Rabiu is also set to receive a dividend of $198 million.
BUA Group
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Rabiu holds a 96.3-percent ownership stake in BUA Cement.
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Abdul Samad Rabiu reclaims title of fourth-richest man in Africa with $700-million net worth surge
Rabiu’s net worth has increased by more than $700 million in the past 24 hours, from $7.1 billion to $7.8 billion.
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Abdul Samad Rabiu loses Africa’s fourth-richest spot as net worth drops $545 million in 24 hours
Rabiu maintains his rank as Nigeria’s second-richest person, outpacing telecom billionaire Mike Adenuga.
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Rabiu is Nigeria’s second-richest man.
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He remains Nigeria’s second-richest man.
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Rabiu’s grant will provide a much-needed boost to higher education in Nigeria.
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Rabiu’s participation in the fundraising comes after he established the $23.8-million Nigeria Security Support Fund.
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Nigerian billionaire Abdul Samad Rabiu’s BUA Cement posts $168.4 million in profit in 9M 2022
Rabiu derives the majority of his fortune from his 92-percent stake in BUA Cement.
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Nigerian billionaire Abdul Samad Rabiu suffers $1.2-billion loss in August from stake in BUA Cement
BUA Cement is Nigeria’s second-largest cement producer with a combined installed capacity of 8 million tonnes per annum.