Home » Nigeria’s second-richest man declares 50-percent salary increase across his group

Nigeria’s second-richest man declares 50-percent salary increase across his group

The announcement comes on the heels of BUA Group's impressive growth across its core subsidiaries

by Omokolade Ajayi
Abdul Samad Rabiu

Abdul Samad Rabiu, Nigeria’s second-richest person and the leader of BUA Group, a rapidly expanding manufacturing conglomerate in Africa, has given his approval for a substantial 50 percent increase in staff salaries across his conglomerate, in a significant move to prioritize employee welfare.

The decision, communicated via an internal memo from Mohammed A. Wali, Head of Human Resources, underscores BUA Group’s unwavering commitment to employee welfare, especially amidst current economic challenges in the country.

The salary increment, which is applicable to both permanent and non-permanent staff, underscores BUA Group’s comprehensive approach towards employee well-being. This highlights Abdul Samad Rabiu’s dedication to supporting his entire workforce during tough economic times, acknowledging the challenges faced by his employees.

The announcement comes on the heels of BUA Group’s impressive growth across its core subsidiaries. The conglomerate attributes its success to effective cost-cutting strategies and strategic investments in state-of-the-art facilities and equipment.

Notably excelling in the cement production sector, BUA Cement boasts a combined production capacity of 11 million tonnes per annum. In the food business, BUA Foods, which includes subsidiaries such as BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited, achieved a remarkable milestone by surpassing the $610-million revenue mark at the end of its 2023 fiscal year.

The internal memo expressed optimism that the substantial salary increase would inspire employees to be more committed to their duties, acknowledging the confidence placed in them by the company. This move not only addresses the economic hardships faced by the staff but also reinforces BUA Group’s determination to alleviate their financial burden.

In response to the announcement, the Human Resources and Finance departments of BUA Group are actively engaged in processing the salary increase to ensure seamless integration into the February 2024 payroll. The proactive steps taken by the conglomerate reflect its dedication to promptly implementing the salary adjustments, demonstrating a commitment to its workforce’s well-being.

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