Mike Adenuga, the visionary behind Nigeria’s third-largest telecom services provider, Globacom Limited, has experienced a significant boost in his wealth, accumulating over $3.4 million in just eight days. This increase is attributed to the recent surge in his stake in Nigeria’s leading construction company, Julius Berger.
Market data from Billionaires. Africa indicates that the market value of Adenuga’s stake in Julius Berger has surged by N5.44 billion ($3.47 million) over the past eight days, propelled by renewed investor interest in the prominent construction company.
Julius Berger stock up 24 percent, market cap surpasses $70 million, gaining $3.4 million for Mike Adenuga
Julius Berger, celebrated for its integral contribution to constructing industrial and civil infrastructure in Nigeria, has recently broadened its scope by entering the agro-allied industry with the inauguration of a cashew-processing plant. This move emphasizes the company’s dedication to sustainability and diversification.
Since March 11, Julius Berger’s shares on the Nigerian Exchange have experienced a notable increase of 24.1%, rising from N55.6 ($0.036) to N69 ($0.044) at the time of drafting. This surge has propelled its market capitalization above $70 million.
Mike Adenuga, a prominent Nigerian billionaire and telecommunications mogul, holds the largest stake in Julius Berger, commanding a 25.1% ownership equivalent to 405,893,428 ordinary shares through his investment vehicle, Goldstones Estates Limited. His representation on the company’s board is facilitated by his daughter, Bella Disu.
The recent surge in Julius Berger’s share price has significantly increased Adenuga’s stake in the company, rising from N22.57 billion ($14.42 million) on March 11 to N28.0 billion ($17.89 million) at the time of reporting.
This surge solidifies Adenuga’s position among the world’s wealthiest individuals and further reinforces his status as one of Africa’s leading business figures.