Abdulsamad Rabiu re-joins Bloomberg’s elite list after recent increases in the valuations of his top companies.
The Bloomberg Billionaires Index shows that the 63-year-old billionaire currently has assets worth $6.56 billion. He is the 382nd richest person on the planet. He has a year-to-date wealth gain of $2.48 billion
The billionaire, along with his compatriot and Africa’s richest man, Aliko Dangote, with a fortune of $18.5 billion, are the only Nigerian citizens on Bloomberg’s top 500 richest people list.
Ironically, both of them are not on good terms as Aliko Dangote accused Abdul Samad Rabiu of attempting to instigate a probe into alleged money laundering at business entities controlled by him
Investor confidence in BUA Cement has increased consistently, with the share price increasing by 12.55% over the past week, reaching an all-time high of 148 with a yearly of 65%. The blue-chip stock now has a market valuation of N4.57 trillion on the NGX at the time of filing this report
Rabiu recently emphasized that BUA is committed to ensuring that the cement product is affordable and accessible for clients, even in the face of several industry hurdles.
He claims that the cement company’s Sokoto location, which is scheduled to open in January 2024, will likely contribute to the nation’s overall market expansion.
Nevertheless, as it completes plans to construct a new plant that would increase the nation’s cement supply capacity by an additional 5 million tons, investors are showing interest in the large Nigerian cement manufacturer BUA Group.
Investors also maintain their grip on BUA Foods Plc after it reported a Profit After Tax growth of 54 percent to N105.6 billion for the nine months ended September 30, 2023, as against N68.761 billion it recorded same period in 2022. The stock has a yearly return of 289% and a market valuation of N4.32 trillion
Rabiu founded the BUA Group the country’s second biggest conglomerate after Dangote Industries. BUA Cement, its subsidiary situated in Lagos, is projected to be the nation’s second-largest cement manufacturer with a N361 billion turnover in 2022. BUA Foods, another publicly traded business, is the largest flour mill in Nigeria, producing flour and paper.
Rabiu’s ownership of BUA Cement, the second-largest cement maker in Nigeria, accounts for a significant portion of his wealth. According to the company’s 2023 semi-annual report, he directly and through three other entities owns around 98% of the business.
He also controls a 93% stake in BUA Foods, which owns the largest pasta and flour plant in Nigeria, according to the company’s 2023 semi-annual report.
Rabiu was born in 1960 in Kano, a city in northern Nigeria. His late father, Isyaku Rabiu, founded Isyaku Rabiu & Sons, which expanded into manufacturing, finance, and real estate. After studying economics at Capital University in Ohio, he returned to Nigeria at age 24 and oversaw the family business.
In 1988, he established the BUA Group and began importing steel, iron, and food. Through a series of acquisitions, notably the 2009 acquisition of the Cement Corporation of Northern Nigeria (CCNN), the corporation expanded into a manufacturer of both sugar and cement.
Abdul Samad Rabiu’s path to entrepreneurship
After completing his economics studies at Capital University in Ohio, he returned to Nigeria at the age of twenty-four to take over the family business. In 1988, Rabiu established the BUA Group by importing steel and food. The company has evolved into a cement and sugar manufacturer through a series of mergers, which included the 2009 acquisition of Cement Company of Northern Nigeria
