Photo: Abdul Samad Rabiu, Chairman, BUA Cement Plc
The net worth of Abdul Samad Rabiu, Chairman of BUA Cement Plc,, has increased from about $7billion at the beginning of 2022 to about $8billion now.
With this development, Rabiu has overtaken Egyptian billionaire, Nassef Sawiris, to become the fourth richest man in Africa.
Forbes’ latest billionaires ranking released on Friday explained that 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.
According to the publication, significant increase was due to the rise in the shares of his publicly traded companies BUA Cement Plc and BUA Foods Plc.
BUA Foods Plc was listed on the Nigerian Stock Exchange on January 5, and his wealth catapulted from $4.9 billion to $7 billion within 48 hours.
Also, according to data retrieved from the Exchange, BUA Cement shares have increased from N77 ($0.1725) to N97.75 ($0.219) as of the time of filing this report.
It said that 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).
It added that other cement companies struggled to match their 2022 results.
In line with its expansion plans to meet the nation’s expanding cement demand, as well as regional exports to other nations, BUA opened a 3-million-metric-tonne cement factory in Sokoto, during the period under review.
