Adenuga: 70 Years of a Bullish Run  

Olusegun Adeniyi 

“The man who goes the furthest is generally the one who is willing to do and dare.” – Dale Carnegie  

Whether Dr Mike Adeniyi Adenuga Jnr chose the Bull as his business moniker or the nickname was given to him, there can be no more fitting sobriquet for a man who is never afraid to dare. No matter the odds and regardless of how daunting the challenges may be. It is perhaps also not a coincidence that Taurus, the second astrological sign of the zodiac, governs the period of the year between April 20 and May 20 on which Adenuga’s birthday falls. Taurus is symbolized by the bull, ordained by ancient civilizations and cultures with the sacred role of divinity.   

In the world of politics and business, the bull is also a familiar symbol. “We grab it by the horns to demonstrate our authority… and we use the bull as a symbol in the stock market to represent a rise in prices”, according to Matt Sullivan, a former editor at New York Times and The Atlantic, who argues that the bull has, since prehistoric times, epitomized determination, strength, practicality, stoicism, ambition, and virility.  

Those rare attributes separating the bull from other animals also distinguish Adenuga from other Nigerian businesspeople. Adenuga is that man who, if he sets his mind on something, gets it accomplished no matter the obstacles. He is not just successful in oil and banking, but he has also built one of the largest telecommunication companies in Africa. So, as he joins the elite Septuagenarian Club today, Adenuga can look back with fulfilment on the countless battles he has fought and won.   

Much has been written about Adenuga’s philanthropy and generosity of spirit. His legions of honours include the unusual investiture as Grand Commander of the Order of Niger (GCON) by President Goodluck Jonathan, decoration with the insignia of Commander of the Legion of Honour by President Emmanuel Macron of France and conferment of the highest civil national award of the Companion of the Star of Ghana (CSG) by President John Mahama of Ghana. Adenuga has also played pioneering roles across business sectors, including leading the first indigenous company in the country to strike oil in commercial quantity. But the enduring value of Adenuga is that he has built a formidable business institution that is spreading the Nigerian brand across the globe. And having lived by the business ethos of high risk, high reward, Adenuga has recorded remarkable feats that have put him and Nigeria in good stead.

In the world of business, especially in a country like ours, there are just too many risks and uncertainties. Yet, Adenuga has seized every moment in the past four decades to break barriers, surmount obstacles and create records. His ability to withstand or recover from setbacks is legendary. From surviving gunshots to losing his father in an auto crash, to having his GSM licence revoked, Adenuga has withstood things that would make peers buckle or crumble. While others dream and wait for the ‘right moment’ to act, risktakers like Adenuga are already investing their time, energy, and resources to reach new heights, even amid storms.   

There is a story that illustrates the doggedness and never-say-die spirit of Adenuga. Before his company, Consolidated Oil, eventually struck the liquid gold on 24th December 1991, family members, including his late mother, and associates reportedly felt concerned about the risk he was taking. A make-or-break oil exploration in the middle of the Atlantic Ocean off the coast of Ondo State for a man still in his thirties was considered too daring. Adenuga reportedly listened to all the concerns expressed by people he knew genuinely cared about him. Yet, at the end, he decided to go by his instincts. Against all odds, he succeeded, and today he is one of the biggest players in the oil and gas sector.  

Adenuga is a man who believes in setting milestones. This has continued to stand him out as a real treasure of a man amongst men. And he has a compelling story. As a young businessperson, Adenuga never depended on his father’s wealth. In his early foray in the world of business, he borrowed money from his mother and sister to execute a contract. He rose to the pinnacle through hard work, determination, and dedication to duty.   

To confront our economic challenges in Nigeria, we need the patriotic zeal and courage of men like Adenuga who will not only invest their money but also empower our people in diverse ways. For instance, the contribution of Globacom to the entertainment industry goes beyond sponsorships and endorsements to Corporate Social Investment (CSI) initiatives that have helped to resurrect and nurture the career of many veteran artistes who may have ended up in penury in a society that places little premium on art. By using local musicians, actors, actresses as well as global stars with Nigerian ancestry for endorsement, Adenuga has deployed his network to project Nigeria’s image beyond the call of business.  Besides, from putting a lie to the claim that per second billing was impossible in Nigeria to crashing the prohibitive cost of acquiring a GSM line to bringing down the cost of airtime, Adenuga has positioned Globacom to play a disruptive role in the telecoms sector to the benefit of Nigerians.  

That Adenuga’s bullish mindset serves us in Nigeria is not in doubt. We need risk takers who will work for growth opportunities and invest with a positive attitude. Today, his contributions have helped to improve the living standards of millions of people, particularly those in rural areas. The same goes for Africa where Adenuga has demonstrated that creating sustainable businesses is key to driving job creation and economic development. He has invested a significant amount of money in different projects across the continent, including agricultural development programmes, health research, and technology advancement initiatives.  

Considering Adenuga’s extraordinary wealth and the government licensed sectors in which he operates (oil and gas, banking, telecoms), there are some who may want to downplay his achievements. I believe the best illustration of the Adenuga story is the Biblical parable of talents, a most profound teaching by the Lord Jesus Christ set within the context of investments and productivity (Matthew 25: 14-30). As the parable goes, shortly before embarking on a journey, a rich man delegated the management of his wealth to three servants by giving five talents to one, two talents to another and one talent to a third. Upon his return, he found that the first two earned him a hundred percent profit on his investments, while the third servant, who had buried his talent in the ground, returned it without profit.

The Bible makes it clear that the master understood the capacity of each servant, which explains the disparity in the number of talents he gave them. The Nigerian state might have given either five or two ‘talents’ to a few, but there are thousands of other Nigerian businessmen who have been handed a ‘talent’ each. If only ten percent of them had been faithful, Nigeria would be a better country today. Therefore, the proposition that we need more Adenugas in Nigeria is not about the quantum of ‘talents’ given but rather in the effort they put into deploying those ‘talents’ for the advancement of our society.  

Meanwhile, Adenuga’s aversion to media and publicity is well known, avoiding the grandstanding that we see with many wealthy Nigerians. But in a rare public engagement to mark his 40th birthday in April 1993, Adenuga released a disquisition on ‘Achieving’ that provides a peep into his mind in a way that confirms his bullish disposition to business. An “achiever” according to Adenuga, “is a leader, a winner, all the time, not just once” while dismissing the notion that anybody should approach worthwhile ventures with the spirit of the Olympics which places emphasis simply on participation. “Leading the pack is the only worthwhile resolve for the achiever. There is no room for second place…to be the first, and always the first; to be the one who holds the aces that determine the pace of play. You match your wits against others, with your entire constitution springing to action.” 

Three decades later, that remains the operating principle of ‘The Bull’. 

Adenuga is a visionary who has done well for himself but has also produced enormous public value for his country and continent. And as he clocks 70 today, I join millions of people across the world in wishing him happy birthday, long life, and good health.