Nigerian billionaires Aliko Dangote, Abdul Samad Rabiu bag merit awards in Niger
The billionaires have both played an important role in the country’s economic growth.
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The billionaires have both played an important role in the country’s economic growth.
Rabiu and his son own 99.8 percent of the newly established food business.
The double-digit rise in earnings was driven by increased revenue from $299.3 million to $454.1 million.
Rabiu, Africa’s fifth-richest man, is presently worth $6.3 billion, according to Forbes.
Rabiu is also on track to earn another $151.66 million in dividends from his newly consolidated food business, BUA Foods.
Rabiu is one of the continent’s wealthiest businessmen, with a $7-billion net worth.
From January to June, the combined net worth of Africa’s 10 richest billionaires fell by $1.22 billion.
BUA Group has emerged as one of Africa’s fastest-growing manufacturing conglomerates.
Rabiu derives most of his fortune from his 98-percent stake in BUA Foods and 92-percent stake in BUA Cement.
Rabiu is now Africa’s fifth-richest man.
The total value of Rabiu’s shares in publicly traded companies is now more than $8.6 billion.
BUA Group is a leading food, infrastructure, mining and manufacturing conglomerate.
The result suggests that it is on track to deliver yet another record performance at the end of Q2 2022.
Rabiu and his son own 99.8 percent of the newly established food business segment.
The increase in the group’s profit can be attributed to a significant increase in the sales of its products.
The multimillion-dollar surge in the market value of Rabiu’s stake can be linked to the year-to-date gains in BUA Cement shares.