Nestoil Group acquire stake in Julius Berger Nig Ltd

Nestoil Group, a leading Nigerian engineering and construction company for the oil and gas industry has acquired a 10 percent share of Julius Berger Nigeria Plc. That transaction has raised Nigerian shareholding in the construction giants to 60.1 percent. Nestoil purchased the shares from Bilfinger Berger SE of Germany leaving BB SE with a 39.9 percent stake in Julius Berger.

Nestoil has expressed their interest in a sustained investment in Julius Berger, and JB is confident that Nestoil, as a successful Nigerian company and strategic shareholder, will support JB’s long-term success.Additionally, the increase of Nigerian shareholding to 60.1 percent further reinforces JB’s commitment to the strengthening and empowerment of the local content. When asked about the significance for Julius Berger, Wolfgang Goetsch, Managing Director of JB replied,

Julius Berger’s Managing Director, Mr. Wolfgang Goetsch said the board and management of the company was pleased that a company of Nestoil’s status was buying into the company. “We are pleased to have a reputable company, interested in long-term partnership, join our group of shareholders. This assures further sustainable growth of the company to the benefit of all stakeholders. Bilfinger Berger will remain a vital shareholder in Julius Berger, and the Management will maintain close cooperation with BB SE. This means that going forward we will continue to lock into those strengths that have played an important role in Julius Berger’s past success: its international network of experts, its technical know-how, and its innovative capabilities,” he said.

Julius Berger Nigeria Plc which has its headquartered in Abuja, employs over 18,000 people and has operated in Nigeria for over 46 years, providing multi-service, solutions-driven, attaining the position of leadership in its core filed of infrastructure construction.
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