Home » Nigerian billionaire Abdul Samad Rabiu to pocket $208 million in dividends

Nigerian billionaire Abdul Samad Rabiu to pocket $208 million in dividends

by Mfonobong Nsehe

Abdul Samad Rabiu, one of Nigeria’s richest billionaires and leading industrialists, is set to receive a dividend of N86.5 billion ($208 million) from his stake in BUA Cement Plc after the cement company posted its highest-ever profit at the end of 2021.

BUA Cement, Nigeria’s second-largest cement producer, operates with a combined installed capacity of 8 million tonnes per annum under the leadership of Rabiu, who owns 92.2 percent of the company.

The $208-million dividend that Rabiu is set to receive from his stake in the fast-growing cement company is part of a cash distribution approved by the board of directors. The dividend payout will come from the group’s retained earnings of approximately N181.9 billion ($437.5 million).

According to the firm’s corporate announcement, Rabiu’s multimillion-dollar dividend, which will be disbursed alongside other shareholders’ payout, will be paid electronically into his account on July 21, representing a 32.5 percent increase over the $157-million dividend he received last year.

The 32.5-percent increase in the dividend payout can be attributed to BUA Cement’s impressive financial performance at the end of 2021, despite the impact of the COVID-19 pandemic on its operations in 2021.

The cement tiger’s profit increased by 24.5 percent in 2021, from N72.3 billion ($174 million) at the end of 2020 to N90.08 billion ($216.7 billion) in 2021: This is the cement company’s highest profit since its founding in 2008.

The double-digit earnings growth can be linked to a surge in cement demand, which was driven by renewed interest in real estate assets and an increase in government spending on infrastructure.

As a result of the strong performance, the Board of Directors approved a dividend of N2.6 ($0.0063) per share to its shareholders, an increase from the N2.067 ($0.0050) dividend paid last year.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.