
Adenuga: The Ubiquitous Recluse @ 69
Nnaemeka Ifeme
The obvious paradox in the headline symbolises what the billionaire businessman, Dr Mike Adenuga, Jr. (GCON), represents.
The self-effacing Chairman of one of Africa’s most enterprising telecommunication companies, Globacom, lives a very private life, he is hardly seen in public, does not attend public functions, even some of the workers at his numerous businesses have never set eyes on him.
However, while Dr. Adenuga is as reclusive as a hermit, his accomplishments are as loud as thunder.
Entrepreneur extraordinaire, Spirit of Africa, Africa’s business icon, the Great Guru, Mr. Per Second, Unrivalled Philanthropist, Business Wizkid, Recluse Billionaire, Chairman of Chairmen are some of the superlatives employed by his admirers to describe him.
His gut and sheer determination manifested early in his life. Close friends and family members recall how as a teenager he faced nights of work in the freezing New York weather. Although his parents were well placed to take care of him, the young Adenuga opted to work as a taxi driver and security guard to sustain himself in school. The conditions were so tough that 6 of his fellow Nigerian compatriots had given up their jobs due to what they termed life-threatening weather and work-conditions. But the young Adenuga kept on working in spite of the adversities. He reaped bountifully from his hard work much to the envy of his friends.
Upon his return from the US after his academic sojourn at Northwestern University, United States, Adenuga chose to work in his parents’ saw mill rather than go for white collar jobs which were available at that time and which paid well and had attractive prospects. Young Adenuga showed his business ingenuity by transforming the mill through the installation of state of the art equipment.
Then he diversified into commodity brokerage and merchandising. He formed his Worldspan Holdings which traded in petroleum products, fuel oil, Automotive Gas Oil (AGO) and motor spirits. He enlarged his coast into real estate and ventured into industrialisation and particularly food processing and manufacturing.
His hope and belief for a better future as well as his unique flair for taking risks and sheer tenacity of purpose paid off as in no time he started reaping profits in billions. He founded Devcom Bank and Equatorial Trust Bank which later merged under the latter’s name. He then established Consolidated Oil, which carries out crude oil drilling, refining and marketing.
His foray into the oil business was a typically audacious one. In the 1980s when he acquired oil blocs through his Consolidated Oil company as part of the Babangida administration’s step to break the monopoly of foreigners in the production of crude oil in the country, Adenuga refused to toe his peers’ path of selling off the oil blocs to foreign companies. He chose to embark on drilling against monumental pressure and the risk of failure.
Tales are told of how his beloved mother came in tears, begging and asking him to change his mind about going into oil exploration. Her reason was that the business was still the exclusive preserve of multinational oil companies and not for individual businessmen. The mother preferred that her son remain in the manufacturing business where he had made his mark and where Nigerians had succeeded greatly.
But the audacious and achieving spirit in Mike Adenuga would not budge. He plunged headlong into oil drilling with the firm hope and belief in a better tomorrow. That step proved a huge success as he soon made history as the first Nigerian company to strike oil and produce it in commercial quantity.
He later bought over National Oil and Marketing Company, NOLCHEM, for a huge amount of N7.4 billion, when nobody wanted to touch the company because it was going down the drain. Again, the move paid off as the company now called Conoil Plc is today one of the most profitable oil marketing companies in Nigeria.
What perhaps shot him into the consciousness of Nigerians was his bold entry into the telecommunications sector, considered by many as his most audacious move yet. With his Communications Investment Company, CIL, he was issued a conditional licence in 1999 to operate the Global System of Mobile telecommunications, GSM. The licence was later revoked by the Obasanjo administration, which faulted the entire process. Again, when in 2002, the government through the Nigerian Communications Commission, NCC, organised a new auction for the GSM licence, CIL participated and was one of the four that won the bid. He paid the $20 million mandatory deposit.
However, in the process of resolving the controversy over the frequency allocated to CIL, the licence elapsed and CIL lost both the licence and the $20 million deposit. It was a colossal loss but Adenuga was undeterred. He later went on to bid for the Second National Operator (SNO) license, and deposited another $20 million. This time, he was lucky. He won the bid in August 2002 and Globacom was granted the licence to operate as a national carrier, operate digital mobile lines, serve as international gateway for telecommunications in the country, and operate fixed wireless access phones.
Many concluded that Adenuga had finally met his waterloo. They argued that the telecom sector was for the well established foreign telecom companies and that Adenuga did not have the requisite experience in that field. And when he announced that Globacom would launch with Per Second Billing (PSB), the industry scoffed at him. But the Guru went on to prove sceptics wrong. Globacom not only launched on PSB, it went on to crash SIM costs from N25,000 to N200 and call charges from N50 to as low as N10 per minute.
As we celebrate this worthy son of Africa at 69, it is so easy to forget that Adenuga’s rise as one of Africa’s wealthiest and most powerful men is attributable to his unflinching optimism, the inclination to hang on in the face of daunting challenges, to hold on to hope despite all odds.
As he looks back on his 69 years especially how he has positively affected lives through Globacom and his other companies, Adenuga will no doubt be a fulfilled man. And deservedly so.
• Nnaemeka Ifeme is a Lagos-based salesman.
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2023: Jonathan Meets Adamu, Hours After Group Purchased Forms on His Behalf
•Ex-president says he didn’t authorise purchase of APC forms
•72 hours after another group bought form for Adesina, he’s yet to deny presidential ambition
•Sale of forms closes today, 25 presidential aspirants jostle for ticket
•Lawan, Sylva, Ayade join race as Bakare formally declares
Deji Elumoye, Sunday Aborisade, Adedayo Akinwale, Emmanuel Addeh and James Emejo in Abuja
The former president, Dr. Goodluck Jonathan, yesterday met with National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu, in Abuja, a reliable source informed THISDAY. The meeting, THISDAY gathered, took place few hours after a Fulani group, under the aegis of the Nomadic Pastoralists and the Almajiri Communities, purchased the ruling party’s nomination and expression of interest forms, sold for N100 million, for Jonathan. They urged him to contest for president under the party in 2023.
The sale of forms for elective positions in APC closes today, with 25 aspirants in the race for the presidential ticket in the party’s primary election slated for May 30, 2023.
Likewise, 72 hours after a coalition of 28 groups bought the N100 million APC forms for the President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, he is yet to deny that he nurses presidential ambition. The AfDB president also met with President Muhammadu Buhari in Côte d’Ivoire, during the ongoing conference organised by the United Nations.
The meeting between Jonathan and Adamu held at a secret location in Abuja and lasted about an hour, specifically between 9pm and 10 pm. At the end of it, the former president and the national chairman came out smiling, THISDAY learnt. Although the agenda of the meeting was not disclosed, it further strengthened speculation about the former president’s likely defection to the APC which has been topic of discussion in political circles in the last two years.
Jonathan, in a statement by his media adviser, Ikechukwu Eze, said he was not aware of the purchase of forms and did not authorise it.
The statement read, “It has come to the notice of His Excellency Dr. Goodluck Ebele Jonathan, that a group has purportedly purchased Presidential Nomination and Expression of Interest forms, of the APC in his name.
“We wish to categorically state that Dr. Jonathan was not aware of this bid and did not authorise it. While we appreciate the overwhelming request by a cross-section of Nigerians, for Dr. Jonathan to make himself available for the 2023 presidential election, we wish to state, that he has not in anyway, committed himself to this request.
“We thank the general public for their concern, as we continue to encourage citizens’ participation in the affairs of the country.”
A reliable source had told THISDAY that some leaders in West Africa, which included presidents of Niger, Côte d’Ivoire, might have spoken on behalf of the AfDB president to Buhari.
There had been speculations that Jonathan wanted to take another shot at the presidency but on the platform of APC, the party that defeated him in 2015. The former president recently hinted that he was still consulting on whether to join the race or not in 2023.
The leader of the Fulani group that purchased the form for Jonathan, Ibrahim Abdullahi, said a lot of interest groups had been coming out to urge Jonathan to contest, adding that they needed to purchase the form to beat the deadline.
He said Jonathan had a comprehensive policy while in government to reform and integrate the Almajarai into the educational system of Nigeria.
Abdullahi added, “It was the dream and the vision of President Jonathan to produce doctors, lawyers and engineers from Almajarai, but unfortunately, that laudable vision was abandoned once he left office.,
“Another group that he tried to develop was the Fulani pastoralists. I believe if this government has continued with his vision, Nigeria would have become the Denmark, the Holland of the entire Africa, in terms of livestock production, in terms of milk, beef and so on.”
Sale of Forms Closes Today, 25 Presidential Aspirants Jostle for APC Ticket
The sale of APC forms closes today, according to the timetable and schedule of activities of the ruling party, and submission of forms begins tomorrow.
THISDAY gathered that one of presidential hopefuls, Senator Bola Tinubu, would submit his nomination forms tomorrow.
The aspirants that have purchased forms so far are: former Governor of Ogun State, Senator Ibikunle Amosun; Senator representing Ondo-North senatorial district, Prof. Ajayi Boroffice; Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu; former Speaker of the House of Representatives, Hon. Dimeji Bankole, Governor of the Central Bank, Godwin Emefiele and the President of African Development Bank, Dr. Akinwumi Adesina.
Others are: Governor Yahaya Bello of Kogi State; Ebonyi State governor, Dave Umahi; former Imo State governor, Senator Rochas Okorocha; Minister of State, Education, Hon. Chukwuemeka Nwajuiba; former Lagos State Governor, Bola Ahmed Tinubu; former National Chairman of APC, Adams Oshiomhole; Minister of State for Petroleum Resources, Timipre Sylva and Uju Kennedy, the only female aspirants.
Also in the race are: Pastor Tunde Bakare; Vice President Yemi Osinbajo; US-based Nigerian pastor of the Miracle Church International, and youngest presidential aspirant, Nicholas Felix; Ekiti State governor, Dr. Kayode Fayemi; Minister of Transportation, Chibuike Amaechi; former Senate President, Sen. Ken Nnamani and Minister of Labour and productivity, Chris Ngige; Jigawa State Governor, Abubakar Badaru; former governor of Zamfara State, Sani Yerima; and Senate President Ahmad Lawan.
The governor of Cross River State, Prof. Ben Ayade, who received his nomination and Expression of Interest (EOI) forms purchased for him by sons and daughters of Cross River State, Arewa Youths as well as other interest groups across the country’s six geopolitical zone, yesterday, said he would run for the office of the president in the 2023 general election. Ayade said he was confident of becoming the next president of Nigeria.
He said he “will be next president of this country.”
Ayade said he would replicate his successes as a state governor at the national level and help address the country’s myriad of challenges.
On his part, Bakare who formally declared in Abuja, yesterday, said his administration would attract a $2 trillion Foreign and Direct Investment (FDI) to the Nigerian economy. He said as president, his administration would deliver in four mandates namely: peace, progress; prosperity and possibilities.
Bakare explained that the Peace Mandate would achieve policy thrust on nationhood leadership, governance and national security, while the Progress Mandate would cater for sectors like education, healthcare, family and social development.
He added that the prosperity mandate would focus on economic management and infrastructural, while possibilities mandate would focus on science, technology and innovation; foreign policy, sustainability; arts, culture, entertainment and sports.
The spokesman of the Northern Solidarity Group for Timipre Sylva, Suleiman Abdullahi, said they purchased the firm for him because they believed in his capability.
Responding, Sylva said he was honoured and humbled by the show of love, saying it shows commitment not to him, but to Nigeria.
However, Lawan, who was formally presented with the expression of interest and nomination forms purchased for him by the group led by Nkire, said he had consulted widely and promised to play the game by the rules.
He stated, “I have listened to various calls from all parts of our dear country, our dear nation Nigeria, for me to show interest to run for the office of the President of the Federal Republic of Nigeria.
“I want to commit myself to this call and to this movement of Nigerians from all walks of life, rich, poor, north, south, east, west, male, female, old and young.
“I am joining lately. The field is already full of other aspirants. I want, at this point, to assure Nigerians that the APC is a very beautiful bride and that is why we have many aspirants.”
