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In the dynamic landscape of African business, Nigerian billionaire Mike Adenuga stands tall as a transformative figure, wielding a diverse portfolio that spans telecommunications, oil and gas, and construction.
With a remarkable net worth of $3.7 billion, as reported by Forbes, Adenuga’s ascent to becoming one of the world’s Black billionaires has been nothing short of inspiring.
Securing the third position among Nigeria’s wealthiest individuals and ranking within Africa’s billionaire elite, Adenuga’s journey began humbly, earning his first million at the age of 26 selling lace and distributing soft drinks.
Evolving into a titan of industry, he has been a pivotal force propelling Africa’s telecommunications sector forward. His telecom company, Globacom Limited, has emerged as Nigeria’s third-largest operator, boasting a staggering 55 million subscribers.
Yet, Adenuga’s influence extends well beyond telecommunications. His strategic investments within Nigeria’s upstream and downstream oil sectors spotlight his visionary prowess. His oil exploration endeavor, Conoil Producing, has carved its identity by managing six oil blocks in the Niger Delta, positioning Adenuga as a substantial player in the energy domain.
Among his prominent public ventures, Conoil Plc, a leading oil marketing entity, has garnered attention with its impressive financial performance. In the first quarter of its 2023 fiscal year, the firm saw its profit surge by 440 percent from $1.21 million in the first quarter of 2022 to $6.5 million in 2023.
From humble beginnings to leading industry-altering ventures, Adenuga’s success story is a testament to the boundless possibilities within Africa’s economic landscape. His entrepreneurial ingenuity, coupled with a visionary approach, not only cements his status as a transformative figure but also underscores his enduring commitment to shaping Africa’s business narrative on the global stage.
Billionaires.Africa has cataloged seven companies and assets owned by Adenuga. Presently, he holds either direct or indirect ownership in the following companies, showcasing the breadth and scale of his vast business empire:
1. Globacom Limited:
Globacom, founded by Adenuga in August 2003, is a leading mobile phone network in Nigeria. With 55 million subscribers, it ranks as the third-largest operator in the country. The company’s crown jewel is the Globacom-1 (Glo-1) submarine cable, a cutting-edge 9800km underwater cable system connecting Nigeria and the UK. This remarkable infrastructure, fully operational since 2011, boasts a staggering minimum capacity of 640 Gbit/s, and a total capacity of 2.5 Tbit/s. The completion of the Glo One submarine cable in 2011, at a cost of $1.5 billion, exemplifies Adenuga’s commitment to technological advancement and connectivity.
2. Conoil Producing:
Conoil Producing, a major indigenous oil exploration and production company in Nigeria, stands as a testament to Adenuga’s diversification prowess. Since 1991, when it was the first locally owned company to strike oil and produce it in commercial quantities, Conoil Producing has carved a significant niche in the industry. Operating six highly prospective blocks in the Niger Delta, the company boasts over 26 years of experience in the entire exploration and production value chain. Conoil Producing currently holds a substantial ultimate recoverable oil reserve of more than 400 million barrels and 1.8 trillion cubic feet of gas, producing an impressive 20,000 barrels of oil daily.
3. Cobble-Stone Properties & Estates Limited:
Adenuga’s influence extends into the real estate sector through Cobble-Stone Properties & Estates Limited. This prominent property development and marketing company has played a vital role in shaping Nigeria’s skyline. With a portfolio of over 200 landmark buildings comprising residential, commercial, and mixed-use properties, including the recent Ilé Ọjà development, Cobble-Stone has demonstrated Adenuga’s vision for transforming urban landscapes.
4. Conoil Plc:
Adenuga’s strategic acumen shines in his ownership of a majority stake (74.4 percent) in Conoil Plc, a successful oil marketing business. Conoil’s proficiency in selling diesel, kerosene, aviation fuel, and gasoline has contributed to its notable market presence. The brand “Quatro” lubricants, endorsed by the company, further exemplify its success story.
5. Sterling Financial Holding:
Adenuga’s financial prowess is evident through his 30.63-percent ownership in Sterling Financial Holding, a prominent financial services company listed on the Nigerian Exchange. Sterling operates two key subsidiaries: Sterling Bank PLC, a commercial banking service provider, and Alternative Bank Limited, a pioneering Non-Interest Banking (NIB) business.
6. Julius Berger Nigeria Plc:
As a significant stakeholder with a 25.1-percent stake in Julius Berger Nigeria Plc, Adenuga’s influence extends into the civil engineering and construction sectors. The company’s expertise in planning, designing, and constructing major infrastructure projects underscores Adenuga’s commitment to nation-building. His daughter, Bella Disu, represents him on the company’s board.
7. Transnational Corporation of Nigeria (Transcorp):
Adenuga’s diversified interests extend into the Transnational Corporation of Nigeria Plc, a conglomerate with investments in power generation, hospitality, agriculture, and the oil and gas sectors. His 0.86-percent stake highlights his commitment to sustainable development and economic growth in Nigeria.
