Abdul Samad Rabiu’s BUA Cement firm posts lower earnings; profits slump below $60 million
Rabiu derives the majority of his fortune from his 96-percent stake in BUA Cement.
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Rabiu derives the majority of his fortune from his 96-percent stake in BUA Cement.
ASR Africa is a nonprofit foundation founded by Rabiu in April 2021.
Rabiu is also anticipating another handsome dividend of $198 million from his shareholding in BUA Cement.
Rabiu is also one of the continent’s most prominent philanthropists.
Rabiu is also set to receive a dividend of $198 million.
Rabiu holds a 96.3-percent ownership stake in BUA Cement.
Rabiu’s net worth has increased by more than $700 million in the past 24 hours, from $7.1 billion to $7.8 billion.
Rabiu maintains his rank as Nigeria’s second-richest person, outpacing telecom billionaire Mike Adenuga.
Since the start of the year, Sawiris’ net worth has risen by $200 million.
BUA Group is a leading infrastructure conglomerate.
While the number of African billionaires rose from 18 to 19, their collective wealth took a hit.
Rabiu and his son, Isyaku Naziru Rabiu, own 99.8 percent of BUA Foods.
Rabiu is Nigeria’s second-richest man.
He remains Nigeria’s second-richest man.
Three African billionaires managed to buck the trend.
The investments were made as part of the Nigeria Sugar Master Plan.