Chief Mike Adenuga is a Nigerian billionaire and one of Africa’s richest men, according to Forbes’ estimated net worth in May 2024. He founded Globacom, Nigeria’s second-biggest telecom company, and owns parts of Equitorial Trust Bank and Conoil.
Mike Adenuga is Yoruba and comes from Ibadan. He studied in Nigeria and the US, and worked as a taxi driver while in school. He made his first million in 1979 by selling lace and soft drinks. His company later became the first Nigerian-owned firm to strike oil commercially. He then moved into telecoms after getting a GSM licence and has been honoured by both Nigeria and France.
Early Life and Family Background
Michael Adeniyi Agbolade Ishola Mike Adenuga Jr was born on 29 April 1953 in Ibadan, Oyo State. Even though he was born in Ibadan, his state of origin is Oyo State. Though some say his maternal roots go back to Oru, Ijebu-Igbo in Ogun State.
As of 2026, he is 72 years old. His father was Oloye Michael Agbolade Adenuga Sr, a schoolteacher who valued education. His mother is Omoba Juliana Oyindamola Adenuga (née Onashile). She was a businesswoman and is of royal Ijebu descent. Adenuga is Yoruba, which is a major ethnic group in southwest Nigeria.
Aside from his parents, he grew up with several siblings, including Demola Adenuga and Otunba Adenuga. Others are Olushola Osunsade, Folashade Akande, and Bunmi Adegbola; he is the youngest of five children. He may have been raised Christian, since that’s the common religion in Yoruba southwestern families.
Education
Mike Adenuga started school in Ibadan, Oyo State. He went to Ebenezer African Church Primary School in Oke-Ado. It was a place where kids from well-off families and professionals studied.
For secondary school, he went to Ibadan Grammar School. It’s one of the oldest schools in the area. He joined in January 1965 and was in a strict academic environment with experienced teachers. He mixed with students who later became professionals and leaders.
After that, he went to Comprehensive High School in Aiyetoro, Ogun State. That was for his Higher School Certificate, which is like A-levels. This was to prepare him properly for university.
After finishing school in Nigeria, he went to the United States for higher education.
He started at Northwestern Oklahoma State University and studied Business Administration. Later, he moved to Pace University in New York. He graduated with a Business Administration degree, focusing on marketing and business subjects.
Early Work and Business Ventures
When Mike Adenuga returned to Nigeria in the early 1980s, he did not bother with the usual office job route. He went straight into business. Nothing flashy at first. Just smart, practical moves.
One of the first things he did was take over his family’s sawmill in Ogun State. He ran it properly and grew it. That was where he learned how to manage people, control costs and deal with daily operations.
Around the same time, he started trading. He bought and sold whatever made sense. He sold removable car stereos because car owners wanted something they could take out to avoid theft. Mike Adenuga also distributed soft drinks, supplying retailers and roadside sellers. It was a straightforward job that taught him volume and margins.
He traded in lace fabrics too, especially imported ones from Europe. That idea came after a chance conversation on a flight. He also imported everyday items like beer and tomato paste. By his mid-twenties, these small businesses had paid off. By about 1979, he had made his first million naira.
Alongside all this, he also held a salaried job at Nigerian Breweries. He joined the company in March 1974. The job gave him a taste of corporate structure, even though he never stayed long in paid employment.
With money in hand and experience behind him, he began to think bigger. He moved into commodity trading, dealing in agricultural products such as cocoa and gum arabic.
Then came oil. In 1990, he secured a drilling licence under a government programme aimed at local investors. A year later, his company, Consolidated Oil, struck oil in commercial quantities. That moment changed everything.
Mike Adenuga’s Marriages and Family
Mike Adenuga has been married two times. His first wife was Adefolake Emelia Adenuga, but most people just call her Emelia. She comes from Calabar in Cross River State. They were together for a long time and had six children, but eventually they went their separate ways.
Then he married again, and his second wife is Titi Joyce Adenuga from Delta State. She actually met him while she was looking for a job at a bank he owned. She’s the one he is married to now.
Children from the First Marriage
From his first marriage, Mike Adenuga’s oldest child is Adetutu Oyindamola Emilia Olufeko, also called Oyin. She’s married, and she’s really into business. She’s sat on boards for family companies like Conoil, and she also runs her own businesses. She even lived in Georgia, USA, where she runs a trading business. Next is Prince Babajide Michael Adenuga Jr, also known as Mike Jr. He’s a business executive and works in the family companies like Globacom and Conoil.
Then there’s Mike Agbolade Ishiola Adenuga, who people call Paddy. He’s more of an entrepreneur and advisor. He used to be co-CEO at Globacom and Conoil Producing Ltd. He also started Playmakers Advisory and co-founded an oil brokering firm in London. And just recently, he announced he’s entering a personal union with his partner in 2025.
Now there’s his daughter Bella. Belinda “Bella” Ajoke Olubunmi Disu is a big deal in business and real estate. She’s been the Executive Vice Chairman of Globacom since 2019. She’s also the CEO of Cobblestone Properties and Estates, and she chairs Abumet Nigeria. Also, she’s a non-executive director at Julius Berger Nigeria Plc. She’s also involved in the Alliance Française Mike Adenuga Centre. She studied International Relations at the University of Massachusetts and got her MSc in Leadership from Northeastern University. She’s married to Jameel Disu, and they have children.
Then there’s Abimbola Adenuga. She’s in the oil business and has been an Executive Director at Conoil Plc since 2013. She’s part of the leadership team and helps manage strategy, finance, and operations.
The last child from the first marriage is Eniola Adenuga. He’s a businessman too, mainly working in telecom and energy. He used to be a Group Executive Director at Globacom and has also been involved with Conoil Producing Limited.
Children from the Second Marriage
From his second marriage, Mike Adenuga has three children, and the first one is Sade Adenuga. She works as the Group Executive Director (Legal) at the Mike Adenuga Group.
The second child is Adeniyi Richard “Niyi” Michael-Adenuga. He is a data analyst and growth strategist. He studied engineering and business analytics. Niyi has worked at big finance and tech companies like J.P. Morgan, Africa Finance Corporation, Citi, and Palantir.
The third and youngest child is Folasade Adenuga. Not much is known about her.
Mike Adenuga: Net Worth
Mike Adenuga’s net worth is estimated by Forbes at about $6.4 billion as of January 2026. This places him among the world’s 600 richest people and makes him Nigeria’s second-richest individual after Aliko Dangote.
His wealth comes from three main sectors. First, telecommunications: he founded Globacom, Nigeria’s third-largest mobile network. Second, oil and gas: he is chairman and a major shareholder of Conoil Producing. Third, banking and finance: he holds investments in Sterling Financial and other diversified assets.
To convert his net worth into Nigerian naira, parallel markets currently use a rough official rate of around ₦1,600 per $1, so his $6.4 billion net worth would be approximately ₦10.24 trillion.
Houses, Cars & Private Jet
Mike Adenuga owns a mansion on Banana Island, Lagos, that costs over ₦8 billion. He also owns other homes in Ibadan, Abuja, and Accra. He has houses in London and Johannesburg too. In Lagos, he also owns apartments in Victoria Island and Ikoyi. He owns other real estate, like Mike Adenuga Towers, which is where Globacom is headquartered. Plus, he owns lands in different parts of Nigeria.
For cars, he owns a Rolls-Royce Phantom, an armoured Bentley Mulsanne, a Mercedes-Maybach S-Class, and a Mercedes-Benz AMG C63. He also owns Range Rovers, a Mercedes-Benz G-Wagon, sports cars, and Toyota Landcruisers.
He also owns private jets, including a Bombardier Global 5000 and a Dassault Falcon 7X, which form part of his personal and business travel fleet, sometimes seen at major Nigerian airports.