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Sat, Jul 29, 2023 8:25 PM

Abdul Samad Rabiu Invests $4.8 Million Into BUA Cement Plc, Climbing Africa's Billionaire List

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Abdul Samad Rabiu Invests $4.8 Million Into BUA Cement Plc, Climbing Africa's Billionaire List
Abdul Samad Rabiu, chairman of BUA Group, has invested $4.8 million in BUA Cement, increasing his stake in the company to 96.13%. This investment propels Rabiu closer to the top spot on the Nigerian Exchange, currently held by Aliko Dangote. BUA Cement is the second-largest cement company in Nigeria and has a market capitalization of $4.22 billion. Rabiu's continued investment reflects his confidence in the company's growth and solidifies his position amongst Africa's billionaires.

Lagos, Nigeria - Abdul Samad Rabiu, the chairman of BUA Group, has made a significant investment in BUA Cement Plc, further solidifying his position in the cement industry and climbing up Africa's billionaire list.

Rabiu purchased an additional 45 million shares in BUA Cement on the Nigerian Exchange, representing an investment of $4.8 million. This move increases his stake in the company from 95.99% to an impressive 96.13%.

As the second-largest cement company in Nigeria, BUA Cement has gained recognition as a leading cement manufacturer in Africa. With a combined installed capacity of 8 million tonnes per annum, the company has successfully made a name for itself in the industry.

The latest investment places Rabiu closer to the top spot on the Nigerian Exchange, which is currently held by fellow billionaire industrialist, Aliko Dangote. Both Rabiu and Dangote have played significant roles in shaping Nigeria's industrial landscape.

Bua Cement's shares are currently trading at N98.95 ($0.125) on the Nigerian Exchange, with a market capitalization of $4.22 billion. This valuation identifies BUA Cement as the fourth most valuable company on the Nigerian Exchange.

Rabiu's investment brings the total market value of his stake in BUA Cement to $4.06 billion, significantly contributing to his overall net worth of $5.3 billion.

This substantial investment made by Rabiu underscores his unwavering confidence in the growth trajectory of BUA Cement. It also reinforces his commitment to strengthen his position in the leading cement manufacturer in Nigeria.

Although Aliko Dangote, the President of Dangote Group, remains the richest individual in Africa with a net worth of $15.6 billion, Rabiu's continued investments in BUA Cement bring him closer to the top.

Rabiu's investment in BUA Cement demonstrates his belief in the company's potential for further growth and long-term success in the cement industry. His commitment sets an inspiring example for other industrial magnates in Africa.

With ongoing economic challenges and currency instability, the presence of African billionaires like Rabiu and Dangote indicates the potential for industrial growth and prosperity on the continent.

Source of content: OOO News 2023-07-29 News

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