lagos International Half Marathon, Glo People Police Marathon, Eyo Festival, Ojude Oba Festival, Eleghe Festival and the Confederation of African Football African Player of the Year Award.

 In the Republic of Benin, GLO sponsors the FITHEB and CAF African Player of the Year Award.

 In Ghana, GLO sponsored the Glo Ghana Premier League, the Ghana National Football Teamsand the CAF African Player of the Year Award. In November 2009, GLO became an official sponsor of famous football club, Manchester United. The sponsorship also includes young players from Benin, Ghana and Nigeria going to Manchester to train with the club.

PER SECOND BILLING

 Subsequently, Globacom launched a new brand identity with the pay-off Rule Your World, a rallying slogan for catalyzing commitment to the company’s corporate vision by staff and a clarion call on Nigerians to take their destiny in their hands as they have the potentials to become the best in the world.

 An encounter with Otunba Mike Adenuga Jnr would reveal a man of uncommon intellect; a man with a deep passion for his calling; a man who has achieved as a personal mantra and a life that thrives on hard work. From his modest office in the heart of Victoria Island, he oversees a vast business empire with investment in oil, banking, real estate, international trade and lately telecommunications.
His sojourn in the United States of America in search of the proverbial Golden Fleece has also added another exciting chapter to his impressive resume. Even though the young Adenuga came from a relatively comfortable background, he was said to have paid his way through school with money got from driving taxi cabs and working as security guard, at several times.
In August 2003, Glo Mobile was launched in Nigeria. Glo Mobile introduced lower tariffs; pay per second billing and alongside other value added services. Although Glo Mobile was the fourth GSM operator to launch in Nigeria, within seven years of the company’s operation, its subscriber base has grown to over 25 million.

In June 2008, Glo Mobile was launched in the Republic of Benin. Glo Mobile showed unprecedented growth through the sale of 600,000 SIM cards in the first 10 days of operation. Glo Mobile offered Per Second Billing, which charges subscribers for the exact airtime used. It also offered other value added services such as MMS (Multimedia Messaging Service), Glo Magic Plus news and information, vehicle tracking, musical ring-back tones and mobile banking.

 In May 2008, GLO acquired an operating license through its Glo Mobile division in Ghana and plans to capture 30% of the current 11 million subscriber market within 18 months of launch. They plan on achieving this goal by launching with bundled voice and Internet services for Ghana and through specifically targeting ‘un-serviced’ areas outside Ghana’s two major cities, Accra and Kumasi. On April 8, 2011 GLO launched the sub-marine optical fiber GLO1, one part of its maiden operation in Ghana, to usher in another major player in the Ghana telecommunication industry.

 In October 2009, GLO acquired submarine cable landing rights and International Gateway Services in Ivory Coast.

 In 2005, Glo Mobile introduced the Glo Fleet Manager which is the most comprehensive Vehicle Tracking Solution offered to save time and money. Glo Fleet Manager helps transporters/fleet operators manage their fleet effectively and efficiently. They also introduced the Glo Mobile internet service which provides subscribers with high speed access to all popular internet sites which have been customized for mobile phone browsing.

In 2006, Glo Mobile introduced BlackBerry which is the leading wireless solution that keeps mobile professionals around the world connected to people and information while on the go. GLO started the sponsorship of the Confederation of African Football African Player of the Year Award. The company also started the sponsorship of Glo Lagos International Half Marathon.

 In 2009, Glo Mobile launched Blackberry prepaid services which gives subscribers options to pay daily, weekly or monthly for the service. Blackberry prepaid service gives subscribers free yahoo mail access and free blackberry messenger. The company also launched 3G High Speed Internet services through the sale of its 3G modem. Glo Mobile 3G network is available in Lagos, Abuja, Benin and Port Harcourt.

Nigeria’s billionaire business mogul, Dr. Mike Adenuga Jnr, has won Shell’s most prolific onshore oil block – Oil Mining Lease (OML) 30 – emerging the third indigenous investor to clinch Shell’s asset in the company’s ongoing divestment programme, aimed at growing indigenous companies in the country.

Adenuga is certainly no new kid on the block as far as entrepreneurial acumen is concerned. He had attracted national attention as far back as 1991 when his Consolidated Oil Limited struck oil in commercial quantity. He is reputed to have distinguished himself in the business of importation. And ever since, Otunba Adenuga has continued to bestride the world of modern business like a colossus.
The man, Adenuga means different things to different people. A husband, father, team leader, role model, benefactor, and an entrepreneur par excellence, while some would argue that he is one of the champions of Nigeria’s economic development. A man of abundant positive energy and immense personal drive, Adenuga still drives himself around town in his choice automobiles even though there are drivers at his beck and call. Adenuga has thus also become a metaphor in modesty.
Although he has made giant strides in several business categories, Nigerians would always honour him more for his timely intervention in the telecommunications arena, where he seems to hold the aces that determine the pace of play.
 

CONOIL

Conoil is one of the most formidable names in Nigeria’s downstream petroleum industry. The company is engaged in the marketing of refined petroleum products and also in the manufacturing and marketing of high-quality lubricants and chemicals for domestic and industrial use. The company is reputed for its unwavering commitment to excellent products and service delivery for maximal customer satisfaction.

As the first and largest indigenous oil marketing company in Nigeria, Conoil has over the years gained a unique understanding of research and quality control, which they continuously apply in all their businesses in order to offer the best propositions to customers. Conoil has also developed innovative means of manufacturing and distributing its products through our wide network of outlets.

Conoil Producing is Nigeria’s largest oil exploration company, producing an estimated 100,000 barrels per day.

The company invests its financial and technical resources in the development of high-performance products and in the provision of services that match or even surpass international standards, paying strict attention to the finest details of health, safety and environmental best practices.

 The Chairman of Conoil Plc, Dr Mike Adenuga, has said that the company is  ever committed to implementing corporate governance guidelines and strategic planning in it quest to grow the industry.

EQUITORIAL TRUST BANK

Equitorial Trust Bank Plc. (ETB), before its take over by Sterling Bank in a deal that was sealed on the 11th of August 2011, was a viable commercial bank in Nigeria. It is one of the 26 commercial banks licensed by the Central Bank of Nigeria (CBN). ETB, owned by Dr. Adenuga, was a large financial services provider. As of January 2011 , the bank maintained about one hundred (100) retail branches in various urban centers in the country.

 The bank was established in January 1990, as a limited liability company. In February the same year, it was granted a commercial banking license and in March 1990, it commenced banking operations. In 2006, ETB successfully merged with the former Devcom Bank.

CONOIL PRODUCING LIMITED

Conoil Producing Limited, formerly known as Consolidated Oil Limited, was established in 1984 as a petroleum exploration company by Dr. Mike Adenuga. Undoubtedly, one of the most creative entrepreneurs Nigeria and indeed, Africa can boast of today. Conoil Producing took that big risk when it was allocated oil blocks in 1990 by the Federal Government in a bold effort to encourage indigenous participation in oil exploration that is able to compete with the international players in the country. Conoil’s foray into the highly risky and capital intensive oil exploration and production business began in August 1990, when it was allocated the Oil Prospecting Lease (OPL) 113, an offshore acreage located in Ondo State, Southwest Nigeria. The concession contained fields that were written off by multinationals, drilled and abandoned on the ground that they could not find oil in commercial quantity there.

After gathering the data covering over 200 sq km, the company got an offshore rig, Trident 8, operated by Sedcoforex and moved it into the block in December 1991. And in less than nine months after obtaining the license, precisely on December 24, 1991, the Conoil exploration crew discovered the first oil well in OPL113. It was named BELLA-1. The discovery marked the dawn of a new chapter in oil exploration and production in Nigeria, an era where Nigeria could thump up its chest that Nigerians are up to the task of producing the black gold.

Conoil has since then built up a broad based experience and extensive competence relating to the exploration, development and production of oil and gas fields as well as the operation of production units and pipelines. The company is led by a seasoned, all indigenous management team with years of experience.

THE GRAND NATIONAL HONOUR

From banking to oil and telecommunications, Mike Adenuga Jnr is moving at such a dizzying pace, he is already being touted as Africa’s leading businessman. In Nigeria and indeed Africa, the name Mike Adenuga Jnr has become synonymous with business and enterprise.

 Those who know Adenuga well enough would hardly be surprised by what he has become. He was a bundle of ambition even as an adolescent. From all indications, Adenuga was prepared to work hard enough to mine the gold that existed in his fertile imagination. As proof of this, he refused to be a burden on anyone during his university days in the United States of America, sustained himself by doing two demanding jobs.

 Unknown to most people, Adenuga has for over three decades as a businessman built his empire from bottom up, but doing so largely out of public glare. That was after he had armed himself with a good education. As his business blossomed, so did his personal fortunes. His fortunes literally exploded when he went into construction and swiftly built a reputation for prompt and quality service.

 His company, Consolidated Oil Limited, made history on December 24 1991 when it became the first indigenous firm to strike crude oil in commercial quantity. The company has since expanded operations into Sao Tome and Principe. Having stabilized his upstream operations, Adenuga went into the downstream sector with the purchase of the Nigerian government’s shares in the troubled National Oil and Chemical Company (NOLCHEM), the country’s first indigenous petroleum products marketing firm.

By the time he bought NOLCHEM, which he promptly renamed Conoil, the company had become a shadow of itself, with its shares going for peanuts in the stock market. It took Adenuga only a year to turn around the fortunes of NOLCHEM through a re-engineering programme that plugged leakages in the system and enhanced the firm’s efficiency. It logically became the retail arm of Conoil. A Central Operating Unit was introduced to facilitate operational monitoring and control and promote transparency. The result was the restoration of profitability and shareholders’ confidence. Today, Conoil is one of the favourite stocks on the Nigerian Stock Exchange. Conoil Plc has today become a unique yardstick for measuring the success of the privatization programme. A man who is perpetually in search of gargantuan challenges, he had plunged headlong into telecoms when the Nigerian government, hugely embarrassed that less than a million of the country’s 140 million population had connectivity, decided to fully liberalise the sector.

Dr. Mike Adenuga Jnr, who apart from the mega businesses listed above also owned Worldspan Holdings Ltd, is today, Monday 17^th September 2012, conferred with the Nigeria’s second highest national honour of Grand Commander of the Order of the Niger (GCON) by President Goodluck Jonathan.

 Adenuga will be the second Nigerian individual outside government to receive the award, which is Nigeria’s second highest national honor. Adenuga was nominated for the honour in recognition of his immense contributions to the Nigerian economy. Adenuga’s companies, which span the energy, telecommunications and real estate sectors, employ several thousands of people in Nigeria and Ghana.