Mike Adenuga, the visionary behind Nigeria’s third-largest telecom services provider, Globacom Limited, has seen a significant increase in his wealth, amassing more than $3.4 million in just eight days, thanks to a recent surge in his stake in Nigeria’s leading construction company, Julius Berger.
The market value of Adenuga’s investment in Julius Berger has increased by N5.44 billion ($3.47 million) in the last eight days, owing to renewed investor interest in the well-known construction company.
Julius Berger, well-known for its pivotal role in the construction of Nigeria’s industrial and civil infrastructure, recently expanded its operations by commissioning a cashew-processing plant, demonstrating its commitment to sustainability and diversification.
Since March 11, Julius Berger’s shares on the Nigerian Exchange have increased by 24.1 percent, rising from N55.6 ($0.036) to N69 ($0.044) at the time of drafting, bringing its market value above $70 million.
Adenuga, a leading Nigerian billionaire and telecom magnate, owns the most stock in Julius Berger, with a 25.1% interest equivalent to 405,893,428 ordinary shares through his investment vehicle, Goldstones Estates Limited. His daughter, Bella Disu, serves on the company’s board of directors.
The recent increase in Julius Berger’s share price has increased Adenuga’s ownership in the firm from N22.57 billion ($14.42 million) on March 11 to N28.0 billion ($17.89 million) as of reporting.
This rise cements Adenuga’s place among the world’s wealthiest people. His big investment in Julius Berger strengthens his status as one of Africa’s leading corporate giants.
