Chairman/Chief Executive Officer of the BUA Group Abdulsamad Rabiu is set to pocket over ₦800 million as dividends from Cement Company of Northern Nigeria (CCNN).
CCNN (also known as Sokoto cement) is proposing a final dividend of ₦1.25 per share for the year ended December 2017, its highest in the last 5 years. The fantastic results are largely due to a 46% increase in cement prices.
Rabiu has an indirect holding of 691,359,467 shares through Damnaz Cement company limited and BUA International Limited. This equates to a 50.72% stake in the firm. He will thus earn about ₦864 million as dividends.
Cement Company of Northern Nigeria Plc (also known as Sokoto Cement) was incorporated as a limited liability company on the 15th August 1962 and commenced business operation in 1967. The Company was listed on the Nigerian Stock Exchange on the 4th October 1993. The BUA group took a majority stake in the firm in 2010.
BUA International Limited was established in 1988 as a trading company to undertake importation of iron & steel, importation of rice. The group has since expanded into Manufacturing, Port Management, Oil Milling, Oil & Gas, Iron & Steel, Shipping & Real Estate.