Mike Adenuga Net Worth (Updated 2023)

Mike Adenuga net worth is  $6.1 billion, With 55 million users, his mobile network, Globacom, is the third largest in Nigeria.

Mike Adenuga is the second wealthiest person in Nigeria. He got there through the telecommunications and oil industries.

His company, Conoil Producing, is actively exploring oil in six separate areas in the Niger Delta.


Adenuga is notoriously reclusive and seldom makes public appearances. He is one of the most secretive billionaires in Nigeria today. 

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At 26, Mike Adenuga made his first million, mainly via distributing soft beverages and selling lace. In 1990, he was issued a drilling licence. In 1991, his business, Consolidated Oil (now Conoil), discovered oil in commercial quantities in the shallow seas off the southwest coast of Ondo State.

Mike Adenuga Biography and Net Worth

Dr Michael Agbolade Adenuga (Jr.) was born to Chief Michael Agbolade Adenuga (Snr.) and Madam Oyindamola Adenuga in the historic Nigerian city of Ibadan in 1953. He attended the prestigious Ibadan Grammar School in Nigeria’s Oyo State, the North Western State University in Oklahoma and the Pace University in New York. 

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While studying in the United States, he worked two demanding jobs. Driver for hire and bodyguard services. His formal education includes stints at Pace University in New York and Northwestern State University in Alva, Oklahoma, where he studied business administration with a focus on marketing.

Dr Mike Adenuga (Jr.) has been praised for his ability to see the big picture, lead by example, and manage people and resources effectively. Adenuga is a guy of unusual intelligence who presides over a massive corporate empire with significant finance, oil and gas, and telecommunications holdings.

Incorporated Conoil Producing LimitedIn a daring move to promote local participation in crude oil exploration, the Federal Government of Nigeria allotted oil blocks to Adenuga in 1990. When his business, Consolidated Oil Limited, made history in 1991 by discovering oil in commercial quantities, he became a household name.

He bought National Oil to bolster his position in the oil industry and turned around the struggling firm into a moneymaker in less than a year. Conoil Producing Limited, the business he renamed, is now Africa’s preeminent independent oil and gas explorer and producer. 

 Mike Adenuga Income from Business

After finishing his education in America, he returned home to help run his mother’s sawmill until he was 26 and took over for her. An Austrian lace producer urged him on a trip from New York to Nigeria to engage in the business of lace material, and he eventually became a lace dealer. He went into business as an importer of lace supplies and quickly amassed a fortune.

Mike Adenuga’s fortune grew substantially once he entered the oil sector. It’s great to have supportive friends that want to see you succeed. Mike Adenuga is very fortunate to have buddies serving with the armed forces. Massive contracts to construct military barracks and other facilities in Nigeria fell into his lap. 

An oil exploration licence was granted to him while Ibrahim Babangida was the country’s military leader. He obtained a permit and established Conoil Producing Limited to manufacture and sell oil and oil products. The business then thoroughly investigated the Ondo State crude oil field, where commercial quantities had been identified.

Soon after, in 1990, he was granted a drilling permit, and by 1991, his business was actively extracting crude oil. Eventually, it moved to Delta State, controlling as many as six oil blocks. The company’s oil production was efficient and safe for the environment.

In 1990, he made a foray into banking by founding the indigenous Equatorial Trust Bank (ETB). By 2011, the bank had expanded to 100 locations across the United States. Before that time, in 2006, ETB had to consolidate with Devcon Bank. Soon later, the ETB ran into financial trouble, causing the Nigerian government to step in and take a sizable stake in the company.

In the telecommunications industry, Mike Adenuga struck it rich. After having his first GSM license canceled in 1999, he was awarded a new one in 2006. He established Globacom Limited, a telecommunications firm that operates an undersea cable between Nigeria and Britain. Glo’s GSM and internet services are dependable and reasonably priced.

Glo seized the bull by the horns in Nigeria and implemented per-second pricing. In 2008, it began offering its services in the Republic of Benin, and since then, it has expanded throughout Africa. Ghana, Côte d’Ivoire, and the Republic of Benin are all active markets for Globacom. 

According to the available data, Glo is the second-largest telecommunications provider in Nigeria, behind only MTN, with about 43 million customers.

Mike Adenuga Business Career 

Mike Adenuga isn’t a lucky person who lucked into success; he worked his way to the top by sweating over every little detail. His life’s work is an inspiring example of how hard work and determination can pay off in material achievement and personal fulfilment. However, just because one person has achieved financial success due to their hard work and dedication to their business does not suggest that everyone else has done likewise.

At 26, Mike Adenuga made his first million primarily via distributing soft beverages and selling lace. In 1990, he was issued a drilling licence. In 1991, his business, Consolidated Oil (now Conoil), discovered oil in commercial quantities in the shallow seas off the southwest coast of Ondo State.

After Mike Adenuga’s initial GSM licence was cancelled in 1999, he got a new one in 2003 through a government auction. Globacom, his telecommunications company, rapidly grew and eventually became a serious rival to the MTN Group. It opened for business in 2008 in Benin and has since expanded to other West African nations, including Ghana and Côte d’Ivoire, with further licences sought.

In August 2007, he won the inaugural African Telecoms Award for African Entrepreneur of the Year. Adenuga made a $600 million acquisition bid to Comium Côte d’Ivoire, an Ivorian mobile communications company, in May 2015. He also owns shares of Equitorial Trust Bank stock.

Mike Adenuga Net worth 2023

Mr Adenuga is the third Nigerian on the African billionaire’s list, according to Forbes his net worth is  $6.1 billion.



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