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Mike Adenuga @71: Salute to Nigeria’s Game Changer in Oil, Banking and Telecom Sectors



, SiliconNigeria

Today April 29th is a special day. It is the birthday anniversary of Otunba Dr. Mike Adenuga, Chairman of Globacom and Conoil PLC, amongst other flourishing companies who turn 71 years old.  A special gift to Nigeria, Dr. Adenuga is a colossus. He is renowned for his business acumen.

When it is comes to business, he’s got the vision. He can see good fortune light years ahead while others are still pandering whether it is feasible. Dr. Adenuga is unafraid to venture where others fear to tread.  Fondly called ‘The Bull’ for his fearless and zeal to take “No” for an answer, he’s got this Midas touch that is unparalleled.

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Oil, Gas Transformations

 He transformed the face of Nigerian oil, banking, and telecommunications industries. In 1991, when oil mining and production was controlled by foreign multinational oil companies, Dr. Adenuga’s indigenous oil company was the first to start drilling crude oil. Today, Conoil has metamorphosed into one of the largest African-owned oil conglomerates on the continent with footprints in the upstream, midstream and downstream of the oil and gas sector. 

His forays into the bank industry are well documented where he brought a fresh energy and bespoke financial services with Devcom Merchant Bank and Equatorial Trust Bank (ETB) which later merged into Sterling Bank.

Changing Telecom Services Narrative

If there is anyone who has single-handed transformed Nigerian telecommunications industry, that person is no other than Dr. Adenuga. His tenacity to recover his Digital Mobile Licence (DML) which his company won in 2001 mobile auction but was illegally taken away from him, paid off in 2003 when his company Globacom won the Second National Operator (SNO) licence.

In September 2003, Globacom transformed the Nigerian telecoms market in particular and Africa in general being the first Global System for Mobile Communication (GSM) operator to launch operations with Per Second Billing, Multimedia Service (MMS), Mobile Internet, in additional to plethora of communications suites.

Glo crashed the price of Subscriber Identification Module (SIM) card, leaving other foreign mobile networks scratching their heads in the GSM wars that changed the face of telecom, bringing down the price of SIM Card from N50,000 down to N100 and later to One Naira (N1) only.

Millions of Nigerians became overnight owners of mobile phones lines courtesy of the competition engendered by Glo. Every major step Glo took from the day it commenced operation, other mobile competitors were jittery, helpless and followed the initiative in other to remain in the market.

After establishing the footprints of Glo in Nigeria, Dr. Mike Adenuga (Jr.), also took the telecom giant to Ghana and Benin Republic with mobile operating licences in those countries. Unsatisfied with the routing of calls from Africa countries to Europe then to Africa, he built Glo-1, the first submarine cable system that was solely financed by an individual. Today, Glo-1 links global telecom networks, data centres, banks and Interconnect houses.

Globacom unfazed has going a notch higher with Glo-2 ensuring that Nigerian cities, towns and villages and oil companies are connected to terrestrial fibres through its landing stations in Lagos and Niger Delta.

Digital Financial Services

Dr Adenuga, a man who can see opportunities from afar, has took the lead in procuring Super-Agent licence for Agency Banking and Mobile Money licence from the Central Bank of Nigeria (CBN) with the establishment of Glo Mobile Money and Money Master Payment Service Bank Limited, a Digital Bank delivering financial inclusion services to Nigerians especially in rural, semi-rural and urban areas thus connecting them to the formal sector.

Man flowing with Milk of Human Kindness

The humanitarian side of this famous Nigerian billionaire is incomparable. Although, coming from a middle-class family, Dr. Mike Adenuga’s (Jr.) academic sojourn in the United States of America and the everyday life lessons internalized from his parents, Chief Michael Agbolade Adenuga (Snr) and Madam Oyindamola Adenuga, shaped his worldview and brought out his humane side in the way he deals with people and businesses.

He has been a major supporter of sports, especially football (Nigerian national teams). He has massively sponsored the Confederation of African Football (CAF) Awards for many years. He was honoured the title of Pillar of Football in Africa for his strong support for African Football at both national and continental. He has quietly rendered support to many without seeking media attention.
Through him, Glo sponsors the annual Ojude Oba festival in Ijebuland and also the Ofala festival in Onitsha, Anambra amongst others, promoting Nigeria’s rich culture.

 Humble Beginnings

A man of outstanding wisdom, Dr. Mike Adenuga (Jr.) was born Michael Adeniyi Agbolade Ishola Adenuga on April 29, 1953 at Ibadan, Oyo State. His father was a school teacher while his mother was an outstanding businesswoman.

Dr. Adenuga (Jr) is an alumnus of the famous Ibadan Grammar School, North Western State University, Alva Oklahoma; and Pace University, New York, both in the United States of America where he majored in business administration with emphasis in marketing. As a student in the USA, he supported himself with jobs as a taxi driver and security guard.

Dr. Mike Adenuga (Jr) is a visionary leader, an outstanding entrepreneur and and manager of people and resources. He is a man of uncommon intellect and wisdom have helped him overcome difficult times. Today, he sits atop a vast telecom, oil and gas (Conoil), banking and real estate investments.

As Dr. Mike Adenuga (Jr) clocks 71 years on Monday April 29th, 2024, wishes him a marvelous birthday and many happy returns in good health in the service of the fatherland.

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NASENI’s Commercial Products Are Market-Ready –Halilu



, SiliconNigeria

         …As House C’tte on NASENI Lends Its Support

The Executive Vice Chairman/Chief Executive Officer, National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu, has assured the House of Representatives Committee on NASENI that the Agency’s branded commercial products that have been unveiled are market ready and SON certified.

Mr. Halilu disclosed on Thursday in Abuja when the House Committee on NASENI paid an oversight visit to the Agency’s Headquarters to inspect its products and projects towards robust research in technological advancement in Defense/Security Sector, Agricultural Sector, Infrastructural Sector and other areas of human endeavours.

Among the recently unveiled products include NASENI Laptop, Android Smartphone, Lithium Battery, LED Solar Street Light, Solar Irrigation System, Electric Bicycle, Electric Keke and Keke Cargo. The EVC used the visit to showcase two NASENI electric vehicles (EV) to the lawmakers.

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According to Halilu, NASENI has been at the forefront of driving Nigeria’s technological advancement and industrialization. “Over the past few months, we have implemented several key initiatives aimed at transforming our operations from primarily research-based activities to the commercialization of our products and services.  

“This transformation is essential for us to contribute more effectively to the national economy and to achieve sustainable development goals,” he said, adding that 85 per cent of NASENI projects are on counterpart funding. “We don’t want to invest alone in what we do and that is why we work with our 3C’s principle of Collaboration, Creation and Commercialization, thereby engaging the services of private sector by partnering with them to ensure that we deliver on our mandate.

He stated that about 35 products of NASENI under his watch are market ready. “We are ready for Nigerian market and we want the honourable members to be our first ambassadors. Also, we are establishing show-rooms in all the 36-states of the federation for marketing of our products. Every activity we do, we have commercial plan. We don’t want our products to end up in shelves, but to get to the end users”, he stated.

Highlighting on achievements NASENI has made so far, the EVC/CEO listed some of them to include: Innovation and Research Development, Product Commercialization, Renewable Energy Projects and Capacity Building. He however, called on the lawmakers to keep supporting NASENI to deliver to the nation, especially in creating jobs for teaming Nigerian youths.

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In his speech, the Chairman, House Committee on NASENI, Hon. Otunba Abimbola Ajilesoro, said the essence of the oversight visit is to have an opportunity to interact with the Agency towards robust research in technological advancement in Defense/Security Sector, Agricultural Sector, Infrastructural Sector and other areas of human endeavours, adding that it will in turn save and bring in much needed foreign exchange that will impact positively on the economy.

He pointed out that the committee has been following the activities of the Agency. “We have been hearing NASENI branded products, NASENI Laptops, NASENI Android Smartphone, NASENI Lithium Battery, NASENI LED Solar Street Light, etc. The Committee deems it necessary to see for ourselves, these products and other technologies that will enhance Nigeria’s economy.”

Speaking on the mandates of the NASENI Development institutes, he assured NASENI of the Committee’s readiness to support it in the areas of Appropriation and Legislative framework that will strengthen the Establishment Act to enable the Agency deliver effectively.

“However, while the committee will continually give all necessary support periodically, it will demand for accountability and value for money in the implementation of the lofty programmes embedded in the mission and vision of the Agency. This would enable us expand, deepen and create an enduring part for a sustainable technological advanced Industrial hub within the country of Nations”, he affirmed.

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Basel Committee Unveils Report on Digitalisation of Finance



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The Basel Committee on Banking Supervision today published a report that considers the implications of the ongoing digitalisation of finance on banks and supervision.

The report builds on the Sound Practices: implications of fintech developments for banks and bank supervisors published in 2018, and takes stock of recent developments in the digitalisation of finance.

The report reviews the use of key innovative technologies across various aspects of the banking value chain, including application programming interfaces, artificial intelligence and machine learning, distributed ledger technology and cloud computing. It also considers the role of new technologically enabled suppliers (eg big techs, fintechs and third-party service providers) and business models.

While digitalisation can benefit both banks and their customers, it can also create new vulnerabilities and amplify existing risks. These can include greater strategic and reputational risks, a larger scope of factors that could test banks’ operational risk and resilience, and potential system-wide risks due to increased interconnections. Banks are implementing various strategies and practices to mitigate these risks, but effective governance and risk management processes remain fundamental.

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ALTON & ATCON Urges Nigerian Government to Address Telecoms Industry Challenges



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In a statement signed by Chairman of ALTON, Engr. Gbenga Adebayo and President of ATCON, Engr. Tony Izuagbe Emoekpere, the associations underscored the urgent need for collaborative efforts between the public and private sectors to overcome obstacles hindering the sector’s growth and development.

Infrastructure Deficits: ALTON & ATCON members still lack access to essential telecommunication services due to a myriad of challenges, including multiple taxation and regulations and prohibitive Right of Way (RoW) charges, inadequate electric power supply and vandalism of telecommunications infrastructure.
Protection of Assets and Network Infrastructure: Advocating for legislation that designates telecommunications infrastructure as Critical National Infrastructure (“CNI”), both Associations expressed deep concern over the escalating security threats facing telecommunications infrastructure in Nigeria.

Cost-Reflective Tariff of Services:

ATCON and ALTON called upon the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.

Regulatory Independence: ALTON & ATCON advocated for sustenance of a culture of independence in the regulatory landscape to safeguard against undue influence and unwholesome incursion into the Nigerian Communications Commission’s (NCC) or (Commission) domain, which will inspire trust in the telecommunications sector and encourage investment.

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