Nigerian Industrialist Abdul Samas Rabiu has become the second-wealthiest man in Nigeria, surpassing the likes of Mike Adenuga Femi Otedola and Folorunsho Alakija.
The 61-year-old business mogul currently has a net worth of $7.2 billion, which is significantly correlated to the valuation of the BUA conglomerate . According to Forbes, Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
Prior to the pandemic in January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria.
Reports suggest BUA Cement Plc, a combined firm which trades on the Nigerian stock exchange, is largely owned by Rabiu (98.5% share ownership).
The primary rise of Abdul Samad Rabiu net-worth is the BUA Foods, a subsidiary of the BUA conglomerate. Data from the NSE reveals surging share prices of the food business led to the progression of his wealth. BUA foods recently satisfied all conditions necessary for enlisting on the NSE on 5 January 2022.
Market sentiment further changed as investors in the Nigerian Stock Exchange reacted by increasing trade as eighteen billion worth of shares at N40 was injected into trading session.
According to reports, as at close of transactions on the 5th of January 2021, BUA Foods stocks appreciated by 10.00 per cent or N4.00 to settle at N44.00 per unit.
18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the Consumer Goods sector of NGX, with the trading symbol, BUA-Foods.
BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of press time, Jan. 6. The company’s market capitalization increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.
Comments from Abdul Samad Rabiu on the registration of BUA Foods , CON, Chairman of BUA Group “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.” We appreciate the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”