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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

‘Not My Property’ – Ex-Petroleum Minister, Diezani Exposes Owner Of Recovered $52.8 Million Loot

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Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, has clarified that she is not connected to the $52.5 million that was recently brought back to the country from the United States of America (USA).

Society Reporters recalls that the federal government on Friday, January 10, announced the receipt of $52.88 million in recovered Galactica assets linked to the former Minister of Petroleum.

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, announced the recovery during a formal signing ceremony of the asset return agreement in Abuja.

Fagbemi explained that $50 million of the recovered funds would be channelled through the World Bank for the development of rural electrification projects.

The remaining $2.88 million, he added, would be allocated to the International Institute of Justice to enhance the justice system and support anti-corruption initiatives.

However, in a statement issued on Sunday, Diezani, who has been residing in the United Kingdom (UK) since departing from Nigeria, asserted that the funds associated with her in the media as illicit gains actually belonged to Nigeria’s oil entrepreneur, Kola Aluko.

Finally responding to the alleged recovery through her attorney, Mike Ozekhome SAN, Diezani maintained that the term “Diezani Loot” is unfounded, as she had no involvement in the circumstances surrounding the forfeiture of the funds by its rightful owner.

Expressing her stance, the former minister stated that the $52.5 million originated from a vessel that was confiscated by the American authorities from Kola Aluko, which was subsequently sold, with the proceeds returned to the Nigerian federal government.

Her disavowal of ownership over the funds was detailed in an extensive press release issued on Sunday by the Chambers of Mike Ozekhome SAN, titled “There is no such thing as Diezani Loot.”

The statement reads: “My chambers makes this intervention in the public domain as Solicitors to Diezani Alison-Madueke (DAM) ,the former Minister of Petroleum Resources, HMPR.

“As her Solicitors, we are fully versed in and conversant with her present ordeal and the entire facts surrounding her matters both here in Nigeria and abroad. So, we write from the vantage position of one that is aware of the cocktail of lies that have been spurned around her cases in the last ten years.

“Many of the narratives are outrightly false; some others sheer outlandish speculations; and most, simply bizzare stories cooked up by her traducers to extract a Shylock’s pound of flesh from her for reasons she does not know and cannot even fathom.

“This intervention therefore seeks to correct this skewed narrative and set the records straight for purposes of history. Many Nigerians often talk about wanting ‘technocrats’ to be involved in governance. They desire that people with character and integrity should join politics.

“We agree with them. However and regrettably too, now and again and many a time, the same people not only allow, but actually join the bandwagon to mob-lynch those who chose to serve the nation.

“And we often do this insidiously, covertly and overtly, even when there is no concrete or even any iota of proof that such public officers ever abused their offices or stole from public coffers.

“It is therefore surprising and of great concern to us, to see the level of sustained vilification of an innocent Nigerian citizen who has not yet been tried and found guilty of any offence known to law by any court of law whether in Nigeria or abroad. The person at the receiving end is Citizen Diezani Alison-Madueke (DAM).”

Mischievous And Cruel
The statement from Ozekhome’s office described the earlier claims about the asset recovery as misinformation and defaming.

It said: “We note with concern the recent deliberate attempt to link her with what has been described as a civil forfeiture of a yacht Galactica, the sale of which was said to have yielded $52.8m to the US government; which sum has since been repatriated to Nigeria.

This is a clear example of the mischievous and cruel sport of tarnishing the image of the lady through a bouquet of consistent, persistent and unrelenting cocktail of falsehoods and misinformation.

“The purveyors of this line of misinformation term it “name-and-shame”. To sell the storyline, the architects ensured they attached Diezani’s name to a recovered yacht which is not in any way linked to her.

“They now falsely termed it “Diezani loot”. Nothing of the sort ever happened. She was never involved in the purchase, use and sale of the said yacht.

“The yacht Galactica, from information readily available in the public domain and in open sources, was purchased by Mr Kola Aluko who had used the vessel until he agreed to its forfeiture to the United States of America.

“The yacht Galactica was neither owned nor ever used by our client. DAM has in fact never set her eyes on the yacht. Kola Aluko is an experienced businessman who had been in business well before DAM came into office as HMPR.

“The only tenuous basis for deliberately linking DAM to the said yacht is the false narrative that the Strategic Alliance Agreements (SAAs) which were entered into between Kola Aluko & Jide Omokore’s Atlantic Energy companies and NNPC, were allegedly corruptly awarded to the said companies by DAM. DAM was not the GMD of the NNPC as so did not and could not have awarded the said contracts.

“We plead, as her lawyers, with all and sundry that she be accorded fair hearing and that the process of these UK court proceedings be allowed to take their natural course to avoid prejudice to her in the ongoing subjudice UK proceedings against her.

”Those purveyors and peddlers who habitually spin these outrightly false, unfounded, defamatory, unintelligent and indefensible narratives to denigrate and humiliate her should please find better use of their time and leave DAM alone.

“Let the law take its natural course without interference. We humbly pray.”

 

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Bisi Onasanya, ex FirstBank MD flees Nigeria to Ghana as EFCC closes in……

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Bisi Onasanya, the embattled former Managing Director of FirstBank has followed in the steps of Oba Otudeko, the former chairman of FBN Holdings and fled the country.
Onasanya who is expected to appear at the Federal High Court in Lagos on Monday January 20 to answer to the charges brought against him by anti-graft agency, the Economic and Financial Crimes Commission, EFCC, may likely be absent in court as he is currently holed up in Ghana in hiding.

He was spotted at Movenpick Hotel in Accra where he checked in at exactly 8 am on Friday morning.

Society Reporters had earlier reported that Onasanya will be arraigned before Justice Chukwujekwu Aneke for looting over N12.3 billion.

He will be arraigned alongside Otudeko, also the chairman of Honeywell Group who is equally on the run, as well as two others, a former board member of Honeywell Group, Soji Akintayo and a firm, Anchorage Leisure Limited connected to Otudeko.

The quartet committed fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, N6.2 billion and N2.09 billion between 2013 and 2014 in Lagos.

The 13-count charge, filed by EFCC counsel Bilikisu Buhari on January 16, 2025, further claimed that the defendants made and uttered forged documents to deceive the bank.

Specifically, count 1 accused the defendants of conspiring “to obtain the sum of N12.3 billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation you know to be false.”

In Count 2, it was alleged that the defendants, on or about the 26th day of November 2013 in Lagos, “obtained the sum of N5.2 Billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation you know to be false.”

The 3rd count claimed that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from FirstBank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

In the 4th count, they were accused of conspiring to spend the N6,15 billion, out of the monies.

According to the Commission, the offences contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and are punishable under Section 1(3) of the same Act.

Counts 5 and 6 read: “That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about 11th day of December 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1,5 Billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED on or about the 17th day of December 2013 in Lagos, converted to the use of Honeywell Flour Mills Plc the sum of N500 million only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

“That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO, AND ANCHORAGE LEISURE LIMITED on or about the 17th day of December 2013 in Lagos, converted to the use of Honeywell Flour Mills Plc the sum of N500 million only which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 15(2 (b)) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

The Street Journal

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Society

Just In: Wasiu Ayinde loses mum, aged 105

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Music Maestro, King Wasiu Ayinde Marshal has lost his adorable mother, Alhaja Halima Shadiya Anifowoshe.

 

 

She was aged 105.

 

May her soul rest in Peace.

 

 

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