‘Significant boost’ Abdulsamad Rabiu acquires N420 billion from BUA Foods holdings in one week

Freelanews January 14, 2022

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Chairman of BUA Group, Abdulsamad Rabiu, saw his worth increase significantly after his stake in newly listed BUA Foods increased by N420.49 billion in a single week.

BUA Foods’ share price increased by 65 percent in one week after listing on the floor of the Nigerian Stock Exchange, to trade at N66 per share as of Friday 14th January 2022, compared to its previous week’s listing price of N40 per ordinary share.

According to the information contained in the company’s listing memorandum, Abdulsamad Rabiu controls about 89.849% of BUA Foods holding, owning a total of 16.17 billion units of shares from the total 18 billion listed shares.

Rabiu’s worth in the company, which was around N646.9 billion in the previous week has now grown beyond the N1 trillion threshold, to stand at N1.07 trillion as of the end of trading activities on Friday.

According to Forbes, Mr. Abdulsamad Rabiu is worth $4.5 billion making him the 574th richest man in the world and the 6th on the African continent. His net worth is poised to increase further if his two listed companies continue to print impressive share price growth.

Meanwhile, he and his son jointly control about 98% stake in BUA Cement, another of his subsidiary company that is worth over N2 trillion on the NGX.

Nairametrics had reported earlier in the week, that BUA Foods surpassed N1 trillion market capitalization after just two days of trading on the NGX. As of the time, the share price of the company was trading at N58.5 per share. Since then, it has rallied 12.8% to N66 per unit of share.