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Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion - Business - Nairaland

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Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by stephanie11: 9:06pm On Jan 06, 2022
POLITICSNIGERIA.COM

BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.


Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods.
His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.


The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).


As of press time, Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).


The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.
His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion.

The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.


Upon the listing of BUA Foods’ shares, the newly formed entity became the largest consumer goods company by market capitalization after Nestle Nigeria Plc, the Nigerian subsidiary of the Switzerland-based consumer goods giant, Nestle S.A.
The successful listing of its shares comes nearly a month after BUA Group spun off its five food businesses, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited.


The group confirmed that the merging of its food businesses into a newly consolidated food company known as BUA Foods will help the conglomerate maintain its leadership status in the agribusiness and food-processing sectors.
While speaking about his food business, Rabiu noted that listing the shares would help people realize the true value chain of the business and assist in dealing with Nigeria’s food crisis.
“A lot of people do not know the size of this business, that is why we decided to merge all the food businesses into one entity.

Now that we have done that, people will understand and appreciate the business,” he said.


https://politicsnigeria.com/abdulsamad-rabiu-becomes-nigerias-second-richest-man-now-worth-7-2-billion/

58 Likes 6 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Temisia(f): 11:41pm On Jan 06, 2022
That's a good one. Food business is good business. Necessity is between food vs IT

75 Likes 2 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by NwaNimo1(m): 11:42pm On Jan 06, 2022

63 Likes 3 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by socialmediaman: 11:42pm On Jan 06, 2022
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by princeade86(m): 11:42pm On Jan 06, 2022
Congratulations to the two abokis. Na adenuga dey waste him money on yeyebritie ontop useless network. The money his wasting, he should have use it to better his network. If ur network is good, u don't need much advert like glo. Every channels, na glo advert.

239 Likes 11 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by hatchy(f): 11:42pm On Jan 06, 2022
This is a Northern Nigeria Billionaire. All they do for their brothers like Dangote, Indimi and the rest is to grant them tax free on imported raw materials, machinery etc. that is supposed to be used to develop the economy.
Upon their wealth, North is the poverty capital of Nigeria. A serving governor from the North once said that the Northern cap represents poverty. If you see the cap,you have seen poverty. He also said that it is only in the North you still have mud houses in Nigeria.

Meanwhile, I have never seen Billionaire from the South East. Perhaps all they have are plenty millionaires. Don't count the owners of Air peace, Innoson as Billionaires because their money is borrowed from banks and hire purchase aircraft. Although Igbo dey try sha pass Ndi skullers in South West.

104 Likes 8 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Torosk1(m): 11:42pm On Jan 06, 2022
Ok
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by xcesspaschal(m): 11:42pm On Jan 06, 2022
Congratulations

1 Like

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by kunki90(m): 11:42pm On Jan 06, 2022
Nothern agenda undecided

12 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Chatflick(m): 11:43pm On Jan 06, 2022
Igbo men are richer. Dem no just like dey make noise.

35 Likes 7 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by kingsways: 11:43pm On Jan 06, 2022
Brilliant

2 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Croccityboi123(m): 11:43pm On Jan 06, 2022
Wow..
Congrats to him.
More breaking grounds

5 Likes 2 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Nobody: 11:43pm On Jan 06, 2022
OLE!!!
After evading tax ( courtesy of the FG) and underpaying workers, even writing petitions to FG so his competitors will be pushed out of the way ( E.g ibeto cement)...... And his co- criminal ned nwoko who fish braindead nigerians are praising and worshipping without questioning the source of his wealth not knowing his net worth was acquired through loot and corruption, at the end he's squandering nigerians money by marrying underage girls and disposing his brownish grey watery sperm on their faces and hypnotizing them with private jets and lamborghini aventador...... rubbish!

42 Likes 8 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by confirmedniggae: 11:43pm On Jan 06, 2022
A
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by brandon2009: 11:43pm On Jan 06, 2022
Good ...am coming to take over insha Allah

12 Likes

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Investigative: 11:43pm On Jan 06, 2022
he can now employ bandit and feed almajiri

7 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Jcob(m): 11:44pm On Jan 06, 2022
Aboki no Sabi book, but Dem get money pass us.

Like for Money, share for book.

64 Likes 101 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by seunaj: 11:44pm On Jan 06, 2022
If them born the next southern president well make e no learn the ways of these abokis. Who is Rabiu and Who is Mafab? All these is politics. Buhari cabals are pumping government funds to individual abokis in a bid to plot the total takeover of Nigeria economically the way they have already done militarily and politically.
In 2022, there will be an unaccountable unconditional cash transfer to ghosts, to the tune of billions of dollars. Another Aboki is about to be made rich with government funds. The southern leaders are cowards! Nigerian Christians are cowards! No apologies

66 Likes 6 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Jeromejnr(m): 11:44pm On Jan 06, 2022
Chatflick:
Igbo men are richer. Dem no just like dey make noise.

Smh..as usual a sentimental Nigerian

20 Likes

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Investigative: 11:44pm On Jan 06, 2022
borrowed China loan is working
Why south west bmc are enjoying ponmo

19 Likes 3 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by donforeign: 11:44pm On Jan 06, 2022
No wonder dangote dey fear

4 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by seglord22(m): 11:44pm On Jan 06, 2022
Good. FTC since I join nairaland
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by horgarzer(m): 11:44pm On Jan 06, 2022
Temisia:
cool
Good
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Respect55(m): 11:45pm On Jan 06, 2022
Benefactors of a rotten system.

15 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by utenwuson: 11:45pm On Jan 06, 2022
The great philanthropist..... Hausas paving

3 Likes

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by einsteine(m): 11:45pm On Jan 06, 2022
Chatflick:
Igbo men are richer. Dem no just like dey make noise.

I hope you are joking sha

20 Likes

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by futurerex: 11:46pm On Jan 06, 2022
Congrats to him. One day, I'll be listed also.

12 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by GreaterFuture6: 11:46pm On Jan 06, 2022
These people don't have conscience

2 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Onyenna(m): 11:46pm On Jan 06, 2022
Okay
Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Baybii: 11:47pm On Jan 06, 2022
cheesy

Wonderful news! Seeing Nigeria produce more rich citizens make me happy.

9 Likes 1 Share

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by tolufase: 11:47pm On Jan 06, 2022
Now our economy has been taken over by the Kano business moguls. Dangote and Bua are both from Kano state.

6 Likes 2 Shares

Re: Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion by Beejayy20(m): 11:47pm On Jan 06, 2022
[s]
Chatflick:
Igbo men are richer. Dem no just like dey make noise.
[/s]

5 Likes 1 Share

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