Mike Adenuga Business News

Central Bank of Nigeria’s Governor Lamido Sanusi: A Radical in a Conservative’s Job?

Lamido Sanusi, Governor, Central Bank of Nigeria

Lamido Sanusi, Governor, Central Bank of Nigeria

Lamido Sanusi is a very brilliant man. He writes the English language with remarkable authority, and even speaks it better.

This could however be both an asset and a liability. Too much love of ‘grammar’ could lead to an undue love for the podium and limelight, with attendant risks of gaffes in moments of rhetorical flourishes.

Central Bank Governors are thought to possess so much crucial information about their country’s economy that investors and analysts closely monitor their utterances even after they have left office. For instance, when Alan Greenspan, who retired as Chairman of the US Federal Reserve on January 31, 2006, predicted on February 26, 2007 that the US would enter into recession before or in early 2008, the Dow Jones Industrial Average dropped by 416 points (or 3.3% of its value) the following day. At that time, it was the worst one-day loss since September 17, 2001, when it lost 684 points (7.1%) after reopening in the wake of the 9/11 terrorist attacks. Read the rest of this entry »

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Globacom Eyes Aircom in Planned Cote d’Ivoire Mobile Market Entry

GlobacomGlobacom Limited, Nigeria’s second national operator (SNO) has its eyes on Aircom, a GSM licensee in Cote d‘Ivoire in a bid to advance its plan to enter Cote d’Ivoire’s mobile telephony market. According to a report in Nigeria’s Technology Times, Globacom may have opened talks with Aircom in a bid to enter the market anytime soon but details are still very hazy for now.

Officials of Globacom did not return calls by Technology Times to comment on indications emerging from Cote d’Ivoire that Globacom, promoted by Nigerian billionaire, Mike Adenuga Jnr., is in discussions with Aircom on closing a deal to expand Globacom’s sub-regional tentacles into Cote d’Ivoire’s telecoms market. Read the rest of this entry »

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Nigerian Billionaires: Mike Adenuga

Mike Adenuga
Globacom
Estimated Net Worth: $6 billion

Mike Adenuga

Mike Adenuga

Mike Adenuga, oil baron, bank executive, and telecoms magnate, is, quite literally, larger than life — at least to newly arrived visitors to Ghana, who face huge billboards carrying the likeness of the founder of Globacom, Mr Adenuga’s expanding mobile network as they make their way into Accra.

Mike Adenuga has shrugged off speculation that his wealth is built on relations he enjoyed with Nigeria’s military rulers in the late 1980s and early 1990s to build a diverse portfolio and a substantial personal fortune. His relationship with the government has not been without its moments of difficulty. He found himself under investigation in 2006 by the Economic and Financial Crimes Commission (EFCC). After being arrested for two days, Mr Adenuga then spent several months out of the country.

Friends insist that Mike Adenuga was the victim of a political battle between Vice President Atiku Abubakar and then president Obasanjo, with whom Mr Adenuga had also enjoyed good relations. Government investigators claimed there were separate issues relating to the payment of contractors and allegations of tax evasion. Like Aliko Dangote, Mike Adenuga has shown an ability to take opportunities presented and create genuine companies with real capacity.

According to Encomium magazine, Mike Adenuga’s net worth is $6 billion.

Interestingly, Forbes Magazine’s billionaire lists fail to include Mike Adenuga because Forbes bases individuals’ net worths on the quoted and verified values of companies and individual shares the individuals own. Given that a lot of Nigerian billionaires’ assets include privately-held companies, Forbes’ estimates should be regarded as minimum net worth estimates. Read the rest of this entry »

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