The net worth of Abdul Samad Rabiu, Chairman of BUA Cement Plc, has jumped to $7.3 billion thanks to the positive performance of his publicly traded assets on the Nigerian Exchange( NGX).
Rabiu’s net worth has risen from $4.9 billion earlier in 2022, thanks to the positive performance of his cement company, BUA Cement Plc, and the increase in the market capitalization of his food company, BUA Foods, since listing on the Nigerian Exchange on January 5.
The details: The 62-year-old billionaire, who derives the majority of his wealth from his publicly listed companies on the Nigerian Stock Exchange — BUA Cement Plc and BUA Foods Plc — saw his net worth increase by $300 million in the past two weeks alone, from $7 billion as of November 27. Rabiu owns 98.5% of BUA Cement Plc.
The increase in the market value of his stake further solidifies his position as Nigeria’s second-richest man and one of Africa’s richest billionaires, narrowing the wealth gap between him and Africa’s richest man Aliko Dangote.
BUA Cement earnings: The cement company reported a 12.3% increase in profit during the first nine months of its 2022 fiscal year, from N65.9 billion ($145 million) in the same period in 2021 to N74 billion ($168.4 million), as cement sales increased by double digits.
During the period under review, the leading cement manufacturer opened a 3-million-metric-tonne cement factory in Sokoto, a state in northwestern Nigeria, as part of its expansion plans to meet the country’s ever-increasing cement demand as well as regional exports to other countries.
In case you missed it: Africa’s leading foods, mining, and infrastructure conglomerate, BUA Group, and its Chairman, Abdul Samad Rabiu, recently clinched several awards at the just concluded 16th edition of the Sustainability, Enterprise, and Responsibility (SERAS) CSR Awards in Lagos.
BUA Group won 3 awards for “Best Company in Infrastructure Development”, “Best Company in Social Impact/Human Capital Development” and “Impact Investor of The Year” for its economic and human capital development across Africa while Abdul Samad Rabiu, founder and chairman of BUA Group bagged the “CEO of the Year” award for his exemplary leadership role, philanthropy, and positive impact across Sub- Sahara Africa.