Entrepreneurship Development: Power of persistence and Dr. Mike Adeniyi Ishola Adenuga

I am dedicating this content on entrepreneurship development to entrepreneurs that are considering quitting the business world because of challenges bombarding them without sign of success. So if you are an entrepreneur or proposing to be one, this article is for you.

I hope the information I am sharing on entrepreneurship development how Dr. Mike Adeniyi Ishola Adenuga, chairman of Global communications who is one of the most successful entrepreneurs in Nigeria, is using power of persistence as a ladder to moving forward in business will be a tonic to you.

He was born April 29, 1953 and the last born of five children. An indigene of ijebu igbo in Ogun State, Nigeria.

While schooling in the United States of America, he worked part-time as a cab driver and security guard to pay his tuition. He graduated from the North western state university, Alva, Oklahoma with a degree in marketing.

Then from Peace University, New York, he got an MBA degree in marketing. He also has an honorary doctorate degree from Olabisi Onabanjo University, Ago Iwoye, Ogun state.

Entrepreneurship Development of Mike Adenuga

He started entrepreneurship development (business) at the age of 22, importing car stereos to Nigeria from United States. He made his first million in business at the age of 26. As a young man, he’s already small successful business owner. There are lots of business skills to learn from him as it relate to entrepreneurship development.

After his return to Nigeria, he took over his parents flourishing sawmill business located at Ijebu-ode, Ogun State. He successfully run and diversified the business to importing laces and beer.

When the Nigeria banking sector was liberalized in the year 1980, Dr. Adenuga was one of the people to obtain a banking license. This resulted in the registration of Devcom Bank, which started business in 1990 and Equatorial trust bank two years after.

With the consolidation exercise, when banks were mandated to recapitalize with N25 billion, he merged the two banks and they now operate under the name Equatorial Trust bank (ETB).

Dr Mike Adenuga, is also a pacesetter in the oil industry. His company, Consolidated Oil Limited, is the first indigenous oil and gas company to struck oil in commercial quantities in the oil block that the then government had allocated his company.

What really separated him from his colleagues was that while most of them who got the oil block sold it because they were scared of failure, not Adenuga. He persisted until he struck black gold.

The success of his telecoms company, Globacom in Nigeria and Africa did not happen by chance. It actually confirmed that the man in our Nigeria CEO news has a heart made of steel. It’s a lesson to upcoming entrepreneurs when comes to entrepreneurship development.

Nigeria CEO news editor also learnt that in the year 1999, Mike Adenuga was issued a conditional license to operate GSM services under the late Gen. Sani Abacha government. That was not to be since the license was revoked by Olusegun Obasanjo administration.

When another opportunity was presented by the Nigeria Communication Commission (NCC) for companies to bid, his company, Communications Investment Limited (CIL) participated and won.

He paid a deposit of $20 million, but because of some hitches, the balance of $260 million was not paid before the closing date by NCC expired. Eventually, he lost the deposit.

He never gave up, with persistence and determination, his company Globalcom was licensed as the second national operator (SNO) and a market leader in the industry in spite of being a late comer in the telecoms market.

Let me conclude this article with this statement from Calvin Coolidge (1872 – 1933), 30th U.S. president, “Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan “Press on” has solved and always will solve the problems of the human race.”

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