Nigerian businessman and industrialist, Abdulsamad Rabiu, has increased his fortune from $1.6 billion in 2019 to $3.1 billion in 2020.
- Abdulsamad Rabiu’s Networth Increases From $1.6bn in 2019 to $3.1bn in 2020.
- The 59-year-old billionaire, born in Kano, owns 98.5% of BUA cement – the second largest cement producer in Nigeria by volume.
According to the latest estimates from Forbes, the Nigerian cement maker and founder of the BUA group, has a net worth of $3.1bn, becoming the 8th richest man in Africa far ahead of Folorunsho Alakija.
His company, BUA Group, is a Nigerian conglomerate that is actively engaged in cement production, sugar refining and real estate.
Abdulsamad Rabiu on Building a strong cement business in Nigeria
The 59-year-old billionaire, born in Kano, created BUA Cement following the consolidation of his private Obu Cement with the publicly traded company Cement Company of Northern Nigeria Plc (CCNN), to become the second cement producer in Nigeria in volume. It has a huge export market in the West African region.
The new entity has factories in Sokoto state, in north-western Nigeria (2 million tonnes) and in Okpella Edo state in south-eastern Nigeria (6 million MPAs).
According to reports, a new 3 million MTPA plant under construction is expected to be operational in 2020 in Sokoto State. Not only a producer of cement, its Lagos sugar refinery produces 2,000 metric tonnes (MT) per day.
Abdulsamad Rabiu holds 98.5% of the company’s shares.
His billionaire journey
In 2019, Abdulsamad Rabiu returned to the billionaires’ club with a net worth of $1.6 billion as the 16th richest person in Africa and third in Nigeria. His wealth dropped off in 2014. He told Forbes in an interview that it was due to Naira devaluation.
17 total views, 2 views today