Julius Berger, the renowned construction giant partly owned by Nigerian billionaire Mike Adenuga, has officially handed over the N336 billion ($425.6 million) Second Niger Bridge to the Federal Government. The 1.6-kilometer-long bridge, connecting Anambra and Delta states, was unveiled during a brief ceremony held at the toll area of the bridge.
At the ceremony held at the toll area of the bridge, Nigeria’s Minister of Works Dave Umahi praised President Bola Ahmed Tinubu for his dedication to advancing road infrastructure through the completion of the Second Niger Bridge. Umahi emphasized the project’s potential to significantly alleviate traffic congestion in the region.
Minister Umahi greenlights Second Niger Bridge, invites private investors for concession
Umahi expressed approval of the completed project, highlighting the successful repairs of vandalized sections by the contractor. He announced the bridge is now open to concession for private entities willing to complete associated roads, manage toll collection, and recoup their investments.
Umahi clarified that the project was not entirely complete, stating that finalization would occur upon the completion of two interchange s— one diverting traffic from Asaba town and the other steering away from Onitsha town and leading directly to Obosi.
Lars Richter, the managing director of Julius Berger Nigeria, clarified that the handover was a technical one, affirming the completion of the main Second Niger Bridge and the readiness of toll stations for operation — this marks a key step in the evolution of Nigeria’s transportation infrastructure.
Nigeria’s construction giant, Julius Berger, reinvents success
Adenuga, the well-known Nigerian billionaire and founder of Globacom Limited, owns a 25.1-percent stake in Julius Berger through Goldstones Estates Limited. Julius Berger’s recently published financial statement reveals revenues exceeding $410 million, accompanied by a 29.3-percent increase in earnings.
Julius Berger, a key player in Nigeria’s construction industry, has not only excelled in its core business but also diversified its revenue streams. Its profit increased from N6.96 billion ($8.8 million) to N9 billion ($11.4 million) during the nine months of its 2023 fiscal year (9M 2023).
The company’s recent financial performance has translated into a strengthened financial position, evident in the surge of its total assets from N528.78 billion ($668.9 million) at the beginning of the year to N649.93 billion ($822.24 million) as of Sept. 30.