Mike Adenuga earns over $3.4 million through his stake in Julius Berger

Mike Adenuga, the founder and visionary behind Globacom, one of Nigeria’s leading telecommunications service providers, is witnessing an exponential increase in his wealth through his investment in Julius Berger, the construction giant in Nigeria. Indeed, according to data reported by Billionaires.Africa, the value of his stake in Julius Berger has soared dramatically, reaching over $3.4 million within just eight days.

Julius Berger, renowned for its pivotal role in developing industrial and civil infrastructure in Nigeria, has recently expanded its activities by diversifying into the agro-food industry. This expansion was marked by the inauguration of a cashew nut processing plant, demonstrating its commitment to sustainability and business diversification.

This steep rise in the value of Julius Berger’s stock has not gone unnoticed on the Nigerian stock market. Since March 11th, the company’s shares have seen a significant increase, recording a 24.1% rise. This trend has propelled Julius Berger’s market capitalization above the $70 million mark, reflecting investors’ confidence in the company.

Mike Adenuga, one of Nigeria’s most influential billionaires and a telecommunications mogul, holds the largest individual stake in Julius Berger, with a 25.1% share equivalent to 405,893,428 ordinary shares, through his investment vehicle, Goldstones Estates Limited. His daughter, Bella Disu, represents his interests on the company’s board of directors.

The recent surge in Julius Berger’s share price has had a significant impact on Adenuga’s stake in the company, pushing its value from 22.57 billion nairas (approximately $14.42 million) on March 11th to 28.0 billion nairas (approximately $17.89 million) at the time of writing this article.

This rapid increase in the value of Adenuga’s investment in Julius Berger not only demonstrates his knack for lucrative investment opportunities but also the resilience and growth potential of the Nigerian economy. It also underscores the growing importance of the construction and agro-food sectors in the country, as well as the key role played by private investors in their development.