Nigeria’s second-richest man Abdul Samad Rabiu splashes $4.8 million to acquire new shares in BUA Cement

Omokolade Ajayi -

Billionaire businessman Abdul Samad Rabiu, the chairman of BUA Group, a rapidly growing industrial and manufacturing conglomerate in Africa, has spent a whopping $4.8 million to acquire additional shares in his flagship company, BUA Cement Plc.

According to a notification of share dealing by an insider, published on Wednesday, July 26, Rabiu acquired an additional 45 million shares in BUA Cement, amounting to N3.82 billion ($4.82 million). This transaction took place on the floor of the Nigerian Exchange on Monday, June 26, in a single deal at an average price of N85 ($0.1072) per share.

As a result of this latest share purchase, Rabiu’s stake in BUA Cement has increased from 95.99 percent, or 32,507,676,294 shares, to 96.13 percent, or 32,552,676,294 shares. This further solidifies his position as the second-richest investor on the Nigerian Exchange, trailing only behind billionaire industrialist Aliko Dangote.

BUA Cement, headquartered in Lagos, is the second-largest cement company in Nigeria, boasting a combined installed capacity of 8 million tonnes per annum, and is recognized as one of the leading cement manufacturers on the African continent.

At the time of writing, BUA Cement shares were trading at N98.95 ($0.125) on the Nigerian Exchange, attributing a market capitalization of N3.35 trillion ($4.22 billion) to the group. This market capitalization places BUA Cement as the fourth most valuable company on the local bourse.

Based on the current share price, the total market value of Abdul Samad Rabiu’s 96.13 percent stake in BUA Cement now stands at N3.22 billion ($4.06 billion). This contributes to Rabiu’s overall net worth of $5.3 billion, securing his position as the fifth-richest billionaire in Africa.

He follows Egyptian billionaire Nassef Sawiris and South African billionaire Nicky Oppenheimer, who hold the fourth and third-richest positions, respectively.

Rabiu’s acquisition of additional shares in BUA Cement demonstrates his unwavering confidence in the company’s growth prospects and commitment to strengthening his stake in the leading cement manufacturer.