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The Cost and Challenges of Doing Business in Nigeria

Are you a Nigerian entrepreneur in diaspora? Do you intend starting a business in Nigeria? Do you want to know the risk factors or challenges of doing business in Nigeria? Are you interested in finding out the potentials and rewards of doing business in Nigeria?

Are you an investor looking for where to invest for a high return on investment? If any of the situations above best describe you, then please read on as I highlight the basic challenges of starting a small business in Nigeria or doing business in Nigeria.

Nigeria is a country blessed with human, mineral and natural resources. When it comes to starting a business in Nigeria; the potentials are so great that any investor or entrepreneur will be tempted to jump in with both feet without first testing the waters.

A reasonable proof that Nigeria hold huge potential for entrepreneurs and investors is the fact that we have an abundance of successful entrepreneurs who started from scratch and built massive business empires without leaving the shores of Nigeria.

I am talking about successful entrepreneurs and Nigerian billionaires such as Aliko Dangote, Cletus Ibeto, Femi Otedola, Orji Uzor Kalu, Ifeanyi Ubah and so on. The fact that Nigeria once produced the richest black man in the world further proves that there is money to be made in Nigeria; if only you understand her business terrain. The secret to the success of these Nigerian entrepreneurs is a story for another day.

                The Richest People in Nigeria and Secret to their Success

                Nigerian Billionaires and top 20 Richest People in Nigeria

Now if you are serious about starting a business in Nigeria; then I will provide the necessary down-to-earth information needed to help you successfully start and build a business in Nigeria. As expected, there are general business challenges and factors that startup entrepreneurs face all over the world but when it comes to economic and environmental challenges; it varies from region to region.

                10 Business Challenges of Starting a Small Business from Scratch

For instance, the economic and environmental factors affecting businesses in the United States of America or Canada is different from the factors affecting entrepreneurs in Africa or better still; Nigeria. So it’s based on this fact that I wrote this article to help familiarize you with the business terrain of Nigeria and how to handle its challenges.

The Cons and Challenges of Doing Business in Nigeria

 

1.            Lack of Infrastructure

The first business challenge you will face when doing business in Nigeria is infrastructural challenge. Nigeria lacks the basic infrastructure and logistics to support entrepreneurship. If you are going to run a successful business in Nigeria; then you must have the financial muscle to provide your own infrastructure.

Take for instance you want to start a manufacturing firm in Nigeria; you will need to build your own factory, provide your own water supply and other amenities that smoothens business operations. This single factor lengthens the time frame from initial planning to full business operations when compared to developed countries that have the basic infrastructure in place. Infrastructural challenge will directly or indirectly increase your startup overhead cost so you have to properly factor in this challenge in your business plan.

 

2.            Poor Power Supply

Poor power supply is the next challenge militating against the successful growth of small business startups in Nigeria. Successful companies operating in Nigeria has found a way to deal with the challenge of power supply by providing their own power.

For instance, Aliko Dangote; the founder of Dangote Group has developed the strategy of situating a mini power plant right next to his factories as an alternative to the erratic power supply in the company. So if you are successfully going to operate in Nigeria; then you must map out a plan to curtail the harsh effect of poor power supply.

 

3.            Inadequate Security

Security is the next challenge you must deal with especially if you are a foreigner wanting to invest in building a business in Nigeria. But I think it’s worthwhile I add that there has been a massive step up by the government with respect to security and based on this; I can confidently say that I am impressed with the way the government is handling the security of the state. Enough said.

 

4.            Inconsistent Government Policies

Government inconsistency is really a challenge you will have to tackle if you must succeed in Nigeria as an entrepreneur. Governance is something entrepreneurs have no control over; all entrepreneurs can do is to influence government’s policy with respect to enacting favorable business laws. But you must have political clout and massive resources to be able to influence government laws.

Now you may not have the political clout or financial muscle to influence government’s policy so the best strategy to combating the ever changing policy of the government is to keep a keen eye on government laws and swiftly adjust your business to align with the policies.

 

5.            Transportation Challenges

The next challenge of doing business in Nigeria is the poor transportation standard. As expected; the dependable source of raw materials may not be situated close to its market. So you will have to decide if to locate your business close to the raw materials or close to your market. Either way; transportation of either raw materials or finished goods will be involved and this will pose a great challenge if you intend operating in Nigeria.

Poor transportation standard and road network is a factor militating against industrialization in Nigeria but I believe this challenge is being tackled by the government through the upgrading of roads and construction of railway lines.

 

6.            Inability to access funds

Of all the business challenges involved with starting a small business in Nigeria; this one interest entrepreneurs the most. Inability to access funds and banks unwillingness to support entrepreneurship and small business is the major barrier to massive entrepreneurship growth in Nigeria.

However, this challenge can be surmounted if you are a die hard, creative entrepreneur. Hard core entrepreneurs are not held back by the lack of support from banks; they are not discouraged by the unavailability of startup capital.

Rather than lament over the predicament, they look for creative ways to finance their business plans and ideas. So if you are in this category of entrepreneurs; then I want to believe that your plans of doing business in Nigeria will not be thwarted or held back by the challenge of capital.

7.            Lack of Governmental Support

The last but not the least challenge of doing business in Nigeria is government’s insensitivity to the plight of entrepreneurs and small business owners. And the result of these insensitivity surfaces in the form of double taxation, unnecessary levies and duties; and high cost of obtaining business licenses.

But Nigeria operates as a free economy; which favors capitalists, so I don’t think you will be discouraged by this challenge. A good strategy to balance the excesses of the government is to assemble a strong business team that will strategically position your business to withstand the ever increasing demand of the government.

In conclusion, this is my honest outline of the territorial challenges you will face when you start a business in Nigeria. I highlighted these challenges not to discourage you; but to help you prepare in advance because he who is prepared has half won the battle. Good luck.

Nigerian Billionaires and Top 20 Richest People in Nigeria

What is the secret to the success of the top 20 richest people in Nigeria? Who are the Nigerian billionaires and how did they amass their wealth? What are the business success secrets of the successful entrepreneurs in Nigeria? What does it take to become a billionaire in Nigeria? If the answer to any of these questions interests you, then please read on.

Today, I will be compiling a list of Nigerian billionaires and top richest people in Nigeria but please this list will be restricted to entrepreneurs only. Politicians and individuals whose source of wealth cannot be traced are excluded from this list.

Most people have asked why so few Nigerians made the Forbes list of richest people in the world. So far, only Aliko Dangote, Mike Adenuga and Femi Otedola have made the Forbes list of world billionaires. Well the answer to that question is this: Forbes estimates the wealth of individuals and rank them based on the value of shares they have in quoted companies (companies listed on the stock exchange) and most of the richest people in Nigeria prefer to run their businesses privately. That’s why they don’t make the Forbes list of richest people in the world.

                The criteria for coming up with this list

Most of you may be wondering the criteria or benchmark on which I compiled this list of richest people in Nigeria. Well, I compiled this list based on the following criteria:

  • By the value of their shares held in quoted companies.
  • The size and market share of their companies
  • The number of companies they own and its assumed value
  • The market value of their company’s brand
  • The impact of their companies on the Nigerian economy

I compiled this list of richest people in Nigeria and highlighted the secret to their success because I believe we can learn a lot from them. Nigeria as a country has been branded all sort of names and a lot has been said about Nigeria; both positive and negative but I am proud that some individuals stood tall to tell the world that we have got potentials.

Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top. In a country with a population of over 150 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time.

Instead of boring you with their success stories; I would rather extract the vital lessons learned from the life of these billionaires. If you are ready to learn, then below is a list of the Nigerian Billionaires (entrepreneurs) and top richest people in Nigeria.

  Nigerian Billionaires and top 20 Richest People (Entrepreneurs) in Nigeria 2013

1.            Alhaji Aliko Dangote –    founder of Dangote Group and Richest black man in the world

2.            Mike Adenuga –    Conoil, Equatorial Trust Bank, Globacom

3.            Femi Otedola –     ZENON Oil and Gas

4.            Orji Uzor Kalu –      Slok Group

5.            Cosmos Maduka –     Coscharis Group

6.            Jimoh Ibrahim –     Nicon Insurance, Global Fleet

7.            Jim Ovia –       Zenith Bank, Visafone

8.            Pascal Dozie –     MTN Nigeria, Diamond Bank

9.            Oba Otudeko –    Honeywell Group Nigeria

10.          Alhaji Sayyu Dantata –   MRS Group

11.          Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group

12.          Prince Samuel Adedoyin – Doyin Group

13.          Dele Fajemirokun –        Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.

14.          Chief Cletus Ibeto –        Ibeto Group

15.          Raymond Dokpesi –        Daar Communication, AIT,

16.          Tony Ezenna –                   Orange Group

17.          Chief Molade Okoya Thomas –    Chairman CFAO Nig and other six french companies

18.          Ifeanyi Ubah –      Capital oil and gas

19.          Leo Stan Ekeh –      Zinox

20.          Fola Adeola –      GTBank

21.          Chief Ade Ojo –        Elizade Motors Nig LTD, Distributor of Toyota cars

Now having gone through the list of richest (entrepreneurs) people In Nigeria, I believe it’s time I share with you the secret to their success. I am not sharing these secrets with you to fill up space or excite you.

Rather, I am sharing the secrets of Nigerian billionaire entrepreneurs so you can pick up one or two lessons and replicate their success strategy. After all, success can be replicated.

The Richest People in Nigeria and Secret to their Success

Have you ever wondered how Aliko Dangote emerged the richest black man in the world? Have you ever wondered how the richest people in Nigeria became rich? Have you ever tried to find out the exact success secret of Nigeria’s billionaire entrepreneurs? Well, this article is going to put all your answers to rest.

In this article, I am going to spill the untold success secrets of the richest people in Nigeria and how they became billionaires. If you are prepared to replicate these success secrets, then below are the untold success secrets of the richest people in Nigeria.

  The Richest People in Nigeria and Secret to their Success

1.    They are Strong Willed

The richest people in Nigeria are strong willed in spirit. They are dogged and persistent. To these set of individuals, success is not an option; it’s a must. These successful Nigerian entrepreneurs refuse to be held down by their circumstance; instead, they reached out for their inner strength and went for success. Above all, these entrepreneurs don’t take no for an answer; they simply refuse to give up and that was why they succeed.

“When Raymond Dokpesi was on the verge of losing A.I.T; he refused to give up.

Mike Adenuga had his telecom license revoked twice and lost over 20million dollars but he refused to give up.

Orji Uzor Kalu had his oil bloc license and his aviation license revoked; his airline business was grounded and the business accounts of his publishing firm (The Sun) was frozen, yet he refused to give up.

Chief Cletus Ibeto’s cement company was shut down by the government but he persisted and refused to give up.

So if you are ever going to have your name listed as one of the richest people in Nigeria; then you must be prepared to stick it through to the end. You must never give up.

2.   They thoroughly understand their line of business

Take a close look at the Nigerian billionaires listed above and you will see the names of entrepreneurs that thoroughly understand their line of business like the palm of their hands. They know the in-depth intricacies of the various businesses they are involved in.

Cosmos Maduka, the billionaire founder of Coscharis group even liken himself to a first class degree holder from the University of Automobile Spare Parts. This goes a long way to prove to you that knowing your line of business is essential to success not only in business but life in general.

3.     They are focused

The richest people in Nigeria are focused; they chose a specific business of their strength and stuck to it. If you are ever going to make it in Nigeria, then you must obey the first law of business success of Andrew Carnegie; the steel mogul.

“And here is the prime condition of success, the great secret. Concentrate your energy, thoughts and capital exclusively upon the business in which you are engaged in. Having begun in one line, resolve to fight it out on that line; to lead in it. Adopt every improvement, have the best machinery and know the most about it.” – Andrew Carnegie

If you think this statement is a mere fad, then think again because it’s the truth in its entirety. Aliko Dangote focused on commodities and basic needs while Femi Otedola concentrated on oil and gas. Cosmos Maduka and Ade Ojo focused on automobiles; Fola Adeola focused on banking, Leo Stan Ekeh concentrated on computers and Raymond Dokpesi focused on broadcasting and entertainment. This should tell you that concentration is a key factor to succeeding in business.

4.     They have a strong business mission and vision

The Nigerian billionaires have a strong business mission and vision; and these two factors propel them to greatness. Take away their business mission and they are no more; this is because their entrepreneurial spirit is in the mission of their businesses.

Take for instance Aliko Dangote, he is on a mission to provide the basic needs of over 150 million Nigerians; Femi Otedola is out to provide Oil and gas at a uniform price with faster delivery.

Fola Adeola is on a mission to provide innovative banking services to Nigerians; Leo Stan Ekeh wants to put a computer in every home and Raymond Dokpesi is out to give Nigerians uncompromised news and information on happenings. A strong business mission and vision is the reason these men emerged successful.

5.    They are excellent networkers

The richest people in Nigeria became rich because they are good networkers. They network among themselves and even patronize each other’s services; and when a big deal is on board, they pool their resources together, form a consortium, execute the deal and split the profits. This is why they emerged the richest people in Nigeria.

The Richest People in Nigeria and Secret to their Success

6.     They are Competitive

The Nigerians billionaires listed above are very good at networking with each other; yet, they still compete against each other when the need arises. You can see an example of this when Aliko Dangote used MRS Group to compete against Femi Otedola for the shares of Chevron Nigeria. The richest people in Nigeria know that nothing comes easy and life is not fair; so they fight with all they’ve got to stay in business. Competitiveness and the ability to stay afloat are essential to survival in business.

7.     They think big

One attribute I love about Nigerian billionaire entrepreneurs is that they are big thinkers. They think big and love to do big things. Despite the fact that they started small; they dreamed big.

Aliko Dangote is the largest cement manufacturer in Africa, Femi Otedola is the largest diesel importer in Nigeria; Jimoh Ibrahim runs Nicon (the biggest insurance company in Nigeria) and Raymond Dokpesi owns the first indigenous cable network television in Nigeria. So if you are going to leave a legacy in life, then you must think big and act big.

8.    They are flexible

Flexibility is one of the strengths of the richest people in Nigeria. They understand the terrain very well; they know that the government is the most inconsistent body so far, so they prepare themselves forehand.

They keep an eye on the ever changing pattern of the government and swiftly adjust their businesses to align with such change. They are also quick to adapt to current situation and trend while their competitors are still grappling with the reality on ground.

9.     They are opportunist

The richest people in Nigeria are opportunists; they know how to take advantage of situations. Where others see problems, these set of individuals see opportunities and start a business around such opportunity. While other Nigerians shy away from adversity; these men embrace adversity because they know that behind every adversity is opportunity.

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins

They know that wealth lies in their ability to convert problems into opportunities and value; just like the ancient alchemists that tried to turn lead into gold.

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

10.   They have a strong business management team

It is often said that behind every successful man is a woman. In this case, I will say that behind every successful entrepreneur is a strong business management team. The presence of a business team is the reason why Nigerian billionaire entrepreneurs and richest people can swiftly take advantage of opportunities; raise capital and run multiple businesses while minding their family affairs. A business team is vital in your transition from a small business to a big business.

11.          They love Nigeria

Above all the success secrets of the richest people in Nigeria, this is the greatest. Love for Nigeria made the Nigerian billionaire entrepreneurs invest heavily in the country. They have all it takes to move their investment elsewhere but they chose to invest in Nigeria because they believe in Nigeria.

This factor is so prevalent that even Aliko Dangote advocated the need for entrepreneurs to firmly believe in Nigeria; instead of going abroad in search of greener pasture. This is to say that if you must strike it rich in your country; then you must believe in your country.

As a final note, these are the eleven secrets that are responsible for the success of the richest people in Nigeria. If you want to join this list of Nigerian billionaires; if you want to imprint your name on the sands of time, then replicate these strategies and I will see you at the top.

Orji Uzor Kalu: Nigerian Billionaire and founder of Slok Group

Today, I will be sharing with you the entrepreneurial story of one of the richest men on the soil of Africa. This man is young, ambitious and a billionaire by all standards. He was once an Executive Governor of Abia State, Nigeria; the founder of Slok Group and most importantly, a drop college drop out. He is no other person than Orji Uzor Kalu; the business mogul, and he tops our list of celebrated school drop out billionaires. Do you want to know how he attained that status? Then read on.

  Orji Uzor Kalu: Nigerian Billionaire and founder of Slok Group

Orji Uzor Kalu was born on the 21st of April 1960 in Aba, Abia state Nigeria. He attended Christ the King School (CKC) Aba and later moved to Government College, Umuahia. He attended Barewa College, Zaria and later switched to attend the University of Maiduguri to study political science.

While studying at the University of Maiduguri, Orji Uzor Kalu became a student activist and got involved in the “Ali Must Go” riots. His participation in the riot led to his suspension. While his fellow students dragged the school authorities to court, Orji Uzor Kalu decided that building a business would be his next move.

He raised N5,000 (approximately $35 going by exchange rate as at 01/06/2010) from his mother and started trading on palm oil; getting his supply from eastern Nigeria and reselling in the Northern part of Nigeria.

In the course of trading on palm oil, Kalu discovered that quality furniture was a thing of luxury in the north and was imported from abroad. Sensing an opportunity, he began sourcing for quality furniture in the east (Aba to be precise) and reselling them in Maiduguri. Before long, breakthrough came and he abandoned oil palm trading; focusing instead on furniture trading.

As business progressed, Orji Uzor Kalu ventured into the manufacturing of the same furniture he was trading on. Within that same period of time, Kalu was granted pardon and the suspension was lifted by the school authority. But Kalu rejected the amnesty on grounds that not all the student activists were granted pardon. Orji Uzor was quoted as saying:

“All of us in the students’ union leadership collectively agreed to embark on the demonstration against the university authorities. When the crises went out of control, the university senate decided to rusticate all of us. Some students went to court to contest the rustication, but I preferred to start trading while waiting for general reprieve for everybody. But in a classical divide-and-rule tactics, the authorities decided to pardon some of us who didn’t go to court and left out some of the others. This was unacceptable to me because it smacked of betrayal of the colleagues in the students’ leadership if I accepted the offer. So, I rejected the pardon on principle.“

This situation alone proved that Orji Uzor possessed the true spirit of leadership and from this humble beginning; he expanded his business and became a conglomerate. His company; Slok Group comprise Ojialex Furniture Company, Slok Nigeria Limited, Slok United Kingdom Limited, Adamawa Publishers Limited, Slok Vegetable Oil, Aba, Slok Paper Factory, Aba, Slok United States Incorporated, Slok Ghana, Togo, Cotonou, Guinea, South Africa, Liberia, Botswana, Slok Korea, Supreme Oil Limited, Slok Airlines and the Sun Publishing Limited. The First International Bank Limited, Banjul, The Gambia and so on.

Kalu’s success in business has been attributed to his ability to recognize opportunities around him. In an interview granted, he said:

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins

In recognition of his outstanding achievements, leadership skills and positive ambition, he has been adorned with numerous awards. At the age of 26, he became the youngest Nigerian to be given a National Merit Award (MON) by President Ibrahim Babangida in 1986.

He is also a recipient of the Nigeria Chamber of Commerce industrialist of the year, Humanitarian Award by Humanitarian Club of the University of Nigeria, Nsukka; Volunteer Award by the International Association of Volunteers; and the National Merit Award. Others include: Youngest Bank Chairman Award, Special Award by the European Union in Brussels, Belgium; the prestigious Leon Sullivan Award by the World Bank.

He was also a one time Executive Governor of Abia state, Nigeria and a presidential aspirant. To further silence his critics who call him an illiterate, he obtained a degree from the Abia State University. He holds a Certificate in Business Administration from the Harvard University, USA and also an Honorary Doctorate Degree from the Universities of Maiduguri and Abia State University.

The life and business ethics of Orji Uzor Kalu is really worth understudying. Here is a man driven by ambition and drive to maximize opportunities. Kalu is an entrepreneurial model worth emulating. If only the world can be filled with men who see opportunities instead of problems, it will be a better place.

“Someone asked me, ‘how can I find a good business opportunity? I replied, ‘go and look for adversity.’ If you can handle adversity, you will find opportunity. Adversity and opportunity are two inseparable twins.” – Ajaero Tony Martins

How Mike Adenuga Joined the Forbes List of Billionaires

The story of Otunba Michael Adeniyi Ishola Adenuga, founder of Globacom Nigeria, Consolidated oil and Gas (Conoil) and Equatorial Trust Bank is one of the most inspiring stories I have ever come across. He is being tagged Nigeria’s number one come back kid; the proverbial cat with nine lives who started with nothing, built a conglomerate and went on to become one of the richest men in Africa.

On the 9th of March 2011, Forbes Magazine declared Mike Adenuga the second richest Nigerian billionaire. Now how did Mike Adenuga make it to the Forbes list of billionaires? How did he emerge the second richest man in Nigeria and one of the richest black billionaires?

How best will you describe a man who started as a cab driver, lost two telecom licenses, lost a bank, fled into exile and still went on to become one of the richest black men in the world. His wealth is estimated to equal that of Aliko Dangote; the richest black man in the world. Sit back and learn how to keep going when the going gets tough.

Mike Adenuga was born on April 29, 1953 in Ibadan, Oyo State Nigeria. But he hails from Ijebu-Igbo, Ogun State. His father, Chief Mike Adenuga Senior was a school teacher and the mother, Chief Mrs. Onyindamola Adenuga was a successful businesswoman in Ibadan. Mike grew up under the great influence of his mother and some observers have traced his business acumen to his late mother.

Mike Adenuga is not on our list of school drop out billionaires because he attended Ibadan Grammar School, obtained a degree in business administration from Northwestern University, Alva, Oklahoma, and an MBA, majoring in marketing from Peace University, New York, both in United States of America. He also has an honorary doctorate degree from Olabisi Onabanjo University, Ago Iwoye Ogun State. While schooling in the United States of America, Mike Adenuga worked as a cab driver and security guard to pay his tuition fees.

How Mike Adenuga Started Business

When he returned from United States, he took over the running of his father’s sawmill business. Mike later ventured into commodity trading in 1970. At the age of 22, Mike observed that the issue of stolen car stereos was becoming a chronic problem so he started importing car stereos and lace from the United States of America and Austria respectively. At the age of 26, Mike Adenuga made his first million.

How Mike Adenuga Joined the Forbes List of Billionaires

After the liberalization of the banking sector in the late 1980s by the government, Mike Adenuga obtained a banking license and incorporated his bank, Devcom Bank on June 9, 1989. The bank commenced operation that same year. Mike Adenuga later obtained another banking license and incorporated Equatorial Trust Bank. Few years later, both banks later merged into a mega Bank with the name Equatorial Trust Bank.

Mike Adenuga also acquired some oil blocks in the late 1980s and Consolidated Oil (Conoil) was born. Back in those days, indigenous firms shy away from the risk of oil exploration so they sell their oil licenses to expatriates. But Mike Adenuga went against the norm by choosing to drill for oil instead of selling out the license. Not minding the risk involved, Mike Adenuga followed his instincts and explored for oil.  He successfully stuck oil in 1991 and became a major player in the oil and gas sector.

All seem to be going well until late 1998, when Mike Adenuga decided to expand his business empire by obtaining a GSM license. After obtaining the license and entering into strategic partnership with Alcatel of Germany, everything was put in place to get the business rolling. The lunch date was set to September 1, 1999. But suddenly, the new government cancelled all GSM licenses issued out claiming due process wasn’t followed. Instead of grumbling and lamenting over his predicament, Mike Adenuga went after another license.

Mike Adenuga won the bid to a GSM license with a massive sum of $285 million, which he raised from Bank Paribas of Paris. Mike Adenuga’s love for his business and his firm belief that business and politics do not mix incurred the wrath of the government. The result was the cancellation of his second GSM license. Along with the GSM license also went his $20million application fee.

Mike Adenuga admits that the cancellation of his second GSM license was one of the most trying periods of his life. Down but not out, Mike Adenuga kept hope alive and pressed on. He applied all legal strategy within his reach and after a long tussle; he regained his GSM license back. With his GSM license back, Mike Adenuga founded the second national telecom operator, Global Communication Limited.

Still not satisfied, the government unleashed the Anti-graft agencies on him. In fear for his life, he fled the country and returned when a new government took over. Early 2009, during the banking reform in Nigeria, Mike Adenuga was stripped of his bank, Equatorial Trust Bank.

But like a come back kid, he regained control of his bank in the month of December 2009 after he was proven innocent of all fraudulent and sharp practices charges leveled against him by the Central Bank. Despite all the trials and challenges he has passed through, Mike Adenuga continue to soar higher like an eagle. Every challenge he faced and solved seems to take him to a higher level in life and business.

His company Globacom was the first to introduce per second billing system after other major operators said it was something they were only considering in the future. In its first year of operation, Glo Mobile became the fastest growing GSM network in Africa, achieving a record one million subscribers and covering over 87 towns in just nine months. The network has extended to other parts of Africa and is seeking to connect other parts of the world soon. The company in 2007 won the National Operator of the Year while Glo Mobile received the Mobile Company of the Year.

Mike Adenuga is a holder of the Officer of the Order of the Niger (OON), was awarded CEO of the year by Thisday in 2004, named African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA) on August 15, 2007 and the Nigerian Information Technology and Telecommunication (NITTA) in the same year awarded him the Man of the Year for his contributions to the growth of telecommunication in Africa. The” Confederation of African Football (CAF) during CAF General Assembly in Khartoum in 2007 conferred Mike Adenuga with the Pillar of Sports title.

In sports, Mike Adenuga also has made a name for himself. He has been at the fore front of supporting not only the Nigerian league, the national team and the supporters club but other sports as well. March 17, 2005 at the historic Ritz Hotel, Paris, France, marked the dawn of a new era for Nigerian football. On that fateful day, Mike Adenuga leading Globacom officials signed a contract with the Confederation of Africa Football (CAF) vesting the title and marketing rights on the nation’s national carrier for the CAF awards. Mike Adenuga was awarded the coveted Silverbird man of the year in January 2010 and by March 2010; he was voted the most outstanding business personality in the last 50 years.

Such is the story of Mike Adenuga, Nigeria’s No 1 come back kid. It is a story of brevity, courage and persistence. Had Mike Adenuga given up after the first or second cancellation of his license; had he failed to take the risk and drill for oil, his name might have been lost in the sands of time and he wouldn’t have made the Forbes list of billionaires.