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The $79.4-million dividend which will be paid electronically into the bank accounts of Abdul Samad Rabiu and his son from the group’s 2023 earnings of $210.48 million, is part of a proposed cash distribution by the board of directors.
The substantial dividend underscores the company’s dedication to rewarding its shareholders following an outstanding performance in 2023.
ASR Africa has initiated the construction of a state-of-the-art administrative block and conference room at Al-Qalam University in Katsina State, Nigeria.
The recently published financial report highlights a remarkable 27.4-percent surge in revenue, rising from $223.2 million in 2022 to $284.4 million in 2023.
In the face of economic challenges, Nigerian billionaire Aliko Dangote emphasizes the need for swift and decisive action from both the public and private sectors.
This highlights Rabiu’s dedication to supporting his entire workforce during tough economic times, acknowledging the challenges faced by his employees.
The conglomerate is majority-owned by Nigeria’s second-richest man, Abdul Samad Rabiu, and his son, Isyaku Naziru Rabiu.
BUA Foods Managing Director Ayodele Abioye unveils BUA Foods’ struggle with FX rate instability.
According to Forbes, Rabiu’s net worth, which soared to $8.4 billion in January 2024, dropped to $5.7 billion.
With a year-to-date wealth gain of $4.18 billion, pushing his net worth to $8.27 billion, he ranks among the top 20 wealth gainers globally in January 2024.
Rising shares propel Rabiu’s stake in cement and food ventures to a combined $11.91-billion valuation.
Rabiu’s $7.2-billion fortune places him second in Nigeria, fifth in Africa, and 343rd globally on Forbes’ billionaires list.
His net worth now stands at $7.4 billion — solidifying his position as a top figure in Africa’s business landscape.
Starting 2023 with a net worth of $7.5 billion, Rabiu faced a $1.8-billion wealth decline due to the Central Bank’s implementation of a free float policy.
With Rabiu at the helm, BUA Group has emerged as a major player in Africa’s foods, mining, manufacturing, and industrial sectors.
BUA Cement has solidified its position as Nigeria’s second-largest cement producer.