Mike Adenuga Didn’t Make First NMillions Selling Lace, Soft Drinks…Here Is What He Did

The constantly told narrative that iconic businessman Mike Adeniyi Ishola Adenuga made his first millions and big break selling Lace (clothing material) and soft drinks is not correct.

The Chairman of Globacom – a Nigerian multinational telecommunications company founded on 29 August 2003 – made his first business breakthrough by selling car stereos.

The businessman informally dubbed Africa’s richest man delved into selling car stereos after his return from the United States of America in 1975.

Adenuga was 22 at the time.

The Billionaire who returned from the United States of America where he earned two degrees in business administration – North Western State University, Alfa Pabna, and Pace University, New York – delved into the selling of car stereos by accident.

“My lucky break started from the first time I started business. I started business by accident, selling removable car stereos. I came back from America in January 1975. In those days, we used to have cars imported into the country without car stereos and air conditioners. My brother then was a brewer with Nigerian breweries. My mother was a distributor with Nigerian Breweries. one of their big transporters came to my brother requesting that he wanted to buy a large quantity of car stereos. And that was how i got into business by that time. I imported so many units of car stereos and from there, one thing led to another. But honestly, in terms of big break, that was my break, importing removable car stereos” the billionaire revealed in a 50th birthday interview published on Thisday in 2003.

The interview was published before Globacom officially started operation in August 2003.

Since then, Globacom and Adenuga have gone on to transform into major economic contributors at home and abroad setting up a record-breaking oil company – Consolidated Oil, , two banks- Devcom Merchant Bank and Equitorial Trust Bank and the soaraway telecommunications outfit, Globacom in between.

Adenuga who celebrated his 69th birthday on April 29, 2022 – born April 29, 1953 – is rated by Forbes, the tracker of the globally rich as the second wealthiest person in Africa with an estimated $7.3Billion, and the Nigerian Communications Commission (NCC) in a recent report named Globacom as a key driver to telecommunications growth in the country.

The NCC report indicated that Globacom enjoyed 86% of the quarter-on-quarter growth experienced across the industry noting specifically that the operator added 2,804,450 new subscribers expanding its active customer base to 52,934,990 at the end of September 2021.

Despite the impressive rating, Forbes valuation of Adenuga who has interests in Oil, Banking and real estate among others is believed to be lesser than his real worth.

“No one in Africa is as rich as Mike Adenuga.” former Editor Mfonobong Nsehe who traveled across Africa helping Forbes track the richest people on the continent quoted legendary lifestyle publisher, Dele Momodu after the barometer of wealth valuation released its ranking in 2011.

Adenuga was rated the second richest person in Nigeria – after Aliko Dangote – and according to Mfonobong ’ controversy erupted in Nigerian media circles. Several Nigerian analysts and Adenuga’s staff refuted our valuation. I was bombarded with emails and messages requesting to know the criteria we used in valuing individuals’ wealth, and our rationale for valuing Adenuga so low.’

The case has remained the same ever since because Forbes – and other analysts – continues to rank Adenuga, based on information in the public space while the majority of the businesses (and revenues) of the economic power are not publicly listed. A clear indication that he is worth more and has indeed come very far from when he started in 1975.

The son of Oloye Michael Agbolade Adenuga Sr – a teacher for many years before he became an inspector of schools – and Omoba Juliana Oyindamola Adenuga (née Onashile ) – an established businesswoman with long reach who started as a seamstress.- has also refused to provide details that will prove and validate the claims of “the richest man in Africa” as well as his proper standing in the comity of the world richest.

“He believes the revulsion, jealousy and distractions that will come with the rosette will lionise his adversaries and sap his energy. “ Bode Opesetan, who worked closely with the dream of many provided an apt insight into the shadow around the billionaire’s worth in a 68th birthday tribute to the “Guru”.