Abdulsamad Rabiu, the founder of BUA Group, Nigeria’s leading manufacturing conglomerate with a key focus on cement manufacturing, sugar refining, and real estate, has seen his stakes in BUA Cement Plc increase by N1.2 trillion since January 2020.
The billionaire with a total wealth value of $5.5 billion – making him the sixth richest man in Africa in 2021, according to Forbes – listed his cement conglomerate business (BUA Cement Plc) on the Nigerian Stock Exchange on January 9, 2020.
This move saw his cement company clinch the position of the third-largest company on NSE, with the company adding a total of N1.25 trillion to NSE’s market capitalization.
Rabiu is the single majority shareholder of BUA Cement, considering his direct and indirect stakes in the company, which amount to a total of 31.27 billion ordinary shares of the cement manufacturer. His stakes represent a total of 92.3% issued share of the company.
BUA Cement’s market value since its listing on the Exchange in January 2020 has soared by N1.3 trillion, with the shares of the cement maker increasing from N36.78 per share to N74.75 per share.
The market value of Abdulsamad’s stakes in BUA Cement has also increased from N1.15 trillion at the close of trade the day BUA became a listed company on NSE, to N2.34 trillion at the close of trading activities on Friday, 14th of March 2021.
This puts the gains from his holdings in BUA Cement at N1.19 trillion.
Facts about Rabiu
Abdul Samad Rabiu set up his own business, BUA International Limited in 1988 for the sole purpose of commodity trading, with a key focus on rice, edible oil, flour, and iron and steel.
He has been an active business leader since age 24, when his father, Alhaji Isiaku Rabiu, was detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties.
Abdul Samad was worth $1.2 billion in 2014, however, his worth in recent time has soared past the $5 billion mark, thus setting him on the list of Africa’s Richest People, and one of the most influential industrialists in the continent.
What you should know
- BUA Cement -previously OBU Cement – is the fastest-growing cement manufacturer in Nigeria. The company was born out of the merger between the Cement Company of Northern Nigeria (CCNN) and OBU Cement – entities majorly owned by Alhaji Abdulsamad Rabiu and Alhaji Isiaka Rabiu respectively.
- It is the second-largest cement manufacturer in the company with a total installed capacity of 8 million MTPA. However, with the addition of a new cement line this year, BUA Cement’s total installed capacity is expected to expand from 8 million MTPA to 11 million MTPA.
- In line with BUA’s strategic midterm expansion programme, the company is expected to consolidate on its position as one of Nigeria’s most profitable companies, with the addition of 3 new lines of 9 million metric tonnes total capacity in Adamawa, Edo, and Sokoto States by 2023.
- This move is expected to expand the cement tiger’s total installed capacity to 20million metric tonnes per annum by 2023, in an effort t0 position BUA Cement for better competitiveness within its home market and also enable it to utilize modern plant and equipment to expand dominance in the market and unlock Pan-African opportunities in the Continent.