Abdul Samad Rabiu, CEO of BUA, is ranked first among wealthy Africans.

Abdul Samad Rabiu, CEO of BUA, is ranked first among wealthy Africans.

Abdul Samad Rabiu, CEO of BUA, is ranked first among wealthy Africans.

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BUA CEO, Abdul Samad Rabiu, has arguably become a force to be reckoned with as one of Africa’s premier entrepreneurs with magic wands and a gold heart NewsReport learned

He has carved a niche for himself as one of Africa’s richest billionaires and Nigeria’s second richest billionaire. And his genuine philanthropic gestures across the board are unparalleled.

According to reports, BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wednesday, Jan. 5, after receiving the necessary regulatory approvals.

As a result, Rabiu’s net worth, the majority owner of one of Africa’s fastest-growing cement companies, has increased.

Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods. His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.

The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).

As of press time, on Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).

The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.
His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion.

2. R-L: Governor Kayode Fayemi of Ekiti State, Ubon Udoh, Managing Director, ASR Africa, and O’tega Ogra, GM, Corporate Communications, BUA Group during the presentation by ASR Africa of three ambulances to Ekiti State through the BUA Foundation Hospital Equipment Access Scheme.

The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.

BUA CEO, Abdul Samad Rabiu Ranks Top Among Wealthy Africans
Arguably, BUA CEO, Abdul Samad Rabiu has become a force to be reckoned with as one of the leading entrepreneurs in Africa with magic wands and a heart of Gold. He has carved a niche for himself as one of the Richest billionaires in Africa and second in Nigeria.

And his genuine philanthropic gestures across the board are second to none.
Reportedly, BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.