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He is ranked as the fifth wealthiest individual in Africa by Forbes. In addition to his telecom investments, he also holds interests in Equitorial Trust Bank and the oil exploration company Conoil previously known as Consolidated Oil Company. Michael Adenuga Jr comes from a family of educators and businesspeople.
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Adenuga is of Yoruba descent. To support his university studies, he worked as a taxi driver. At just 26 years old in , Adenuga achieved his first million in sales by dealing in lace and soft drinks. In , he acquired a drilling license and struck oil the following year in the shallow waters of Southwestern Ondo State through Consolidated Oil, becoming the first local oil company to do so on a large scale.
Despite facing challenges with his GSM license in , Adenuga obtained a second one when the government conducted another auction in In , the Nigerian government bestowed upon him the title of Grand Commander of the Order of the Niger. Furthermore, in , New African magazine recognized him as one of the Top most influential Africans. On October 19, , rumors flew on social media claiming that billionaire Mike Adenuga had passed away.