Nigerian entrepreneurs and billionaire business moguls are increasingly involving their children in their businesses in what observers describe as a strategic succession plan for the businesses to continue to flourish even after the founders.
Like the Dangotes of this world, the BUAs of this world and several other family businesses, Mike Adenuga, one of Nigeria’s entrepreneurs, has by dint of hard work and the entrepreneurial acumen, built a business empire which spans the telecoms, oil and gas, banking and many more, making him as one of the highest employers of labour in Nigeria.
Adenuga who is the Chairman/CEO of Globacom is the second richest billionaire in Nigeria after Alhaji Aliko Dangote.
According to a recent report by Africa Report, Adenuga has involved all of his eight children in his business empire at different times, with three daughters currently sitting on the boards of his two most popular compnies.
Adenuga, who has only one of his companies listed on the stock exchange, was estimated by Forbes to be worth $6.3bn as of 18 August and ranked as the fifth-richest person in Africa. His conglomerate Mike Adenuga Group also has investments in the banking, construction, real estate and aviation sectors.
He is best known for his investments in the telecommunications and oil sectors through Globacom, Conoil Plc and Conoil Producing Limited. 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.
The Africa Report takes a look at Adenuga’s children, particularly three daughters, who are among the decision-makers steering Conoil and Globacom, which have been chaired by the tycoon since their inception.
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, who has the same birthday as her father, has been 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-found 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. He owns a company called VTel, a digital service provider offering e-commerce and value-added services.
Eniola holds a degree in Business Management from Northeastern University in Boston.
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.
Culled from Africa Report
