Biography of Mike Adenuga and Networth | All Need to Know

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Biography of Mike Adenuga and Networth.

“Anyone can be an entrepreneur who wants to experience the deep, dark canyons of uncertainty and ambiguity; and who wants to walk breaking highland of success. But I caution, do not plan to walk the latter, until you have experienced the former. “

Biography of Mike Adenuga and Networth

Biography of Mike Adenuga and Networth

Entrepreneurship in Nigeria has been a remarkably popular subject among scholars of various persuasions and interest especially among students of social sciences and the humanities. Even the average man on the street of Lagos selling bread wants to be identified as an entrepreneur, that woman who sold the recharge card to you yesterday, (yes, I am talking to you) wants to be identified as an Entrepreneur. This is good, we have all acted as a business owner at one stage of our lives or the other. However, some people have made it beyond imagination as Entrepreneurs and today we will learn from the history of one of the greatest Entrepreneurs to have emerged from Nigeria. Without further ado, I will like you all to learn from the successful endeavors of Michael Adenuga Jr. (Baba glo).

Biography of Mike Adenuga Biography and Networth.

Early life

Chief Mike Adenuga was born in Ibadan, Oyo state, Nogeria on the 29th of April, 1953 to Chief Michael Agbolade Adenuga Snr. His mother’s name is Princess Oyindamola Adenuga (nee Onashile). His mother was a princess that hailed from Ijebu-Igbo; she was also an aunt to Oba S.K. Adetona, the Awujale of Ijebu and she was a successful business woman, while his father, was a school teacher; this laid a foundation for Adenuga jr. to be educated.


Education and Formative Years

Adenuga jr. earliest known record of education was the education he received at Ibadan Grammar School, Ibadan and Comprehensive High School Aiyetoro, where he received his Higher School Certificate (HSC).  He moved on from there to first Northwestern Alva Oklahoma State University and later Pace University, New York.  During his schooling abroad, Adenuga took out time to engage in other activities apart from studying to support himself through school. He worked part time as a taxi driver and guard. Adenuga enrolled for an MBA degree at Pace University during this time.

Adenuga, the Entrepreneur: Equitorial Trust Bank, Conoil, Globacom

After his return from the USA, Adenuga took over his father’s sawmills business, while he later on got into commodity trading. By the age of 22, Adenuga had already gotten into the act of importing and selling, he imported stereos and later on he also started selling lace too which made him his first million, alongside distribution of soft drinks at the very young age of 26.

In 1989, Adenuga demonstrated the ability to recognize opportunities and turn them into marketable ideas. That 1988, Mike Adenuga was issued a banking license which helped him to incorporate his bank, Devcom Bank on the 9th of June, 1989. In the same year, this development was also followed by the acquisition of another banking license with the name, Equitorial Trust Bank. Later on, the two banks merged and they retained the name Equitorial Trust Bank.

A year later, 1990 to be precise, Adenuga got a license for drilling. The following year, Mr. Adenuga began oil production in the South-Western part of Ondo which was a monumental success. After entering into the oil business, Adenuga delved into the communication sector, he acquired a conditional license for GSM in 1999 but it was revoked. He did not relent on his dreams, when the license was put on auction again in 2003, he acquired it and this significant moment impacted positively on the development and spread of GSM in Nigeria. As at the time Adenuga entered into the communication sector, sim card was sold for 40000, owning a Sim card or phone was a class act until the entry of Globacoms into the market.

Public life and Philanthropy

Although neither a politician nor a civil servant, Adenuga has had a fair share of public life in Nigeria and outside. He has made significant contribution to his native town and the nation at all.  Adenuga has contributed immensely to the building of public infrastructure for the benefit of humanity in general.

Titles, Awards, and Honours

In recognition of these meritious achievements, he has been conferred with various titles and honors both within and outside the country. One of such honor is that of Otunba Apesin of Ijebu; this was conferred on him for his enormous contribution to the Ojude-Oba festival held during the Eid-el-Fitri period. In 2012, the federal government of Nigeria conferred on him the title of Grand commander of the order of the Nigerian (Gcon). In 2007, he was named African Entrepreneur of the year at the first African Telecommunications Award held that year and also got awarded Silverbird’s Man of the Year in 2009.

Strides in Football, Entertainment, and Employment

Mike Adenuga is a great fan of football. He sponsors the Nigerian premier league, the Nigerian national football team, Ghanian League and various soccer events and awards like the CAF annual awards. In the area of entertainment, Adenuga has been a major supporter of the entertainment industry, this fact can be gleaned from the number of Nigerian musicians, Actors, Actress are ambassador for Globacoms. Also, not leaving out the Glo xfactor program designed to give fresh talents a platform to be known.

In terms of Labour, Adenuga is one of the highest employer of labour in the country, his foundation is currently for different positions, check this out on

Net worth and Family

The businessman, Mike Adenuga is married with 7 children. His wife is Titi Joyce Adenuga. Among his most popular children are Paddy Adenuga and Belinda (Bella) Adenuga.

Adenuga, is Africa and Nigeria’s second richest man behind Aliko Dangote. His net worth is currently valued at $9.2 billion dollars. His mobile phone company, Globacom, with over 43 million subscribers is the third largest operator in Nigeria. Conoil, his oil exploration outfit in the Niger Delta is said to operate 6 oil blocks

Adenuga lives in Banana Island (where the wealthy and glamorous live). His mansion is said to have a mosque, church and conference Hall within it. It is worthy to note that it has not all been a smooth sailing as contained in here, he has been faced with various challenges but still, he has been able to surmount them.

See also: Aliko Dangote Biography and Networth.

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