Abdulsamad Rabiu re-joins Bloomberg’s elite list after recent increases in the valuations of his top companies. Bloomberg Billionaires Index shows that the 63-year-old billionaire currently has assets worth $5.98 billion..….CONTINUE.FULL.READING>>>...For More CONTINUE THE FULL READING▶▶
He is the 403rd richest person on the planet.
The Nigerian billionaire, along with his compatriot and Africa’s richest man, Aliko Dangote, has a fortune of $16.3 billion.
Rabiu is the founder and chairman of BUA Group, a Nigerian conglomerate. Its Lagos-based subsidiary, BUA Cement, is the second largest cement manufacturer in the country and has a turnover of N361 billion in 2022. Another listed subsidiary, BUA Foods, has a flour mill biggest paper and flour from Nigeria.
According to the company’s website, the majority of Rabiu’s wealth comes from his shares in BUA Cement, the second-largest cement producer in Nigeria.
According to the 2023 half-year report, he owns about 98% of the company’s shares directly and through three other companies.
BUA Cement hits all-time high
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 N105.80 with a year-on-year change of over 107%.
BUA Foods’ second-quarter results showed a 289.61% year-on-year increase in pre-tax profits to reach N61.81 billion. Unlike other companies in the same industry, BUA Foods does not suffer any negative impact from exchange rate fluctuations
This took pre-tax profit for the half year to N109.38 billion, compared to N42.702 billion in the same period last year.
BUA Foods’ profit after tax was N95.2 billion by the end of June this year, compared to N39.3 billion as of the same period in 2022, a 142.24% increase.
According to the company’s 2023 half-year report, it also controls 93% of BUA Foods, which owns Nigeria’s largest pasta and flour factory.
Alhaji Abdul Samad Rabiu, over the weekend, donated N2 billion to rebuild the Central Mosque in Zaria town, Kaduna State.
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.
He founded BUA Group in 1988, importing food, iron, and steel. The company became a cement and sugar producer through a series of mergers, including the acquisition of the Cement Company of Northern Nigeria (CCNN) in 2009.
About the Bloomberg Billionaires Index
Launched in March 2012, the Bloomberg Billionaires Index is a daily ranking of the world’s 500 richest people based on their net worth.
It draws on information from stock market events, economic indicators, and news reports, contains profiles of each billionaire, and includes tools that allow users to compare the wealth of several millionaires. increase. The index is updated daily with closing prices in New York.….CONTINUE.FULL.READING>>>
