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The Mike Adenuga brand and the allure of savvy exclusivity – Toni Kan

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News of Mike Adenuga’s re-emergence as the second richest man in Nigeria got many Nigerians excited on Friday 12th January, 2024. Forbes re-evaluation of his net worth put it at $7.4bn as of January 11th 2024.
The news has led to fevered speculation as to how soon Adenuga, the moving spirit behind Globacom and Conoil, will attain the Number One position.
Conoil was among the 11 enterprises promoted by entrepreneurs that included M. K. O. Abiola, Alhaji Dantata, Alhaji Indimi, Alhaji Mai Deribe, Chief Michael Ibru, Kase Lawal, Chief Lulu Briggs, who received discretionary oil licences in 1990.

Mike Adenuga’s Consolidated Oil which got OPL 113 and is now known as Conoil, was the first to bring its field to first oil and has been producing ever since transforming that licence into one of Nigeria’s most successful indigenous oil and gas stories and making Adenuga the Godfather of Nigeria’s indigenous E&P companies.
Globacom has been around for over 20 years during which it has become one of Nigeria’s second largest telecommunications company beloved by subscribers and the generality of Nigerians for pioneering per second billing and causing a seismic shift in the industry.
Beyond Conoil and Globacom, Adenuga has substantial interests in banking and finance.

His recent valuation by Forbes as Nigeria’s second richest man and 5th in Africa is premised on the giant strides Globacom has made especially in corralling over 30% market share in Nigeria’s telecommunications ecosystem.
But this piece is not about Globacom or Conoil or his philanthropic exertions which have assumed legendary status. This piece was excited by a comment gleaned from a Whatsapp platform where someone had quipped: “How can someone with this kind of money maintain such an invisible profile?”
In a 2021 piece I published on Decoding Mike Adenuga, I had made the following observation: “When the story of 20th and 21st century Nigerian enterprise and industry is told, one name will stand out and confound those whose job it is to chronicle such things because they will have so little to go on because Mike Adenuga has built a public persona defined by near invisibility. In the age of social media and over-exposure, the man who admirers and traducers often refer to as The Bull, has no social media account, seldom ever attends events, rarely makes public appearances and hardly does media interviews, yet he is always on the pages of our newspapers and on the lips of many Nigerians.”

This piece will concern itself with Mike Adenuga’s personal brand. Adenuga is an enigma; the fabled elephant which yields different aspects to the fabled blind men.
Hailed as The Bull for his tenacity; heralded as the Great Guru for his business acumen and saluted as the Great Kahuna for his sagacity, Mike Adenuga has often been wrongly described as a recluse; on account of the fact that his public appearances have been likened to Halley’s Comet; a rare occurrence.
To return again to my old piece, I posed the question: “Why is this so? Why are we so enamoured of a man who prefers to operate from behind-the-scenes?”
It is because human beings are attracted to mystery. And that mystery, in the case of the Mike Adenuga brand, is deliberate and intentional. When it comes to his personal brand, Adenuga has mastered the art of “savvy exclusivity” and it is telling because he is a businessman who has amassed amazing wealth from providing freely available products that impact millions from Conoil’s low priced but high quality lubricants to Globacom’s per second billing and mass market product offerings.
By keeping his public interactions to the barest minimum, Mike Adenuga invites speculation and in speculating we exaggerate and in exaggerating we amplify his brand essence and value.

He is the big masquerade that appears once in a blue moon and such appearances lead to mass hysteria.
Here is a case in point: After President Bola Ahmed Tinubu was sworn in as incumbent president, his office was, understandably, besieged by visitors but no visitor received as much bandwidth and newspaper acreage as Adenuga even though he gave neither interview nor photo-op. The mere fact of his seeming emergence from his cocoon was enough to excite frenzy.

As far as news reports go, his last public appearance before heading to Abuja was at the Awujale’s palace and before then at the Igbinedion wedding.
By limiting his public sightings, Mike Adenuga is taking a leaf from the pages of marketing strategy which deal with scarcity and demand, something Robert Cialdini defined as the “scarcity principle of persuasion” in his book Influence: The Psychology of Persuasion .
This principle holds that the more difficult it is to access a service, obtain a product, or get hold of an offer, the more valuable it becomes. This is the principle behind scalping; where tickets to important events are, for instance, purchased in bulk thereby leading to scarcity and invariably driving the price up.
If Mike Adenuga was a product, he would be uber premium; a product that people would know of yet clueless as to how to purchase it. He would be more than a limited edition, thriving on savvy exclusivity and thus making the Mike Adenuga brand sui generis; in a class all of its own.
This is because as Lisa Ditzlmüller writes in L’officiel, by “deliberately limiting availability, they create an aura of specialness and create high demand for their exquisite goods.”

Mike Adenuga is defined by that savvy exclusivity and “specialness” and that is at the core of our eternal fascination with Nigeria’s second richest man who we never tire of talking and writing about.
As speculations continue as to how long we have to wait before Adenuga becomes Nigeria’s richest man, I will borrow words from a loquacious friend whose response to anything the baffles is always a simple – “if we don see ninety nine, wetin be hundred!”
Soon come.

***Toni Kan, a former Head of PR at Globacom, writes from London.

Society

Rotary International District 9112 launches its coastal restoration initiative by planting 1,000 coconut trees in Lagos

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In a bid to promote its mission of improving the environment, Rotary international District 9112 on Sunday kicked off an environment-saving intervention tagged: Coastal Restoration Initiative at Westside Beach, Okun, Ajah, Lagos, where 1000 coconut trees were planted along the coastal shores of the Atlantic Ocean.

 

Speaking at the event, the Governor of Rotary International, District 9112 Rotarian Femi Adenekan said the “initiative is conceived to save the environment as well as reduce the adverse effect of the climate change.”

 

According to him; “the environment is one of the main focus areas of Rotary International. We need to consciously come to the realization that we need to save our environment. We need to save ourselves. So that in the future, those that will come after us will have life.”

“People assume that the world belongs to them. They have forgotten that they are just tenants on the surface of the earth. If you try to change nature, nature will react, which is the reason we are having a lot of environmental damage in the world. Some of wrong human activities, such as throwing plastics and other items into water or where it ought not to be is causing us environmental challenges. If we don’t take care of our environment, the environment will react and take us out of the surface of the earth,” He said.

 

 

The chairman of the District 9112 Tree Planting Committee, Rtn. Gboyega Bada recommended the adoption of an “Every Rotarian Plant a Tree Every Year” policy and also indicated plans for Rotary International District 9112 to propose a Private Bill to the Lagos State House of Assembly to enable all Lagos Residents plant a tree every year for the next five years to address the challenges of climate change.

 

Rtn Bada stated that the vision of Rotary District 9112 on Tree Planting is to achieve a safer and cleaner environment by planting 10,000 seedlings of Coconut, Mango, Breadfruit, Avocado and other ralated crops that have economic, health and environmental benefits.

 

The event was well attended by Stakeholders in the Private and Public Sectors. Pan African Towers Ltd, Tolaram Group, Azeez Amida Foundation, Telenoetica Ltd, amongst others were well represented. Past District Governor Tunji Funsho led other Rotary Leaders to give their support. The DG’s wife Rtn Tayo Adenekan, the District Governor elect Rtn Lanre Adedoyin, General Manager of Lagos State Coconut Development Authority, Dapo Olakulehim and Lagos State Parks and Gardens Agency, Club Presidents and Rotarians from the 73 Clubs graced the occasion.

 

 

Also speaking at the event, one of the Guest Speakers, the world acclaimed horticulturist, Mr. Andrew Vale of Tolaram Group and The Lagos Free Zone, highlighted the importance of trees, saying; “planting trees improves air quality, reduces air pollution, and illnesses from air pollution. More so, plants produce oxygen and provide shelter, medicine, and many more.”

 

In his own special remarks, Chairman, LUFASI Park and DG Coconut Naija, Dr. Desmond Majekodunmi, said; “the basic fact about the environment is that whatever you sow, you shall reap. The environment will always treat you, the way you treat it.”

 

It is of note that the vision of District 9112 on tree planting for this year is to achieve a safer and cleaner environment through the planting of 10,000 seedlings of coconut, mango, breadfruit, avocado and other related crops that have economic, health and environmental benefits.

 

The event was witnessed and supported by main stakeholders in the industry, agencies and partners which included, Mr Dapo Olakulehin, General Manager, Lagos State Coconut Development Authority (LASCODA), Mr Andrew Vale of Tolaram Group, Channel Scott from Pan African Towers, Azeez Amida Foundation, Telenoetica, The Legend Lifeskills Foundation, Etam Avitat, Lagos State Parks and Gardens Agency (LASPARK) , presidents and members of various Rotary Clubs in District 9112 amongst others.

 

Rotary leaders who witnessed the event are PDG Tunji Funsho, PDG Kamoru Omotosho, PDG Omotunde Lawson amongst others.

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Ohanaeze President-General, Chief Emmanuel Iwuanyanwu, Is Dead

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The President-General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu is dead.

 

The Publicity Secretary of Ohanaeze Ndigbo, Dr Alex Ogbonnia confirmed the death to the News Agency of Nigeria (NAN) on Thursday in Enugu.

 

“Today is a bad day for Ndigbo. It’s true! Ahaeji aga Mba is gone.

 

“Ohaneze is yet to issue an official statement on the demise of our President General, Chief Iwuanyanwu, but he is gone.

 

Aged 82, Iwuanyanwu was elected the President General of the apex Igbo cultural organisation on April 20, 2023 following the sudden death of his predecessor, Prof George Obiozor.

 

An unconfirmed report said that the octogenarian died in the Federal Capital Territory, FCT, Abuja on Thursday, July 25.

 

NAN reports that Iwuanyanwu is the second President General of Ohanaeze Ndigbo to die in office after his predecessor, Prof. George Obiozor, who also died in office.

 

Chief Emmanuel Iwuanyanwu is a prominent Nigerian businessman, politician, and philanthropist known for his significant contributions to various sectors, particularly in the Igbo community

and beyond. (NAN)

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How Top Immigration Officer, Akomolafe Gbenga Michael, Was Arrested, Arraigned For Alleged Drug Trafficking

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Few years after a top police officer, Abba Kyari, was arrested for alleged drug deals, another top uniform man, Akomolafe Gbenga Michael

has been arrested and charged for alleged drug trafficking.

 

Akomolafe, an Immigration officer serving at the Murtala Muhammad International Airport, Ikeja in Lagos was arraigned alongside three others before Justice Daniel Osiagor of the Federal High Court sitting in Lagos on a nine-count charge of alleged conspiracy, unlawful possession, import, and dealing in the prohibited substances.

 

He was specifically alleged to have been involved in trafficking eight kilograms of Methamphetamine and 7.60 kilograms of Cannabis Sativa, also known as marijuana.

 

Others arraigned on the alleged offences alongside the Immigration officer are; Babatunde Micheal Olufemi said to be a staff of the Federal Airport Authority of Nigeria (FAAN), Nwadozie Chris Amaechi, and Nwosu Chinedu Cyril.

 

The prosecutor, Abu Ibrahim, told the court that the four who belonged to a hard drug syndicate were arrested on May 21, 2024, while attempting to smuggle the prohibited substances out of the Murtala Muhammad International Airport Ikeja, Lagos.

 

Ibrahim also told the court that the four men conspired to commit the alleged crimes alongside the duo of Nwadozie Sunday and Echezona Nwosu, based in South Africa.

 

Specifically, the Immigration officer, Akomolafe was slammed with a six-count charge of conspiracy, unlawful import, unlawful possession, and trafficking in the banned substances while the trio of Olufemi said to be a staff of FAAN, Nwadozie, and Nwosu, was slammed with three counts of conspiracy and unlawful importation and possession of the banned drugs.

 

The prosecutor told the court that the alleged criminal act of the four men contravened sections 14 (b), 21 (2)(d), and 20 (1)(c) punishable under sections 11(b) and 20 (2)(b) of the National Drug Law Enforcement Agency Act Cap. N30, Laws of the Federation of Nigeria, 2004.

 

However, while the other three members of the gang pleaded guilty to the charges, the Immigration officer denied the offences and pleaded not guilty to all the counts of the charge.

 

Based on the not-guilty plea of the Immigration officer, his lawyer, Benson Ndakara, pleaded with the court to admit him to bail in the most liberal terms.

 

In his ruling, Justice Osiagor admitted Akomolafe to bail in the sum of N10 million with one surety.

 

The judge also ordered that the surety must be a civil servant of an assistant director cadre in the employment of Lagos State or the Federal Government.

 

The trial was then adjourned to November 7, 2024. Based on their guilty plea, the court convicted and sentenced the trio of Babatunde Micheal Olufemi, Nwadozie Chris Amaechi, and Nwosu Chinedu Cyril, to four years on each count. The sentence is to run concurrently.

 

The three convicts were also given the option of paying a fine of N2 million each on each count.

 

In a related development, The Nigeria Immigration Service (NIS) has suspended Akomolafe over his alleged involvement in multiple drug trafficking offences and his arraignment before a Federal High Court in Lagos.

 

A press statement on Wednesday by the spokesperson of NIS, Kenneth Udo, said the suspension was imposed on the erring officer as the Service awaited the judgement

of the court for further action..

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