Mike Adenuga

– How Mike Adenuga the 2nd Richest Man in Nigeria treats his Staff.


It is no longer news that most Nigerian businessmen are in the habit of short changing their employees especially at the point of disengagement from the company by deliberately leaving them out in the cold to suffer after putting in so many years of meritorious service to their organizations.

The most recent of them is Mike Adenuga (The 2nd Richest Man in Nigeria according to Forbes) who cumulatively owes over N300million to about 80 employees who have voluntarily resigned their appointments with the company from 2013 to date. The ex staff have put in between 5 to 15 years of service to his company Conoil Plc(Formerly National Oil), we all know how the company was fraudulently bought over through the back door via gross under valuation by the powers that be.

Conoil Plc logo


A cursory look at the head office of the company located at 39, Marina Lagos, makes one wonder what kind of a man Adenuga is. The building has since become a shadow of itself as it is a disaster waiting to happen anytime if nothing is quickly done to salvage what is left of the once beautiful edifice.

Recently one of the former staff who resigned as Acting MD, dragged Mike Adenuga to the senate for the payment of his entitlement, Adenuga declined the invitation by sending one of his “errand boys” to the hallowed chambers. The senate however turned him back and insisted on seeing Adenuga in person with the cheque of the complainants’ entitlement. Adenuga has neither appeared before the senate nor paid the complainant. Worrisome however is the fact that at the point of disengagement, a letter confirming the amount due to the staff is issued to the concerned. Then why is it taking up to four years to implement same.


A list was prepared by the top executive management on 12th June 2014, when the number was just 28 people and the liability stood at about N60m (list attached), the chairman who is supposed to operate in a non executive capacity declined to pay. The list has since grown to 80 and liability up to about N300million.

The list

We urge the relevant authorities to compel Mike Adenuga to pay these monies to all concerned with immediate effect.


  1. Only those who have not worked with this man will be surprised! I am certain that Nigerians will be shocked to learn what Nigeria and Nigerians are regularly loosing to this man as against the popular believe that Adenuga has done well by establishing companies in Nigeria that employ Nigerians. I weep for my Country, knowing that I am helpless to rescue it.

  2. Comment: is the so called second richest man now bigger or should I say more powerful than the Senate. Senate please compel him to pay the poor staff. only in Nigeria can this sort of impunity be tolerated

  3. Really unfortunate. Nigerian rich men are rogues disguised as angels. Imagine him doling out hundreds of millions to GLO ambassadors year in year out and refusing to pay those who ensure that the company remains a going concern

  4. A whole lot of the “big men” in this country cannot qualify as entrepreneurs and business men else where. Their practices are shady, their ways are not pure and their business are founded and held together by government money, patronage and corruption. If this story is the case, If the corporate world in Nigeria is operating like this then Nigeria is in trouble and has been in trouble for a long time. Something must be done.

  5. Comment: inside sources confirmed that the final entitlements are not gratuity, pension or excessive payments. the ‘entitlements’ are benefits paid in lieu of annual leave allowance as Adenuga will never allow his staff to go on annual leave despite being part of the component of their conditions of service. you deny people from going on leave and also deny them the cash in lieu even after separating from the company. impunity and wickedness at the highest level

  6. Comment: there is a big question mark around corporate governance here. otherwise, how does one explain a non executive chairman of a publicly quoted company to be the one directing the day to day affairs of the company. what powers does Adenuga have under the companies and Allied matters Act to wickedly deny the staff who spent greater parts of their career lives toiled night and day working for the success of the organisation. Recall corporate governance issue was a major reason why he lost his badly managed bank, Equatorial Trust Bank. Thanks to the uncompromising and ubiquitous posture of the then CBN governor Alhaji Lamido Sanusi. with this revelation therefore a lot must be happening in Conoil old which should trigger necessary investigation from relevant authorities such as Nigerian Stock Exchange, Nigerian Securities and Exchange Commission etc. we also call on SERAP to come to the aid of these helpless employees

  7. Comment: if the Senate could compel the number one citizen of this country to appear before it, then who the hell is Adenuga to send his cronies as proxies. what an irony. what a shame. Nigerians want to know what has gone wrong at the upper legislative chamber that an individual of questionable character with his questionable wealth cannot be made to appear before the Senate to defend serious allegations of denying payment of salaries and final entitlement to an Acting Managing Director who was ignominiously humiliated out of the company for no just cause. what about the final entitlements of other 80 employees? what sort of country is ours? if Senate cannot bring Adenuga to his knees then Ribadu may have to be called upon to come to the aid of these hapless individuals that have been dehumanised by Adenuga. even the Bible says ‘the labourer deserves his wages. please compel the monster to pay his staff. can he afford not to pay his daughters who work in the same Conoil for six months . what is good for the goose is also good for the ganders

  8. Please who knows him to please beg him to pay brick and cable is more than a year now, am a widow and have a baby to take care of

  9. This is quite a revelation. so all the glo caf sponsorship and big endorsement for celebrity embassadors are cheap public image. The true character of Adenuga is revealed here. what a shame! I lost all the respect I have for this man already. if he can be this mean to people that help to build his company, only God knows other shady things we don’t know about this man. 2nd richest man in Nigeria my foot!!!

  10. On the surface,one will think Adenuga is adding geneau value to people and the country. If you see any one from time past who have worked closely with Adenuga they will tell you how inhuman he has always been:
    1. He hire 3rd class Indians and pay peanut is USD to them and claim three time what he paid them from the official fx market. Playing games!
    2. He makes sure all the MD’s of Conoil are Indians who sometimes are not on the board. He has made 12 men MD in ten years!
    3. A month in Conoil today is about forty days! Salaries have remained same in more than ten years for most employees.
    4. If people resigned, their entitlement which comprises of mainly un utilised leave will not be paid for several years after. He has not paid people that left over five years ago!
    5. Adenuga’s daughters; Oyin and Bimbo are completely helpless as they also get bashed publicly hence they dere not talk about staff welfare how much more of entitlements.
    6. For whatever reason the Senate seems to be careful to force Adenuga appears for questioning after a former MD of Conoil send the Senate a petition. A clear case of being above the law?

  11. This shows the level of decay in the corporate world in Nigeria. How can people work for years and at the end of their working career leave with nothing? The worker’s union i.e NLC, PENGASSAN and the Ministry of Labour and productivity need to do their duty by intervening in cases like this. That is why most of the so called rich man in Nigeria cannot operate successfully outside the shores of Nigeria because they would not be able to circumvent the law of the land.
    The man should be compelled to pay the workers their dues and should also be investigated for shortchanging his employees.

  12. God bless Oba Otudeko
    He’s so different and professional. He’s the kinda of businessman one should emulate.

  13. You are talking of staff he owed. What if the several companies that he and his companies are owing? Forbes magazine should digwe deep into his liabilities before calling him a billionaire.

  14. This man should be held accountable by the authorities. How can this happen in a country where there is rule of law.

    • I agree this guy must be held accountable for his behaviors and compelled to by the right authorities to do so and face the music according to the laws of the land. We must know who are behind this monster of human being. The authorities should find out how he made his money. He appears to be a fraud. SAD.

    • I agree this guy must be held accountable for his behaviors and compelled to by the right authorities to do so and face the music according to the laws of the land. We must know who are behind this monster of a human being. The authorities should find out how he made his money. He appears to be a fraud. SAD.

  15. I feel sorry for my country Nigeria.Unfortunately, this guy is not alone and that nis why the senate has been unable to compel him to do the right thing and pay his current and former staff. It is very obvious that this guy is shady and cannot be trusted. He must however be investigate so that the public would 1. know how he got his so called wealth and 2. who in high places in nigeria is behind his disdain to the laws of the land and lives of people, especially his workers, both current and former ones. SAD.

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