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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.

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Oando Boss, Wale Tinubu Receives Award as Best Investor of the Year

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Jubril Adewale Tinubu, oil tycoon and GCE of leading oil and gas firm, OANDO, yesterday shone brilliantly like a well-cut diamond when he received the award for the New Telegraph Investor/Transaction of the Year 2024.

 

The oil guru with three decades of expectational performance in the oil sector was among other prominent Nigerians that went home with honours at the Oriental Hotels, venue of the ceremony.

 

The award, described as well- deserved, was presented to Tinubu for leading his team to successfully completing the acquisition of Agip Oil Company at $783 million.

 

The transaction, which was completed in August 2024, was described my many as a remarkable one the nation’s economy.

 

Tinubu is an intelligent, pragmatic and a genius who strikes when the iron is hottest.

 

Gifted with a knack to spot opportunity ahead of the crowd, Tinubu has in the last 30 years of unbroken entrepreneurial voyage positioned Oando among the best oil and gas company in the world.

He believes Nigeria offers limitless possibilities and opportunities, and holds high, at all times, the banner of hope.

 

Today, the business has not only earned him fame and wealth, but has also contributed in great measures to the economic development of Africa and beyond.

 

Other awardees on the night include Governor Babagana Zulum of Borno State won the Governor of the Year 2024; Governor Babajide Sanwo-Olu of Lagos State received the Governor of the Year in Projects, while Governor Ahmed Aliyu of Sokoto State won Governor of the Year in Economy

 

 

Others are Governor Sheriff Oborevwori of Delta State; Osun State Governor, Senator Ademola Adeleke; Ekiti State Governor, Biodun Oyebanji; Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), Mr Mele Kyari, won the newspaper’s prestigious Man of the Year 2024, while the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN), won Minister of the Year 2024 in Transformative Leadership.

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The weaponization of justice and the injustice faced by Dan Etete – Jeremiah Perekeme 0woupele

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In the intricate corridors of global jurisprudence, the scales of justice often tip under the weight of political machinations and economic interests. The case of Dan Etete, Nigeria’s former Minister of Petroleum, epitomizes how legal systems can be manipulated, leading to profound personal and national injustices.

Dan Etete, appointed as Nigeria’s Minister of Petroleum Resources in 1995, played a pivotal role in introducing the marginal oil field regime and indigenous participation in Nigeria’s oil and gas industry. His contributions have however been beclouded by the controversy around the controversial OPL 245. This oil block, one of Africa’s richest, became the focus of a protracted legal battle involving major oil companies amid allegations of corruption. Etete’s involvement led to accusations that have marred his reputation and overshadowed his contributions to Nigeria’s oil sector.

In a landmark decision, an Italian court acquitted Eni, Shell, and associated individuals, including Etete, of corruption charges related to OPL 245. The court concluded that there was no case to answer, highlighting the absence of sufficient evidence to substantiate the allegations. This verdict underscores the complexities inherent in international legal proceedings, where accusations often outpace the evidence required for conviction.

Etete’s ordeal is not isolated. Globally, individuals have faced similar legal battles, where accusations are levied, with years spent in court, only to culminate in acquittals. These cases highlight systemic issues within legal frameworks that allow for the weaponization of justice, often driven by political or economic motivations.

The protracted legal saga of Amanda Knox serves as a poignant illustration of Italy’s judicial labyrinth. Knox, an American student, was accused of the 2007 murder of Meredith Kercher in Perugia. After initial convictions and subsequent acquittals, she was finally exonerated by Italy’s Supreme Court in 2015.

The case highlighted significant issues within the Italian legal system. Issues were raised around the handling of forensic evidence, media interference, and prosecutorial conduct. It also underscored the challenges of ensuring justice in a system where legal procedures can be as complex as the crimes themselves.

In the UK, the case of the Birmingham Six remains a stark reminder of the fallibility of justice systems. Six Irish men were wrongfully convicted in 1975 for pub bombings in Birmingham, based on coerced confessions and questionable forensic evidence. After 16 years of imprisonment, their convictions were quashed in 1991, revealing systemic flaws such as investigative misconduct and the suppression of evidence. This case prompted significant reforms in the UK’s criminal justice system, emphasizing the need for checks and balances to prevent miscarriages of justice.

The term “weaponization of justice” refers to the deliberate manipulation of legal systems to achieve objectives beyond the pursuit of truth and fairness. The weaponization of legal technicalities, whether through coerced confessions, mishandled evidence, or political interference, undermines the foundational principles of justice.

In Dan Etete’s case, the prolonged legal battles, despite eventual acquittal, suggest a misuse of judicial processes, leading to reputational damage. Despite his achievements that merit recognition, and most notably his discharge and acquittal in three jurisdictions – ITALY, UNITED KINGDOM, and Nigeria; he has remained the focal point of smear campaigns.

What does his discharge and acquittal really mean? It means that Dan Etete has been formally cleared of charges in a court of law. This means the court has found him not guilty of the charges brought against him. An acquittal signifies that there was insufficient evidence to prove the person committed the alleged offence, or was proven innocent. This means the accused is released from the legal process and is free to go. If he has been found to have done nothing wrong by the Nigerian Legal system, where the judiciary has come under scrutiny in recent times, is it being insinuated that the course of justice was perverted in those other jurisdictions?

In reflecting upon the Chief Dan Etete cases, it becomes evident that the pursuit of justice requires constant vigilance, systemic introspection, and unwavering commitment to fairness. Just as poverty can be weaponized to perpetuate societal inequities, legal ambiguities when exploited, lead to miscarriages of justice.

Moreover, they erode public trust in legal institutions, deter individuals from public service, and can have economic repercussions, especially in sectors as vital as oil and gas. Furthermore, they highlight the need for reforms to prevent the misuse of legal systems and to ensure that justice is truly blind.

Politically Exposed Persons (PEPs) often find themselves under intense scrutiny due to their influential positions, making them susceptible to allegations of corruption. In several instances, PEPs have been wrongfully accused and, despite subsequent exoneration, have suffered significant reputational damage due to smear campaigns. Here are five notable cases from different countries:

Former President John Dramani Mahama was implicated in a bribery scandal involving Airbus SE, with allegations suggesting his involvement through his brother, Samuel Adam Mahama. These claims, lacking substantial evidence, were perceived as politically motivated to tarnish Mahama’s reputation and divert attention from governmental shortcomings. The Office of the Special Prosecutor (OSP) eventually exonerated Mahama, but the smear campaign had already inflicted damage on his public image.

Adolphus Wabara, former President of the Nigerian Senate, faced allegations in 2005 of accepting a ₦55 million bribe to influence budget approvals. Despite his resignation and a prolonged 14-year legal battle, Wabara was acquitted in 2019 due to insufficient evidence.

Frederick Chiluba, Zambia’s second President, faced allegations of embezzling public funds after his tenure ended in 2002. Following a protracted legal process, Chiluba was acquitted of all charges in 2009. The court determined that the prosecution failed to provide compelling evidence linking him to the alleged crimes. This verdict underscored the challenges in distinguishing between political vendettas and genuine anti-corruption efforts.

Georgia Thompson, a Wisconsin state employee, was convicted in 2006 on federal corruption charges, accused of steering a state contract for political reasons. The U.S. Court of Appeals for the Seventh Circuit overturned her conviction in 2007, citing a lack of evidence.

Former Prime Minister Khaleda Zia was accused of misusing funds related to the Zia Charitable Trust, leading to her conviction and imprisonment in 2018. In November 2024, the Supreme Court of Bangladesh acquitted Zia and all co-accused, citing a lack of credible evidence.

Nabil Sayadi, director of the European branch of the Global Relief Foundation, was accused of transferring funds to an Al-Qaeda financier, leading to his inclusion on international watch-lists and the freezing of his assets. In 2006, Belgian judges exonerated Sayadi, citing a lack of evidence linking him to terrorist activities.

These cases highlight the profound impact that unfounded corruption allegations and smear campaigns can have on PEPs, often resulting in lasting reputational harm even after legal exoneration.While many accusations are substantiated, there are notable instances where PEPs have been wrongfully accused and subsequently exonerated by the legal system.

Chief Dan Etete’s experience, like the ones already referenced, serves as a stark reminder of the potential for justice systems to be weaponized. It calls for introspection and reform to safeguard the principles of fairness and equity, ensuring that individuals are protected from undue legal persecutions driven by interests that have little to do with justice. This underscores the necessity for robust legal frameworks that ensure due process, protect individuals from politically motivated accusations, and uphold the integrity of judicial systems worldwide.

*** Jeremiah Perekeme Owoupele is a Niger Delta based lawyer.

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Portable now in our custody – Ogun Police

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The Ogun State Police Command says Habeeb Okikiola, aka Portable, is now in its custody.

 

Omolola Odutola, the state public relations officer made the disclosure in a statement on Wednesday.

 

According to her, “The Ogun State Police Command wishes to inform the public that Habeeb Okikiola, also known as Portable, arrived at the State Criminal Investigation Department, Eleweran, Abeokuta, at exactly 13:23 hours today, February 19, 2025.

 

 

“His presence at the SCID is connected to an ongoing investigation. The command assures the public that due process will be followed in handling this matter, and updates will be provided as necessary.”

 

Portable was declared wanted for assault on some officials of the Ogun State Town Planning Agency who were carrying out enforcement on his property in the Ilogbo area of the state.

 

Details later…

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