The Chairman of BUA Cement Plc, Abdul Samad Rabiu, saw his wealth increase to $8 billion, overtaking Egyptian billionaire Nassef Sawiris to become the continent’s fourth richest man.
According to Forbes, Rabiu earned over $1.1 billion in 2022, pushing his net worth to $8.1 billion from $7 billion at the start of the year.
The significant increase was due to the rise in the shares of his publicly traded companies BUA Cement Plc and BUA Foods Plc. Recall that after BUA Foods Plc was listed on the Nigerian Exchange on January 5, his wealth to shut up from $4.9 billion to $7 billion within 48 hours.
BUA Cement shares have increased from N77 ($0.1725) to N97.75 ($0.219) as of the time this report was written, according to data retrieved from the Nigerian Exchange.
BUA Cement 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), while other cement companies struggled to match their 2022 results.
Cement sales increased by double digits. As part of its expansion plans to meet the nation’s expanding cement demand as well as regional exports to other nations, the top cement manufacturer opened a 3-million-metric-ton cement factory in Sokoto, a state in northwest Nigeria, during the period under review.