Michael Niyi ADENUGA, Otunba

Biographical record

Surname

ADENUGA, Otunba

First Name

Michael

Other Names

Niyi

Gender

Male

Date of Birth

April 29, 1953

State of Origin

Ogun

Father's Name

Oloye Michael Agbolade Adenuga Sr

Mother's Name

Juliana Oyindamola Adenuga (née Onashile of Okesopin

Names of Children

Has seven children (Jide, Bella, Paddy, Oyin and others)

Profession

Industrialist
Entrepreneur

Schools Attended with Dates

Ibadan Grammar School, Northwestern University Oklahoma, USA; and Pace University, New York, both in the United States where he studied business administration.

Membership of Professional Bodies/Professional Qualifications

Commodity Trader, 1970; C.E.O: Worldspan Consult Nigeria Ltd; Director, Equatorial Trust Bank; Chairman, Devcom Bank Ltd; Consolidated Oil, (Conoil); Vixien Ltd; First indigenous Oil Company in E&P, Communication Investment Ltd; Second National Operator, Global Com. Ltd

Present Appointment

Founder of Globacom, Chairman of Conoil

Previous Appointments

Commodity Trader, 1970; C.E.O: Worldspan Consult Nigeria Ltd; Director, Equatorial Trust Bank; Chairman, Devcom Bank Ltd; Consolidated Oil, (Conoil); Vixien Ltd; First indigenous Oil Company in E&P, Communication Investment Ltd; Second National Operator, Global Com. Ltd

Have you ever been a member of any political party?

N/A

Traditional Titles

Otunba

Awards and Honours

Grand Commander of the Order of Niger. 2012

Honourary Degrees and Awarding Institutions

Honorary Doctorate, Business Administration, Ogun State University, 1992;

Outstanding Achievements

CEO of the Year, by ThisDay 10th Anniversary Award, 2004;
African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA) on 15 August 2007.

Other Relevant Information

In 1990, he received a drilling license and in 1991, his Consolidated Oil struck oil in the shallow waters of Southwestern Ondo State, the first indigenous oil company to do so in commercial quantity.
He was issued a conditional GSM licence in 1999; after it was revoked he received a second one when the government held another auction in 2003. His telecom company Globacom spread quickly and started challenging the giant MTN Group. It launched services in Benin in 2008, and has continued its spread across Ghana and Côte d'Ivoire, with more licences currently being prospected in other West African countries.
In 2009, Adenuga was detained for money laundering by the Economic and Financial Crimes Commission. Adenuga left the country and lived in London until the Umaru Musa Yar'Adua regime granted him a pardon.
In May 2015, Adenuga made a takeover bid to purchase Ivorian mobile telecom's operator Comium Côte d'Ivoire for $600 million.

In June 2016 it was revealed that Adenuga was being pursued for a combined debt of USD $140.5 million, after his company ConOil failed to pay debts owed to, among others, the French oil giant Total. Bellbop, another company owned by Adenuga, has an interim injunction placed on it by the High Court in Lagos, after failed to pay USD $9.4 million it owed to the US oil and gas firm Baker Hughes

Residential Address

Banana Island, Ikoyi, Lagos,

Official Address

Devcom Bank, Headquarters, Victoria Island, Lagos, or Glocom Telecommunications, Office, Saka Tinubu, Victoria Island, Lagos.