The Nigerian classification of being successful covers the way an individual makes his wealth and his spending style. It is because many rich individuals have made their wealth from wise and profitable investments but have a poor spending lifestyle.
But the case of Otunba Mike Adenuga can be said to be one that shows how to diligently invest, make fortunes and judiciously spend it.
Otunba Mike Adenuga is the second richest billionaire in Nigeria and fifth in Africa based on theForbes’ Africa billionaires list of 2018.
He is presently worth $5.2 billion.
How he makes his wealth – Businesses and Investments
Otunba Mike Adenuga made his first major fortune at age 26 years for dealing in importation of lace and other clothing materials in 1970. Adenuga gave details of how he started the business of importing and distributing lace in Nigeria.
“I went on a trip to New York and when I was coming back, I missed my flight, doing on British Airways. So I had to fly Swiss Air and I sat next to the owner of one of the biggest lace manufacturing factories in Austria. So, we were talking and he got me into the business of importing lace, and all sort of things.”
Contract from the Military government
During the regime of Ibrahim Babangida, Mike was awarded contracts to build military barracks and buy some military installations.
General Ibrahim Babangida Rtd described him as a good and loyal friend
Oil and Gas Business
Adenuga ventured into oil & gas business in early 90s when the then minister of petroleum. Prof. Jubril Aminu came up with the policy of giving licenses to individuals and encourage private sector participation in the sector. Mike Adenuga was one of the beneficiaries of this policy.
His oil exploration company, Conoil Producing Limited, is currently operating six oil blocks in the Niger Delta.
Banking & Telecommunications Business
In August 2003, Adenuga started the first indigenous GSM telecommunication Nigeria, Global Communications Limited (Globacom). At present, his telecom business has expanded into other West African countries - Republic of Benin, Ghana and Côte d'Ivoire.
In Nigeria, Globacom is the second largest telecom operator with about 37 million subscribers.
Also, Adenuga established a commercial bank known as Equitorial Trust Bank (ETB). At present, the bank has merged with Sterling Bank Plc.