The owner of Globacom Limited and chairman of Conoil, Mike Adenuga has witnessed a substantial increase in his wealth, amassing over $3.4 million within a span of eight days, courtesy of the recent surge in his stake in Nigeria’s foremost construction company, Julius Berger.
According to data, the market value of Adenuga’s stake in Julius Berger has soared by N5.44 billion ($3.47 million) over the past 8 days, driven by renewed investors’ interests in the prominent construction company.
Julius Berger, renowned for its pivotal role in constructing industrial and civil infrastructure in Nigeria, recently expanded its operations by venturing into the agro-allied industry with the commissioning of a cashew-processing plant, underscoring its commitment to sustainability and diversification.
Since March 11, shares of Julius Berger on the Nigerian Exchange have witnessed a significant uptick of 24.1 percent, climbing from N55.6 ($0.036) to N69 ($0.044) at the time of drafting, thus propelling its market capitalization above $70 million.
Adenuga, a leading Nigerian billionaire and telecom magnate, holds the largest stake in Julius Berger, commanding a 25.1-percent ownership equivalent to 405,893,428 ordinary shares through his investment vehicle, Goldstones Estates Limited. His representation on the company’s board is through his daughter, Bella Disu.
The recent surge in Julius Berger’s share price has substantially augmented Adenuga’s stake in the company, elevating it 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. His significant stake in Julius Berger further solidifies his position as one of Africa’s leading
business figures.