Table of Contents
Key Points
- Mike Adenuga’s net worth rose by $700 million in 2024, reaching $6.8 billion, securing his spot among the world’s 450 richest people.
- Adenuga’s wealth spans telecom, banking, oil, and real estate, with major holdings in Globacom, Sterling Financial Holdings, and Conoil Producing.
- Globacom leads digital transformation, with initiatives like digital innovation hubs and fintech ventures to support financial inclusion and tech growth.
Amid a year marked by currency depreciation across several African nations, including Nigeria, billionaire businessman Mike Adenuga solidified his position among the continent’s wealthiest individuals and the world’s 450 richest people. Adenuga, who built his fortune in telecommunications and oil production, saw his net worth rise by $700 million in 2024, a testament to the resilience and diversification of his business empire.
As of Jan. 1, 2024, Forbes, the U.S.-based business magazine renowned for tracking global billionaire fortunes, estimated Adenuga’s wealth at $6.1 billion. By Dec. 31, 2024, his net worth had grown to $6.8 billion, ranking him as the 448th richest person in the world. Adenuga’s wealth is anchored in his control of Globacom, Nigeria’s second-largest mobile telecommunications and digital services provider, which boasts over 60 million subscribers.
From humble beginnings to global influence
Revered as the “Spirit of Africa” for his benevolence and transformative charity across the continent, Mike Adenuga’s journey to wealth is a quintessential self-made story. From humble beginnings as a taxi driver funding his education, he graduated from Northwestern Oklahoma State University and Pace University in New York with degrees in Business Administration.
At just 26, Adenuga earned his first million through lace trading and soft drink distribution. These early entrepreneurial successes laid the foundation for his groundbreaking achievements in the oil and gas industry. In 1991, his company, Consolidated Oil, made history by striking oil in the shallow waters of Ondo State, making him the first Nigerian to achieve this feat.
Building on his oil industry triumphs, Adenuga turned his sights to Nigeria’s telecommunications sector, transforming it from an exclusive luxury to an accessible necessity. The advent of the Global System for Mobile Communications (GSM) in the 2000s saw Nigerians paying between N20,000 and N25,000 (approximately $200–$250 at the time) for a SIM card—an expense that was only accessible to the elite. However, the launch of Globacom by Mike Adenuga revolutionized the telecommunications landscape by democratizing access. Adenuga made SIM cards affordable, empowering millions of Nigerians and significantly expanding mobile phone usage across the country.
His visionary leadership was further demonstrated with the completion of the Glo-1 submarine cable, a 6,100-mile underwater system connecting Nigeria to the UK via Portugal and Ghana. This $1.5 billion project underscored Adenuga’s commitment to technological innovation and connectivity, cementing his legacy as a transformative figure in Africa’s economic landscape.
Adenuga builds generational wealth across sectors
While Forbes pegs his fortune at $6.8 billion, Adenuga’s wealth extends far beyond telecommunications. His portfolio includes significant interests in banking, oil and gas, construction, real estate, and manufacturing.
Key assets include Sterling Financial Holdings, construction giant Julius Berger, and Conoil Producing, an oil exploration outfit operating six blocks in the Niger Delta with over 400 million barrels of recoverable oil reserves. Conoil Producing delivers 20,000 barrels of oil daily and holds 1.8 trillion cubic feet of gas reserves. Other ventures include Conoil Plc, Cobblestone Properties & Estates Limited, and Abumet Nigeria Limited, which specializes in aluminum and glass solutions.
Globacom remains the crown jewel of Adenuga’s empire, driving Nigeria’s digital transformation through substantial investments in network expansion and customer rewards. Its initiatives have earned loyalty among subscribers, while its innovations, such as the Glo Learning Management Solution, train up to 100,000 users monthly in digital skills like blockchain, AI, and digital marketing. These efforts align with Nigeria’s goal of producing 3 million tech talents by 2027.
Innovating beyond telecom
Globacom has consistently demonstrated its industry leadership and commitment to Nigeria’s development. In October 2023, the company reaffirmed its regulatory compliance and dominance in the telecom sector by paying N156 billion ($210 million) in spectrum renewal fees. Beyond telecommunications, Globacom has made a notable impact across sectors such as education, agriculture, and transportation, showcasing its dedication to national progress.
Building on this foundation, Globacom advanced its efforts in 2024 to bridge the digital divide by launching four digital innovation hubs aimed at fostering entrepreneurship and driving Nigeria’s tech ecosystem. The first hub debuted in Lagos in late 2024, with additional hubs planned for Port Harcourt, Ibadan, and Abuja by mid-2025. These hubs are set to become key drivers of growth and innovation in the nation.
Globacom’s venture into fintech is also yielding gains. The company’s MoneyMaster Payment Service Bank, launched in October 2022, has capitalized on a network of 100,000 agents to provide essential banking services. This initiative plays a key role in advancing the Central Bank of Nigeria’s financial inclusion objectives, focusing on the 79 million underbanked and unbanked citizens. It underscores Globacom’s dedication to driving socio-economic transformation in the country.
In parallel, the influence of Mike Adenuga's business empire extends beyond telecommunications into the real estate sector. His daughter, Belinda Ajoke Disu (Bella Disu), the Executive Vice Chair of Globacom, is also making significant strides in property development. As the head of Cobblestone Properties, Bella Disu has strengthened her presence with high-end retail malls such as Ilé Ọjà Victoria Island in Lagos’ prestigious Victoria Island, and Ilé Ọjà Opebi, located in the vibrant Ikeja area of Lagos State, Nigeria’s economic hub.
