- Abdul Samad Rabiu, Chairman of BUA group has seen his wealth jump in the last two weeks
- Rabiu earned $300 million in two weeks due largely to the great performance of his cement company, BUA Cement
- His net worth jumped from $4.7 billion to $7.3 billion in 2022, to narrow the gap between him and Aliko Dangote, Africa’s richest man
Aliko Dangote’s closest rival, Abdul Samad Rabiu’s wealth has surged in the last weeks largely due to the excellent performance of his cement firm, BUA Cement.
His publicly traded assets have jumped also on the Nigerian Stock Exchange.
From $4.7 billion to $7.3 billion
His net worth increased from $4.9 billion earlier in 2022 to $7.3 billion due to the rise in market capitalisation of his food firm, BUA Foods and cement company since they were listed on the Stock Exchange.
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Rabiu’s wealth comes mainly from his firms which are listed on NGX. He owns 98.5 per cent shares in BUA Cement.
According reports, the rise in the market value of shares in his companies strengthens his position as Nigeria’s second-richest man and one of Africa’s billionaires. His current position has further narrowed the gap wealth gap between him and Aliko Dangote, Africa’s richest man.
BUA Cement reported a 12.3 per cent rise in profit during the first nine months of its 2022 financial year, from N65.9 billion in the same period of 2021 to N74 billion due to a jump in cement sales.
Cement sales jump
The cement company opened a 3-million-metric tonne cement factory in Sokoto State to drive expansion and meet local and export needs.
BUA Group and Rabiu received awards at the recently concluded 16th edition of the Sustainability, Enterprise, and Responsibility CRS Awards in Lagos.
The company won Best Company in Infrastructure Development, Best Company in Social Impact/Human Capital Development and Impact Investor of the Year for its human and capital development across Africa.
Rabiu was awarded the CEO of the Year for his outstanding leadership role, philanthropy and positive impact across Africa.
Dangote gains $1.5 billion in November but drops in billionaire ranking
Legit.ng reported that Africa’s wealthiest man, Aliki Dangote, made about $1.5 billion in November as his Cement company, Dangote Cement, made impressive monthly runs.
Dangote’s wealth comes from several large-scale business ventures, and he has remained afloat every year due to his knack for scaling his businesses.
Recently, his cement firm has weathered tough economic headwinds from Nigeria and across Africa to keep as Africa’s richest person.