Abdulsamad Rabiu has reclaimed his position on Bloomberg’s prestigious list of billionaires due to recent increases in the valuations of his prominent businesses. As of now, this 63-year-old Nigerian billionaire possesses assets valued at approximately $5.98 billion, ranking him as the 403rd wealthiest individual globally.

In collaboration with his fellow countryman and Africa’s wealthiest person, Aliko Dangote, Rabiu holds a combined fortune of $16.3 billion.

Rabiu is the originator and chairman of BUA Group, a Nigerian conglomerate. Among its subsidiary companies is BUA Cement, headquartered in Lagos, which stands as the second-largest cement manufacturer in Nigeria and is projected to achieve a turnover of N361 billion in 2022. Another subsidiary, BUA Foods, is listed and operates major flour and paper milling operations in Nigeria.

According to the information presented on the company’s official website, the primary source of Rabiu’s wealth stems from his ownership of shares in BUA Cement, which ranks as the second-largest cement producer in Nigeria. The 2023 half-year report reveals that he directly owns approximately 98% of the company’s shares, both individually and through three other entities.

BUA Cement hits an all-time high.

Investor confidence in BUA Cement has been steadily rising, as evidenced by a 12.55% increase in its share price over the past week, reaching an all-time high of N105.80, with a remarkable year-on-year change of over 107%.

In the second-quarter financial results of BUA Foods, there was a substantial 289.61% year-on-year surge in pre-tax profits, reaching a total of N61.81 billion. Notably, unlike other companies in the same industry, BUA Foods remains unaffected by negative impacts resulting from fluctuations in exchange rates.

This impressive performance led to a pre-tax profit of N109.38 billion for the first half of the year, as compared to N42.702 billion in the same period of the previous year.

The company’s profit after tax also experienced substantial growth, standing at N95.2 billion by the end of June this year, in contrast to N39.3 billion during the same period in 2022, marking a remarkable 142.24% increase.

Furthermore, BUA Foods, as indicated in the company’s 2023 half-year report, maintains a significant 93% ownership stake in Nigeria’s largest pasta and flour factory.

Over the weekend, Alhaji Abdul Samad Rabiu generously contributed N2 billion for the reconstruction of the Central Mosque in Zaria town, located in Kaduna State.

Abdul Samad Rabiu was born in 1960 in Kano, a northern Nigerian city. His late father, Isyaku Rabiu, established Isyaku Rabiu & Sons, a business that diversified into manufacturing, finance, and real estate. After completing his studies in economics at Capital University in Ohio, Rabiu returned to Nigeria at the age of 24 and assumed control of the family’s business.

In 1988, he founded BUA Group, which initially focused on importing food, iron, and steel. Through a series of mergers, including the acquisition of the Cement Company of Northern Nigeria (CCNN) in 2009, the company transitioned into a major cement and sugar producer

Initiated in March 2012, the Bloomberg Billionaires Index is a daily compilation of the globe’s top 500 wealthiest individuals, determined by their total net worth. It relies on data derived from stock market developments, economic metrics, and news updates. It provides individual profiles for each billionaire and offers features that enable users to make wealth comparisons among numerous millionaires. This index is refreshed on a daily basis using closing stock prices from New York.