Nigerian billionaire Abdulsamad Rabiu has re-entered Bloomberg’s prestigious list of the world’s wealthiest individuals after significant increases in the valuations of his top companies.
According to the Bloomberg Billionaires Index, Rabiu, at the age of 63, currently boasts a net worth of $5.98 billion, making him the 403rd richest person globally.
Rabiu, alongside his compatriot and Africa’s richest man, Aliko Dangote, collectively holds a fortune amounting to $16.3 billion.
News About Nigeria gathered that Abdulsamad Rabiu is recognised as the founder and chairman of the BUA Group, a Nigerian conglomerate with diverse interests.
Notably, one of the key contributors to Rabiu’s wealth is his ownership of BUA Cement, a subsidiary of BUA Group.
BUA Cement is the second-largest cement manufacturer in Nigeria and is set to achieve a turnover of N361 billion in 2022.
Another listed subsidiary, BUA Foods, operates as the largest producer of paper and flour in Nigeria.
The majority of Rabiu’s wealth is derived from his shares in BUA Cement, and the 2023 half-year report indicates that he directly owns about 98% of the company’s shares, both individually and through three other affiliated companies.
Investor confidence in BUA Cement has been on a consistent upswing, with the share price witnessing a 12.55% increase over the past week.
It reached an all-time high of N105.80, reflecting an impressive year-on-year change of over 107%.
BUA Foods has also displayed remarkable financial performance. Its second-quarter results indicated a remarkable year-on-year increase in pre-tax profits, reaching N61.81 billion. The company is resilient against exchange rate fluctuations, differentiating it from other industry players.
The impressive financial performance of BUA Foods led to a substantial pre-tax profit of N109.38 billion for the first half of the year, compared to N42.702 billion in the same period in 2022.
The profit after tax stood at N95.2 billion by the end of June 2023, marking a notable 142.24% increase from the same period in the previous year.
Moreover, the company’s 2023 half-year report states that BUA Foods controls 93% of the market share, making it the owner of Nigeria’s largest pasta and flour factory.
In a recent philanthropic gesture, Alhaji Abdul Samad Rabiu donated N2 billion over the weekend to support the reconstruction of the Central Mosque in Zaria town, Kaduna State, demonstrating his commitment to community development.
