In a statement, strategic communications firm Bodex Media described Adenuga as a symbol of Nigerian enterprise, resilience, and nation-building, praising his decades-long contributions across critical sectors including telecommunications, oil and gas, finance, and real estate.

Popularly known as “The Bull” for his formidable presence in business, Adenuga was commended for redefining market dynamics and expanding access to essential services for millions of Nigerians.

According to Bodex Hungbo, CEO of Bodex Media, Adenuga’s most visible legacy remains the establishment of Globacom in 2003, a move that transformed Nigeria’s telecommunications landscape.

“When Globacom launched with per-second billing, it did more than disrupt the industry; it democratised access and challenged entrenched monopolies,” Hungbo said.

Beyond telecommunications, the firm highlighted Adenuga’s strategic investments in indigenous talent and creative industries, noting that he championed the “buy Nigerian” ethos long before it became mainstream policy.

“At 73, Otunba Dr. Mike Adeniyi Agbolade Ishola Adenuga Jr., GCON, stands not just as one of Africa’s most successful businessmen, but as a symbol of what belief in one’s country can achieve,” the statement read.

A Legacy of Enterprise and Nation-Building

Bodex Media noted that Adenuga’s entrepreneurial journey predates the modern startup wave, with investments spanning sectors critical to Nigeria’s development.

Through Conoil, he strengthened Nigeria’s oil and gas sector, while his interests in financial services and infrastructure helped deepen economic participation and institutional growth.

“This was never business for business’ sake, it was nation-building,” the firm stated.

Quiet Philanthropy, Lasting Impact

Despite his low public profile, Adenuga’s philanthropic footprint continues to expand through the Mike Adenuga Foundation, which supports scholarships, youth empowerment, healthcare initiatives, and community development.

Bodex Media noted that thousands of beneficiaries across Nigeria and beyond have been impacted by his interventions, many without ever meeting the businessman.

“In an era of loud philanthropy, his giving has remained quiet, deliberate, and deeply impactful,” the statement added.

Cultural Influence and National Identity

Adenuga was also credited with reshaping Nigeria’s cultural narrative by investing heavily in local entertainment, sports, and creative industries. At a time when foreign figures dominated aspirational branding, he promoted Nigerian talent, helping to elevate local content to global relevance.

“He made stars of homegrown entertainers and gave a generation the confidence that Nigerian talent could command global value,” Bodex Media stated.

A Symbol of Enduring Vision

As tributes continue to pour in, Bodex Media described Adenuga as a rare figure whose influence spans business, culture, and national aspiration.

“Few individuals have shaped Nigeria’s economic and cultural landscape the way he has. At 73, this is more than a birthday celebration, it is a tribute to a builder, a patriot, and an enduring icon,” the firm said.

The statement concluded by noting that Adenuga’s life remains a powerful testament to conviction, discipline, and belief in Nigeria’s potential.

“His story is a blueprint for a new generation of entrepreneurs, proof that local vision, when matched with determination, can achieve global impact.”

The two leaders commended Dr. Adenuga for his outstanding contributions to both countries, their people and economies.

While Mahama described the celebrant’s  life “as a shining example of vision, resilience, and extraordinary accomplishment,” his Nigerian colleague posited that Dr. Adenuga’s life and extraordinary accomplishments were a testament to the power of vision and doggedness.

In a congratulatory message to Dr. Adenuga, President Mahama noted that through his unmatched entrepreneurial spirit and commitment to excellence, the business Guru had “not only built enduring businesses but also contributed significantly to the socio-economic advancement of our continent.”

He added that Dr. Adenuga’s leadership and philanthropic endeavour remained a beacon of inspiration for generations across Africa.

In the same vein, President  Tinubu stated that Adenuga’s humility and diligence had enabled him to succeed in banking, telecommunications, oil, and gas. “Through determination and hard work, he built businesses that have created thousands of jobs for our people,” he noted.

According to President Tinubu, Nigerians will always appreciate Globacom’s ingenuity in disrupting the billing template in the telecommunications sector. “By pioneering per-second billing, Glo expanded telephony and digital access to millions of Nigerians.

“In addition, Conoil has proven that an indigenous firm can compete with international oil companies, fostering energy independence and security for our country.”

While adding that Nigeria was grateful for Adenuga’s immense contributions to the country’s progress and prosperity, the President commended him for extending his investments to other African countries and Europe, “a bold effort which earned you well-deserved honours as Commander of the Legion of Honour (France) and Ghana’s Companion of the Star of Ghana”, he concluded.

He doesn’t seek the spotlight, but, his fingerprints are all over some of Nigeria’s most important industries, including telecoms, oil & gas, banking, and beyond. 

Looking directly at the impact, let’s run through nine commendable achievements that define the quiet billionaire:

1. Built a Billion-Dollar Fortune from Scratch

Before we ever heard of Globacom or Conoil, Mike Adenuga was hustling. In his twenties, he made his first million—not from family wealth, but by trading lace and distributing soft drinks. He wasn’t waiting for perfect conditions; he found opportunities in Nigeria’s challenging economy and cashed in. While most were stuck in theory, he was executing deals. Now, he’s net worth is $6.7 billion.

2. Pioneered Indigenous Oil Exploration in Nigeria

In 1991, his company Consolidated Oil (now Conoil) became the first Nigerian firm to discover oil in commercial quantities. That wasn’t luck. It was determination, risk, and relentless ambition. Today, Conoil remains one of the few indigenous firms standing tall in a space filled with international giants.

3. Changed the Face of Telecommunications in Africa

When he launched Globacom in 2003, lots of people doubted him. But he came with a different playbook: offer per-second billing and bring the people real value. Glo crashed prices and forced competitors to rethink. The company has since grown into Nigeria’s second-largest telecom operator and expanded into Ghana and Benin. That’s no small feat in a market as competitive as telecoms.

Globacom has been one of the biggest sponsors of Nigerian music, Nollywood, and sports, promoting local talent on a global scale.

4. Empowered Nigerians through Jobs and Access

Talk about impact: Globacom alone has created thousands of jobs directly and indirectly. But it’s not just about employment but access. Cheap mobile communication. Affordable data. The kind of connectivity that drives small businesses and keeps families in touch. 

Adenuga has invested in small businesses and provided funding opportunities, contributing to economic growth and innovation. Without Adenuga’s interventions, Nigeria’s telecom sector would look very different, and far less inclusive.

5. Shaped the Banking Sector with Quiet Influence

While most remember him for oil and telecoms, Adenuga also dipped his fingers into finance. He once owned Equitorial Trust Bank, which later merged with Sterling Bank. Though not as visible in banking today, the move was strategic. It showed his ability to play in multiple sectors, diversifying smartly and knowing when to exit.

6. Gained Global Recognition, Yet Stayed Grounded

He’s been decorated both at home and abroad. In Nigeria, he was awarded the Grand Commander of the Order of the Niger (GCON), the second-highest national honour. France, too, saw his value, bestowing on him the title of Commander of the Legion of Honour. Yet, he’s not chasing headlines or flaunting wealth. He remains elusive, almost allergic to fame. That takes discipline.

7. Built a Legacy Through Family and Mentorship

At 72, Mike Adenuga hasn’t just built businesses; he’s building a dynasty. His daughter, Bella Disu, is already taking on key roles in the family’s telecom and oil businesses. He’s grooming the next generation not just to inherit, but to lead. He’s mentoring from the shadows, passing on his playbook without noise. Few billionaires trust successors this early. He does, ensuring his empire won’t fade when he eventually bows out. 

8. Used Philanthropy as a Weapon for Change

You won’t always see headlines about his philanthropy, but those who benefit know the story. From scholarships to healthcare interventions, Adenuga has touched lives. He gives without turning it into a PR moment. In a world where charity is often a photo opportunity, his quiet giving feels different—more genuine.

Through the Mike Adenuga Foundation, he has supported education, healthcare, and humanitarian initiatives across Nigeria and Africa. 

9. Remained Unshakably Nigerian in Vision and Action

Through all the expansion and global recognition, he never abandoned Nigeria. His businesses are deeply rooted here. He bet on this country when others were running from it. And even now, at 72, with all the turbulence in our economy, Mike Adenuga continues to invest, to employ, and to believe.

The likes of Aliko Dangote, Mike Adenuga, Leo Stan Ekeh, Segun Agbaje, Tony Elumelu, and corporates like GTCO (Guaranty Trust Holding Company), Zenith Bank, Zinox, Globacom, among others, have at one time or another faced a blizzard of blackmail.

The blackmailers’ intents are multifarious: to make easy money (ransom), damage the reputation of their target, ruin an enterprise, or inflict emotional trauma on their victims.

In the past few years, several multinationals have left the country. On paper, some of the multinationals claim forex crunch, rising cost of doing business and in some cases, their inability to remit their profits out of the country to service loans in their home countries or elsewhere as reasons for exiting Nigeria, Africa’s largest market for all products and services.

But those who ever cared to investigate the cause of the unprecedented exodus of these multinationals would easily point to blackmail as the chief reason for the mass exit of these mega corporates as well as a major reason why other foreign investors were frustrated from investing in Nigeria.

The Nigerian bureaucracy can blackmail you out of business by denying you all necessary niceties, documents and requirements that would enable you set forth or grow your enterprise.

How about this? In September 2023, when President Bola Tinubu attended the G20 Summit in India, one of his first assignments was a meeting with Mr. Prakash Hinduja, Chairman and CEO of the Hinduja Group of companies, a conglomerate with a total asset portfolio exceeding $100 billion.

The Indian billionaire lauded Tinubu and pledged to invest in Nigeria only because of his confidence in the Nigerian president. But he did not fail to remind President Tinubu how he was frustrated years back when he attempted to invest in Nigeria.

His exact words:

“I have had paperwork stalled in Nigerian bureaucracy for over one year, especially in FCT. But I knew that you would be purpose-driven in this endeavour and God will help you to turn Nigeria’s rich promise into rich reality for all of its citizens.”

Any discerning mind would notice the rebirth of hope in an investor who had been frustrated out of Nigeria by Abuja bureaucracy. In case you don’t get it, Mr Hinduja was referring to another type of common blackmail in Nigeria. “If you don’t see us, you won’t get the support you need.” Plain bribery and corruption which runs in the civil service.

In the United States, a country with unapologetic capitalist culture, blackmail is considered a serious crime under federal law and every state law.

Culprits can be jailed and/or punished with huge fines in some cases. The same applies in Europe and Asia where the blackmailer is neither spared nor pampered.

Nigeria has a panoply of laws including the Cybercrime Act to deal with corporate blackmailers. However, the laws are made weak because, in some cases, the legal processes are convoluted and drag leisurely, making the suspects exploit loopholes within the system to dodge conviction.

Corporate  blackmailers are like the cunning fox. They know that reputational damage is a high risk for their victim; hence, they often drag the case in a court of law to keep it perpetually on the front burner of public discourse in the media.

But truth be told, these blackmailers are the real enemies of Nigeria and President Tinubu. For while Tinubu is making genuine efforts to woo investors to Nigeria, blackmailers are busy rubbishing existing investors and especially indigenous investors. If we don’t treat our indigenous investors well, how do we expect a foreigner to invest in our economy? This is the paradox and the real reason Tinubu should come hard on corporate blackmailers.

A few instances of corporate blackmail and embarrassment. Nigeria’s highly successful business honcho, Mike Adenuga, had his office brusquely raided in 2006 by operatives of the Economic and Financial Crimes Commission (EFCC). The raid and ‘arrest’ of Adenuga were widely exposed in the media.

At the end, it turned out that Adenuga had nothing sleazy in his closet that the accusers could use to nail him in the court of law. But he was sufficiently terrified and blackmailed such that he had to go on temporary exile from Nigeria to Ghana to the UK.

Another Nigerian business success story, Aliko Dangote, has been in and out of blackmail, sometimes from competitors, career blackmailers who want a chunk of his money, or even public institutions who, rather than help his business empire to thrive and keep thriving, prefer to bring him down.

The most recent of such serial blackmail is the running campaign to discredit his $20 billion refinery. First, they claimed it was non-existent, and that failed.

They switched to, it can never take off, which also failed. They tried the fib that the refinery was producing low-quality products; this also failed.

Then, there was that disingenuous yarn that he had no approval, no licence for the project, yet the same Federal Government acquired 7.5% of an unlicensed company shares with public fund? This, again, failed to fly. There were many more, but they all crashed, as does every lie.

Then, there was the failed but long-drawn corporate blackmail against Leo Stan Ekeh, the listless and gifted founder of the Zinox Group, a global conglomerate spanning ICT, e-commerce, real estate, pharmaceuticals, entertainment, and more. His case is such that pools tears in the eyes.

A case of a fry threatening to swallow a barracuda. Several studies have identified envy, money (ransom), extreme competitiveness, desire to tarnish a reputation, a knack to hurt an enterprise and inflict emotional pain on the business owners as some of the drivers of corporate blackmail.

In some cases, it may just be one of the factors named above. But in the case of Ekeh, it’s a combination of envy, extortion, and reputational damage.

The case of Ekeh is one that tasks your state of sanity. It got me thinking about how much premium Nigerians, nay Africans, place on their brightest and best, especially those who by sheer dint of hard work, tenacity, and courage to dare the odds, burrowed their way from the lowest nadir of their enterprise to the zenith of it.

Nigerian entrepreneurs like Ekeh and many others across the country built their businesses from scratch. They deserve praise for their industry and deserve to be protected from blackmail hawks.

The various but failed attempts to link Ekeh and any of the companies associated with his name to unhealthy corporate governance smacks of desperation and a primitive show of disrespect for a man whose collateral is integrity. Any African who plays big in the Africa ICT marketplace knows that without integrity, you cannot have as much as a handshake with over 31 global brands like Microsoft, Apple, HP, Samsung, IBM, Cisco, Starlink, among others. Zinox Group does.

Every Nigerian government at national and sub-national level claims they are wooing foreign investors. But they forget that how Nigeria treats her indigenous investors will influence how foreign investors perceive the Nigerian market.

You cannot expose your home-grown investors to the vagaries of blackmail and treachery and expect foreign investors to trust you. This is the task before Tinubu. He must cleanse the corporate ecosystem of both systemic and individual blackmailers.

Gaya, a Public Policy Analyst, writes from Kano

This is the first time the company will experience a leadership transition since its founding by billionaire Mike Adenuga in 2003.

Though the company has not yet released an official statement, sources confirm that Globacom has already informed the Nigerian Communications Commission (NCC) of its decision and assembled a new board, with regulatory approval now in place.

Globacom’s choice to bring in Farroukh reveals an intention to revitalise its market position as increased competition and recent challenges continue to shoot up.

Farroukh’s experience spans over two decades, beginning in 1995 with the Investcom Group in Lebanon, which was later acquired by MTN. He then took on key roles across the continent, including his tenure as managing director of MTN Ghana, regional director for West Africa, and CEO of MTN Nigeria from 2006 to 2010.

He also served as CEO of MTN South Africa in 2014 and later led Mobily in Saudi Arabia as CEO from 2015 to 2017. Most recently, Farroukh was Group CEO at Smile Communications Nigeria Limited.

With a Master’s degree in Business Administration and Accounting from the Lebanese American University and credentials as a Certified Public Accountant (CPA) in New York, Farroukh’s academic and professional expertise is widely regarded in the industry.

His record of leadership in high-stakes environments makes him well-suited for his latest role at Globacom, where Ahmad Farroukh will face the immediate challenge of reversing subscriber losses.

Globacom’s subscriber base has significantly dwindled to 19.1 million, attributed to a recent NCC industry-wide audit, giving the company just 12.39% of Nigeria’s telecom market.

This anticipated leadership transition could be announced officially within days, as Globacom seeks to regain market share and drive growth in the dynamic Nigerian telecom sector.

Their success has been bolstered by the impressive data shared with the media in the second quarter, which has helped sustain positive public perception and confidence in these industries.

An independent analysis of the media performance and prominence of the CEOs of Nigerian Commercial Banks, Insurance Companies and Telecommunication Providers for the second quarter was conducted by the leading Media Intelligence and Public relations audit agency, P+ Measurement Services. 

This media analysis monitored more than 1.3 million online publications from blogs, news sites, broadcasts, forums, and digital media in the local and global media space, as well as about 5,115 print publications (including daily, weekly, and monthly publications), from which different metadata was extracted, including the sentiment of reporters, editors, publishers, and opinion writers from various online and print publications, spokesperson analysis, CEOs performances, and other topics.

Through detailed media data gathering, analysis, and audit of salient valid PR metrics of 27 Commercial Banks, top 10 leading Insurance companies, and top 4 Telecommunications Providers.

The reports ranked the top CEOs (Commercial Banks, Telecommunication, and Insurance) prominent in the Online and Print media.

Banking Sector

According to the analysis, Yemisi Edun of First City Monument Bank (FCMB), led the leaderboard with a 23% share of media coverage, indicating a strong media presence and influence in the banking sector. Closely behind were Oliver Alawuba of United Bank for Africa (UBA) with 22% and Nneka Onyeali-Ikpe of Fidelity Bank capturing 22% of media coverage, demonstrating significant visibility and engagement within the industry.

Moruf Oseni of Wema Bank came in next with 18% and Wole Adeniyi of Stanbic IBTC Bank rounded out the chart with 16%, showing a notable but comparatively lower media presence.

This distribution of media coverage highlights the competitive landscape and varying levels of media engagement among top banking executives.

Insurance Sector

In the insurance sector, the media performance audit report revealed that Akinjide Orimolade of Stanbic IBTC Insurance Limited had the most media exposure at 73%.

Lesi Gboyega of Leadway Assurance with 15% and Kunle Ahmed of AXA Mansard Insurance followed closely with 9%.

Eddie Efekoha of Consolidated Hallmark Insurance with 2% and Andrew Ikehua of NEM Insurance with 1% media exposure.

This distribution highlights a competitive media landscape among insurance executives, with varying levels of visibility and engagement reflecting their influence and presence in the sector.

Comparing both sectors, it is evident that top executives in banking and insurance are actively working to maintain significant media profiles to enhance their brands’ visibility and market influence.

Telecommunications sector 

In the telecommunications sector, Karl Toriola of MTN Nigeria led the media performance with 67% share of media coverage, highlighting MTN’s dominant presence and influence in the industry.

Carl Cruz of Airtel Nigeria followed with 31%, indicating substantial visibility and engagement.

In contrast, Mike Adenuga of Globacom had lower exposure, with only 2% media coverage.

This distribution underscores the disparity in media engagement among telecommunications executives, with MTN and Airtel maintaining strong media profiles.

Comparing the telecommunications sector to the banking and insurance sectors reveals that media coverage is highly concentrated among a few key players, highlighting the varying strategies and successes in maintaining media presence across different industries.

Overall, the analysis reveals significant disparities in media engagement across the banking, insurance, and telecommunications sectors. Key executives like Yemisi Edun, Akinjide Orimolade, and Karl Toriola have successfully maintained strong media profiles, highlighting their influence within their respective industries.

This highlights the importance of strategic media engagement for maintaining visibility and influence in a competitive landscape.

More About P+ Measurement Services

P+ Measurement Services is Nigeria’s leading independent media intelligence consultancy that focuses on delivering detailed media monitoring, measurement, evaluation, and analysis across all media channels. P+ is internationally recognized as a PR measurement and evaluation consultant in Nigeria with activities being governed/regulated by AMEC (The International Association for the Measurement and Evaluation of Communication).

According to real-time data from Forbes, his net worth experienced a notable decrease of $300 million, dwindling from $3.6 billion just three months ago to the current estimate of $3.3 billion as of October 23, 2023.

The primary reasons behind this sudden dip can be attributed to the performance of his holdings in Conoil and the persistent devaluation of the Nigerian naira against the U.S. dollar. 

Mike Adenuga, often hailed as Nigeria’s second richest man, accumulated his wealth through ventures in telecom and oil production. His brainchild, Globacom, stands as the third-largest telecom operator in Nigeria, with an impressive subscriber base of 55 million. In the sphere of oil exploration, his company Conoil Producing operates six oil blocks in the Niger Delta region.

Mike Adenuga’s journey to billionaire status was far from conventional. He pursued higher education, earning an MBA at Pace University in New York. Remarkably, he supported himself during his student years by working as a taxi driver, showcasing his determination and resilience. His entrepreneurial acumen became evident at the young age of 26 when he made his first million by selling lace and distributing soft drinks.

Despite his successes, Mike Adenuga’s financial trajectory has been marked by peaks and valleys. His net worth reached a zenith of $10 billion in 2015, displaying his remarkable ability to amass wealth. However, challenges arose, including legal troubles and financial setbacks.

In 2006, he faced a money laundering case and subsequent detention following a raid on the head offices of Globacom, Equitorial Trust Bank (ETB), and Conoil by the Economic and Financial Crimes Commission. This incident led him to reside in London until he received a pardon, allowing his return to Nigeria.

Additionally, in June 2016, he encountered financial hurdles, pursued a combined debt exceeding $140.5 million by two foreign and one local company. These challenges, while significant, did not deter Adenuga. His resilience and ability to overcome adversity have been hallmarks of his entrepreneurial journey.

Mike Adenuga’s story shows the volatile nature of the business world and the tenacity required to navigate its challenges. Despite setbacks, his innovative ventures continue to make a significant impact on Nigeria’s telecommunications and oil industries. 

As he faces this recent decline in net worth, Adenuga’s relentless spirit and determination is an inspiration to aspiring entrepreneurs, reminding them that resilience in the face of adversity can lead to triumph in the end.

Before Globacom launched its services, GSM SIMs were selling for between N20,000 and N25,000. Glo brought this down to N6,999 and later to N100.

Therefore, Glo is the first indigenous telecommunications company to introduce  the per second billing  on calls

Glo’s investment in telecoms sector

The story of Glo’s investment in the country continues. At its 19th anniversary, the digital solutions company said it has been carrying out aggressive roll-out of network equipment and upgrade of its sites to 4G-LTE across the country.

Mr Bisi Koleosho, Deputy Chief Operating Officer of Globacom, in a statement said that it was in order to continue to offer high speed and quality data experience to its over 56 million subscribers.

Koleosho while expressing gratitude to its subscribers and Nigerians for their support over the past 19 years,   restated its commitment to the provision of world-class communications and digital services.

He said the process covered the entire scope of telecoms infrastructure upgrade from the core network to access network, transmission and IP network, fiber network, metro access and backbone infrastructure.

According to him, it also involves rollout out of new sites to increase network coverage in areas that need improvement and to also densify and ease off already congested areas.

“This ultimately improves customers’ network experience and satisfaction in terms of service delivery, network quality and coverage.

‘’Globacom’s massive investments in digital technology, array of value added services, strong and unique marketing initiatives have made it the network of choice for millions of telephone users over the past 19 years.

‘’The company has also impacted significantly on international telecom operations with Glo Gateway, the International Wholesale Voice and Data Exchange and Trading Business Unit of Globacom.

‘’The company, which marks its 19th anniversary this week, haven  commenced business on August, 29, 2003, said it has been an eventful and fulfilling 19 years of operations,’’ he said.

Koleosho said that it was in line with the corporate promise Globacom made at launch to build a robust communications and technology infrastructure that would consistently deliver value to its esteemed customers.

He assured subscribers that Globacom would remain a catalyst for socio-economic empowerment not only in Nigeria but also in Africa.

According  to him, the company is constantly investing massively in new technologies to exceed customer expectations.

He said that Globacom’s massive investments in digital technology, array of value added services, strong and unique marketing initiatives have made it the network of choice for millions of subscribers.

Koleosho said the company had also impacted significantly on international telecom operations with Glo Gateway, the International Wholesale Voice and Data Exchange and Trading Business Unit of Globacom.

According  to him, it is the first operator in Africa to launch gateway switches outside the continent to carry international voice and data traffic.

‘Glo 1, the first privately owned submarine cable, has also addressed the bandwidth requirements of the West African sub-region and led to crashing of data tariffs’.