Due to the successful performance of his publicly traded assets on the Nigerian Exchange (NGX) Abdul Samad Rabiu, Chairman of BUA Cement Plc, has seen a significant increase in his net worth to $7.3 billion.
Following the success of his cement business, BUA Cement Plc, and the growth in the market capitalization of his food business, BUA Foods, after its listing on the Nigerian Exchange on January 5, Rabiu’s net worth has increased from $4.9 billion earlier in 2022.
The 62-year-old billionaire, whose publicly traded companies on the Nigerian Stock Exchange, BUA Cement Plc and BUA Foods Plc, account for the majority of his wealth, saw his net worth rise from $7 billion as of November 27 to $9 billion in just the past two weeks. 98.5% of BUA Cement Plc is owned by Rabiu.
BUA increase in market value stake
His position as the second-richest person in Nigeria and one of the wealthiest billionaires in Africa has been further cemented by the rise in the market value of his stock, which has also helped him close the wealth gap with Aliko Dangote, the richest person in Africa.
As cement sales grew by double digits, the cement business recorded a 12.3% increase in profit during the first nine months of its 2022 fiscal year, from $145 million in the same period in 2021 to $168.4 million.
As part of development ambitions to accommodate the nation’s rising cement demand as well as regional exports to other nations, the top cement producer established a 3-million-metric-tonne cement facility in Sokoto, a state in northwest Nigeria, during the period under review.
BUA Group, one of Africa’s largest conglomerates in the food, mining, and infrastructure sectors, and its chairman, Abdul Samad Rabiu, recently won multiple accolades at the 16th annual Sustainability, Enterprise, and Responsibility (SERAS) CSR Awards in Lagos.
BUA Group won three awards for “Best Company in Infrastructure Development,” “Best Company in Social Impact and Human Capital Development,” and “Impact Investor of The Year” for its economic and human capital development across Africa. Abdul Samad Rabiu, founder and chairman of BUA Group, also received the “CEO of the Year” award for his outstanding leadership role, philanthropy, and beneficial impact throughout Sub-Saharan Africa.
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