Mike Adenuga
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Billionaires - September 27, 2022

Mike Adenuga: 3 Huge Companies you Didn’t Know are Linked to the Tycoon

Mike Adenuga, a Nigerian billionaire and one of the wealthiest people in Africa, has come a long way as an entrepreneur. While on a Swiss Air flight to Nigeria, he met the owner of one of Austria’s biggest lace manufacturing factories in Austria. With an aligned interest, he started importing laces and became a business partner with the owner.

He combined this with soft drink distribution. By his twenties, he was already a millionaire. Despite the millions, he never relented. According to Adenuga, “The harder you work, the luckier you get. Hard work, God’s blessings and luck are the secrets of my success.”

With hard work and time, he became a billionaire through diversified into sectors such as oil and gas, telecoms, aviation, banking and real estate, where he sits as one of the major stakeholders in some companies.

In the telecommunication sector, he is known as the founder of the telecom company, Globacom. Gradually, it became one of the country’s leading telecom companies indigenously owned.

He is also the founder and Chairman of Conoil plc, with a 74.4 % majority stake in the oil marketing business. This way, he became one of Africa’s richest, with businesses all over the continent and a net worth of $5.7 billion.

Though a diversified entrepreneur, the mere mention of Glo and Conoil equals Mike Adenuga. The fact is that apart from these companies people identified with him, Adenuga is invested in other big companies in Nigeria. Let’s have a look at them.

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Julius Berger Nigeria

Mike Adenuga holds 25.1% (401,834,494) ordinary shares of Julius Berger. The shares were acquired through Goldstones Estates Limited.

Apart from being the single largest majority shareholder in the company, his daughter Belinda Ajoke Disu is also on the company’s board of directors as a non-executive director.

Currently, Julius Berger has a market capitalisation of N41.44 billion. The company offers construction services dating back to 1965, with some notable projects, such as the second mainland bridge. From the company’s financial statements in the first half of 2022, Julius Berger generated $13.9 million (N6 billion). This is a $2.8 million increase compared to the $11.1 million (N4.76 billion) in the first half of 2021. In 2021, Adenuga gained $7.2 million from his shares in the company.

Sterling bank

Mike Adenuga is the biggest single largest individual shareholder in Sterling bank. He owns 5.63% direct stakes worth 1.62 billion units. As of June 2022, the shares worth reduced to N2.49 billion from N3.40 billion in 2021.

He also owns 1.23% stakes worth 354.4 million units through Glomobile Limited. The depreciation of Sterling bank reduced the value of the shares from N744.3 million in 2021 to N545.8 million in 2022.

Though Mike Adenuga does not directly own Sterling Bank, he was instrumental in its existence. The equatorial bank was founded in 1990 by the Nigerian billionaire, and in 2006, it merged with  Devcom bank. 

Due to under-capitalisation and poor management, in 2011, it was merged with Sterling bank. Though merged, he is still the largest shareholder.

Firstbank

Mike Adenuga is also one of the shareholders in Firstbank, one of the leading financial institutes in Nigeria. Though his stake is unknown, it can be said that he has more than 5% of shares in the bank as of 2021.

This inference was made when his name was included in the list of people who own more than 5% of shares in the company in 2021. Others are Otedola, the Hassan-Odukales and Otudeko.

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