Nigerian billionaire Mike Adenuga held a private meeting with Ghanaian President John Mahama in Accra this week, igniting industry speculation about potential interest in Ghana’s government-backed telecom operator AirtelTigo.
Dr. Adenuga, founder of Nigeria’s Globacom and one of Africa’s most reclusive business figures, has historical ties to Ghana’s telecom market through his defunct Glo Mobile Ghana operation.
The closed-door discussion at Mahama’s residence coincides with Ghana’s ongoing search for strategic investors for AirtelTigo, a joint venture between Bharti Airtel and Millicom that reverted to state control in 2020. Industry observers note symbolic connections between the entities: when Glo Ghana exited in 2016 after five years of operation, substantial subscriber assets were transferred to AirtelTigo. Glo had previously disrupted the market with aggressive data pricing and direct fiber investments—innovations that reshaped consumer expectations.
Adenuga’s pan-African telecom expertise through Globacom’s operations in Nigeria, Benin, and Côte d’Ivoire positions him as a credible potential investor. His conglomerate, the Mike Adenuga Group, spans oil (Conoil), banking (Equitorial Trust Bank), and real estate, with Forbes estimating his net worth at $6.7 billion. Despite this visibility, the businessman maintains exceptional privacy, rarely granting interviews or public appearances.
Government sources confirm ongoing efforts to secure private investment for AirtelTigo, which holds approximately 11% market share in Ghana’s competitive telecom sector dominated by MTN (57%). The Communications Ministry seeks partners capable of upgrading infrastructure and driving digital inclusion—an area where Adenuga’s Glo has demonstrated expertise elsewhere in West Africa.
Neither party has commented on the meeting’s agenda, though sources close to both figures characterize it as a “courtesy visit between longstanding friends.” Mahama and Adenuga share decades of diplomatic and business ties across West Africa. Yet telecom analysts highlight strategic alignment: Ghana’s need for AirtelTigo investment converges with Adenuga’s pattern of strategic market entries during regulatory transitions.
The former Glo Mobile’s legacy persists in Ghana’s telecom landscape through its pioneering infrastructure investments and competitive pressure that accelerated industry-wide data affordability. Should Adenuga pursue AirtelTigo, it would mark a significant second act in a market where MTN now commands dominant share, with Vodafone Ghana and AirtelTigo as challengers.
Ghana’s telecom sector stands at an inflection point where private investment could determine competitive balance—a context that transforms even unconfirmed interest from Africa’s most discreet billionaire into a development warranting close industry attention.
