Mike Adenuga
Mike Adenuga’s daughters lead in his vast business empire
Telecom and energy magnate Mike Adenuga, Nigeria’s second-richest billionaire after Aliko Dangote, may have taken after the later to involve involved all his eight children in his business empire.
Indeed, three of his daughters are currently on the boards of his two most popular companies.
The Nigerian billionaire, who has only one of his companies listed on the stock exchange, is estimated by Forbes to be worth $6.3bn as of 18 August.
He is also placed fifth richest person in Africa. Adenuga’s business empire spans banking, construction, real estate and aviation sectors.
However, perhaps his best known company is the Globacom in Nigeria’s telecommunications sector and Conoil Plc and Conoil Producing Limited in the oil sector.
But the list is not exhausted as Adenuga also has significant stakes in several publicly listed companies, including First HoldCo, the parent of the country’s oldest lender First Bank; construction giant Julius Berger Nigeria; and Sterling Financial Holdings Company, which owns Sterling Bank.
However, Adenuga’s children, particularly three daughters, are leading the boards of Conoil and Globacom.
Bella Disu – Globacom, Cobblestone, Julius Berger and Mike Adenuga Centre
Bella, who started her career at Globacom 21 years ago, has been the executive vice chairman of the company since January 2019, second only to her father. She was previously group executive director, a role she held for over 14 years.
She is also the CEO of Cobblestone Properties and Estates Limited, a property development company largely owned by Bella and her father.
In June 2017, the billionaire’s fourth child and second daughter joined the board of Julius Berger Nigeria, in which Adenuga has the second-largest individual shareholding of 19.87% through Goldstone Estates Limited.
At the construction firm, she chairs the strategy committee and serves on the board audit committee, remuneration committee, and the shareholders advisory council.
Since January 2021, she has been the chairman of Abumet Nigeria, a subsidiary of Julius Berger involved in aluminium and glass products.
Bella is also a director at the Alliance Française Mike Adenuga Centre, a Lagos-based cultural and linguistic centre where she plays a pivotal role in promoting French and Nigerian cultures.
In 2019, the French Government recognised her commitment and awarded her the prestigious Chevalier dans l’Ordre des Arts et des Lettres.
She holds a Bachelor of Arts in International Relations from the University of Massachusetts and a Masters of Science in Leadership from Northeastern University, Boston, US.
Afolasade Michael-Adenuga – Globacom, Conoil, others
Afolasade, a lawyer, is a group executive director (GED) at the Mike Adenuga Group, providing legal counsel, overseeing customer care, implementing business development strategies and developing marketing initiatives.
She was promoted to GED (Legal) at Globacom in January 2019 from the position of legal counsel, a role she held for just over a year.
She holds a Bachelor of Laws and a Master’s Degree, International Commercial Law from the University of Reading, and a Mini MBA for In-House Lawyers, Business, Management, Marketing, and Related Support Services from King’s Business School.
Abimbola Michael-Adenuga – Conoil
Abimbola is an executive director at Lagos-listed Conoil since 2013.
She is part of the three-member executive board committee, which sets Conoil’s priorities and targets, allocates resources and ensures the effective running of the company.
She is also a member of the company’s operation review committee, which deliberates on matters relating to the general operating expenditure, capital expenditure, general finance and administration of the company.
Adenuga’s other children are Oyindamola, Adeniyi, Tunde ‘Paddy’, Eniola and Babajide.
Oyindamola, the first child, and Babajide were on the board of Conoil before Abimbola was appointed.
Paddy, managing partner of Playmakers Advisory, has been an advisor at Mike Adenuga Group since 2015.
He was group executive director at Globacom and Conoil Producing Limited from 2002 to 2006.
He left the Mike Adenuga Group in 2006 and moved to London to co-founded an oil brokering firm, Cayne & Cayne. In 2009, he returned to his father’s conglomerate as the co-CEO of Globacom and Conoil Producing.
He moved back to London in 2012 and worked as the principal director of the Catalan Corporation.
Eniola, founder of Emerging Alliance LLC, a US-based investment and consulting firm, was group executive director at Globacom between December 2018 and June 2020.
Adeniyi was chief of staff at the telecom company from September 2020 to July 2021, reporting directly to the CEO/chairman Adenuga; and project manager at Conoil Producing between June 2017 and July 2019.
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