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Billionaire Watch

Has Dangote ended his ‘long-time beef’ with BUA’s Samad Rabiu?

Nigerian business magnates, Abdul Samad Rabiu of BUA Group, and Alhaji Aliko Dangote of the Dangote Group may have put their pasts behind.

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Has Dangote ended his ‘long-time beef’ with BUA’s Samad Rabiu?

Nigerian business magnates, Abdul Samad Rabiu of BUA Group, and Alhaji Aliko Dangote of the Dangote Group may have put their pasts behind.

In what seems to be a reconciliation meeting, the BUA Chairman recently received Dangote in audience at his company’s headquarters.

Has Dangote ended his ‘long-time beef’ with BUA’s Samad Rabiu?

Aliko Dangote and Samad Rabiu

Prior to this development, the billionaires had for a long time, been rivalries as they both share some similarities. Aside from being major players of the same sectors of the economy, they both hailed from Kano State.

It is of common knowledge that the wealthy Nigerians were not only fierce rivals in the Nigerian business environment, but were also embroiled in a bitter conflict of interests that made their relationship a topic of discussion among Nigerians at large.

[READ MORE: Dangote subsea pipeline to curb gas flaring, links Niger Delta to Lekki)

Nairametrics understands that the recently-held meeting between Dangote and Rabiu may have doused off their alleged indifferences, as they both shared exciting moment together, alongside the Chairman, Flour Mills Nigeria, John Coumantaros.

The meeting started with Rabiu appreciating the businessmen for coming to share their visions and aspirations in transforming and industrializing the food sector in Nigeria.

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In response, Dangote and Coumantaros restated their mutual commitments to improving food security in Nigeria with optimism. Apparently improving food security in Nigeria was the core reason for the meeting.

Speaking further, Coumantaros said Flour Mills and BUA Group had made the commitment and partnership to enhance food security in Nigeria. Indeed, BUA Group and Flour Mills are two of West Africa’s largest investors in the foods and agribusiness sector.

Recall that BUA Group consolidated its cement business comprising the publicly listed 2million Mtpa Cement Company of Northern Nigeria Plc (CCNN) and 6 million mtpa Obu Cement Company Plc in October 2019. The consolidation was made in anticipation of enhancing the growth of the cement industry and boosting the Nigerian economy.

According to Rabiu, the newest 3 million metric tonnes cement plant, which the group started constructing in 2018 (the $450 million Sokoto Kalambaina II plant,) is scheduled for completion in the second half of 2020.

[READ ALSO: The Zero to Hero Story of Abdulsamad Rabiu)

Has Dangote ended his ‘long-time beef’ with BUA’s Samad Rabiu?

John Coumantaros

He added that this consolidation marks the culmination of the first phase of the BUA mid-term strategic plan for its cement businesses, which currently include four cement plants spread across Obu Cement Company and the Cement Company of Northern Nigeria.

Jaiz bank

“With the consolidation and addition of the Sokoto Kalambaina II plant, this will bring BUA Cement’s total installed capacity across all its cement holdings to 11 million MTPA. 

“A new $450million Sokoto Kalambaina II Plant is scheduled to come on stream in the second half of 2020 alongside another 48MW power plant to complement the existing assets and take advantage of a growing cement market in Northern Nigeria and the West African region,” said Rabiu.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Billionaire Watch

Meet Christoffel Wiese, the South African billionaire behind Shoprite 

Christoffel Wiese is the de-facto owner of the retail giant and he is worth a collective $1.1 billion, according to Forbes.

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The Shoprite brand is a popular one both in Nigeria and in many African countries. It is arguably one of the biggest retail chains on the continent presently operating in fourteen African countries. Although many people know the brand to be from South Africa, not many know the brain behind it. We will tell you about him in this article.

Christoffel Wiese is the de-facto owner of the retail giant and he is worth a collective $1.1 billion according to Forbes.

How big is Shoprite? 

According to its official website, Shoprite is the largest supermarket retailer on the African Continent.

  • It has over 505 outlets in Africa.
  • It is present in 14 African countries.
  • It has over 2387 corporate stores and 17 brands.
  • Shoprite directly or indirectly employs at least 140,000 employees in Africa.

Meet Christoffel Wiese, the retail billionaire 

Mr Wiese is the largest individual shareholder in Shoprite and undoubtedly one of the leading entrepreneurs on the continent. He owns 10.7% of shares in Shoprite Holdings according to Market Watch.

Christoffel Wiese holds a Bachelor’s degree in Law and practised the profession for some time before assuming the position of an executive director in Pepkor, a small clothing chain his parents founded. The business saw tremendous growth under his leadership and he later proceeded to buy out Shoprite when it was still a small chain of stores in South Africa.

He assumed the position of Chairman at Shoprite Holdings and the rest, they say is history. Weise grew Shoprite into the retail behemoth that it is today spanning 14 African countries and employing over 140,000 workers.

Christoffel Wiese was once the richest man in South Africa. His finances have dipped according to Boomberg but Forbes still pegs his net worth at $1.1 billion. He is 79 years old and is set to retire soon.

What you should know 

  • Shoprite Holdings is not the only company Mr Wiese owns. In fact, Shoprite is just one department of his retail business.
  • He owns Pepkor a renowned South Africa-based retail investment holding company that deals mainly in low-price markets, primarily selling textiles, clothing and footwear.
  • He is also a Non-Executive Chairman at Invicta Holdings Ltd., a diversified industrial goods wholesale company.

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Billionaire Watch

Jeff Bezos set to splash $500 million on a super yacht

The superyacht acquired by Jeff Bezos costs an estimated $500 million and this is just for the main yacht only.

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Jeff Bezos

Let us step away from the business side of things for a minute and discuss what billionaires like Jeff Bezos do with all that money they make.

Jeff Bezos recently acquired what can only be described as a superyacht. The massive yacht was designed by luxury yacht makers, Oceanco and is so big that it needs another smaller yacht as support.

According to Bloomberg, the superyacht acquired by Jeff Bezos costs an estimated $500 million and this is just for the main yacht only.

READ: Jeff Bezos overtakes Elon Musk to become world’s richest man

The 417-foot superyacht costs half a billion dollars. This might sound like a prohibitive amount to most people but definitely not for Jeff Bezos who made $75 billion in 2020.

The yacht, when completed, would be larger than a football field and it is arguably one of the biggest in the world.

What you should know

The COVID-19 pandemic positively impacted the US boat and yacht industry as wealthy Americans opted to fire up their water vehicles and go for a spin!

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