Billionaire Mike Adenuga’s firm ventures into cashew business, secures $65.3 million
Julius Berger, a leading construction firm, has made significant strides by successfully completing its first-ever N30 billion ($65.3 million) commercial paper issuance (CP issuance) in Nigeria’s fixed-income market.
The company, partly owned by Nigerian telecom tycoon Mike Adenuga, is now expanding into the cashew processing industry, a move aimed at diversifying its operations according to Billionaire Africa.
The Mike Adenuga-linked company has achieved a significant milestone with the successful issuance of its commercial papers, which offered a 182-day Series 1 issuance with a 14 percent yield and a 267-day Series 2 issuance priced at a 15 percent yield.
The issuance solidifies its position in the Nigerian construction industry and highlights the organization’s financial strength and stability. The $65.3 million capital injection will not only bolster the company’s financial capacity but also propel its strategic drive to diversify into high-growth sectors, beginning with its cashew processing enterprise.