Sunday, 17 November 2013

5. Mike Adenuga

Posted at  03:15  |  in  Richest Man in Africa

  •  Net Worth: $4.6 B                                                                      
  •  Source of Wealth: telecom, oil
  •  Citizen: Lagos, Nigeria
  •  Age: 60

Nicknamed 'The Guru' in his native Nigeria, Mike Adenuga built his fortune in oil production and telecom. His mobile telecom outfit, Globacom, has over 25 million subscribers in Nigeria and the Republic of Benin. He also owns Conoil Producing, a large indigenous oil exploration company. Adenuga studied in the United States and went into business for himself in Nigeria, starting by running his mother's sawmill business, distributing lace and Coca-Cola. He hit the big time when the military regime of former President Ibrahim Babangida awarded him lucrative construction contracts and his first oil prospecting license, with which he became the first Nigerian to strike oil in commercial quantities.

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