Adenuga at 72: Honouring an Economic Colossus

Chidiebere Nwobodo

Otunba (Dr) Mike Adenuga, Jnr., (GCON), is a household name in Africa’s businessworld and beyond. Many scholars and pundits, employing their own different prisms of understanding have tried to explain this entrepreneurial colossus to humanity, albeit unsatisfactorily. Books have been written about him. Countless of articles have been articulated, all in effort to elucidate this special creature to us. In the court of public opinion, there have been discussions, debates and ever-ending arguments as regards what this economic genius represents.

Different versions of stories about his journey, personality and legacies had been told, yet none is encompassing enough to unearth the Holy Grail propelling his greatness. He is a world of his own. An oasis in the desert and island of sterling virtues. The mythical phoenix bird that is rarely seen. Anytime he shows up, he appears dazzling like morning star and retreats to his abode in his majesty. When you want to describe his soaring prowess, an eagle comes to mind. When someone attempts to define his momentum when he moves, the thought of a bull races through the subconscious.

He is Chief Mike Adenuga, Jr., economic colossus of Africa! One of the richest black people alive today. A veteran in the boardroom and shrewd investor. The reticent nature of this dollar-denominated billionaire creates an ambience of mystery around his name, of which portrays him as a still water that runs deep. He is not thunder that announces its arrival but strikes in silent like a lightning. He is renowned for large-than-life philanthropic gestures. His impact in the telecom industry has revolutionized the sector forever. Nigerians should be indebted to him.

I think every 29th April should be celebrated in the telecom industry as “GSM liberalisation Day”, to honor remarkable impact Dr. Mike Adenuga, Jr., made in the sector that led to democratization of mobile network services across the country within the shortest possible time. Most young Nigerians, especially the Gen Z generation, who have come to be the greatest beneficiary of liberalisation of the telecom sector, are yet to fully appreciate what Globacom led by Dr. Mike Adenuga, Jr., did to crystalised GSM revolution in the country.

Social media has changed the lifestyle of Nigerians, especially the youths, by giving them access to information, connectivity and opportunities. Today, we have a lot of the youthful population earning a decent living as content creators on social media. Online businesses have literally transformed the world of business and provided much-needed easy of doing business because of GSM services, part of which is captured in internet connectivity. All these reforms would not have been possible if Dr. Mike Adenuga, Jr., did not take the bull by the horn to open up the sector through cheap mobile lines and call rates.

When GSM anchored on the shores of Nigeria and followed by the entry of two foreign legacy mobile operators in 2001, Nigerians were given the erroneous impression that mobile line services were exclusively reserved for the rich and upper middle class, as result of exorbitant price of owning SIM cards and the recurrent cost of making calls at per minute billing system, at that time. The two legacy mobile operators (MTN and then Econet) had the upper hand in the GSM rollout, albeit oligopolistic hold on the telecom market. All the pleas made by Nigerians to these operators to reduce cost of SIM cards and consider per second billing system as obtained in other climes, fell on deaf ears.

Theses foreign legacy mobile operators insisted that per second billing was practically impossible, owing to the much-needed resources to expand network infrastructure for better coverage. As regards cost of SIM cards, they maintained that it would rather go up as a result of market forces of demand and supply than reduced. Nigerians resigned their fate, surrendered to economic enslavement, continued paying through the nose to buy SIM cards at thirty thousand naira and above, and made calls at ridiculous rate of fifty naira per a minute.

Despite the upsurge in demand for mobile phone services and corresponding demand for SIM cards and increasing market shares, legacy operators still did not yield to intensified demand for prices of SIM cards to be crashed and calls rate change to per second billing system. Gross exploitation of Nigerians who were desperate to access GSM services expensively offered by these legacy operators, lingered hopelessly until Globacom was launched two years after in 2003. The game was changed from this auspicious moment.

The grand entrance of Globacom into the market broke the duopoly of legacy mobile operators. The run ably led by The Bull, Dr. Mike Adenuga, ignited stiff competition never seen before in the industry. The honeymoon was over for monopolistic tendencies. Before Nigerians could say Jack Robinson, Globacom broke the camel’s back of duopoly. The first indigenous mobile operator crashed the price of SIM cards and introduced per second billing system. Everything that was previously propagated as impossible by legacy mobile operators was made possible by Globacom.

Within a short period of time, SIM card price crashed from thirty thousand naira to two hundred naira! Legacy operators who did not anticipate this level of competition were caught napping. In other to remain in business, they had no option than to reconsider per second billing system. Nigerians won because Globacom came, all thanks to Chief Mike Adenuga, Jr. Telecom industry boomed. Nigerians started owing mobile lines; having been made affordable by the competition brought into the industry by Globacom.

In less than two decades, active mobile lines moved from few hundreds of thousand in 2003 to more than hundred million subscribers. In the last twenty years, millions of jobs and several economic opportunities have been created for Nigerians in the industry. Nigerians no longer see mobile phone services as luxury cum elitist due to disruptions that Globacom brought.

In honoring this enigma, I want to wish him a memorable anniversary. The man; his journey and legacies. Posterity will be kind to you for making it affordable for Nigerians to access GSM services. Happy Birthday, sir.

*Chidiebere Nwobodo writes from Enugu