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The world-class research laboratory is one of many interventions under ASR Africa’s Tertiary Education Grants Scheme (TEGS), which is funded by ASR Africa’s $100-million Fund for Social Development and Renewal.
The financing will be facilitated through Nigeria’s tax credit scheme, designed to attract private sector participation in infrastructure development.
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Revenue growth was fueled by a significant increase in sugar sales. the strong performance expands its lead as Nigeria’s top food conglomerate.
Ranked as Nigeria’s third-richest person and Africa’s sixth by Forbes, Rabiu has recently experienced a notable drop in his wealth figures.
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.