LAGOS, Nigeria – Abdul Samad Rabiu, the chairman of BUA Group, has invested an additional $4.8 million into BUA Cement Plc.
As per a recent insider trading notice issued on Wednesday, July 26, 2023, Rabiu purchased an additional 45 million shares in BUA Cement on the floor of the Nigerian Exchange.
The transaction, worth N3.82 billion ($4.82 million), took place on Monday, July 24, 2023, at an average price of N85 ($0.1072) per share.
This acquisition increased Rabiu’s stake in BUA Cement from 95.99 percent, or 32,507,676,294 shares, to 96.13 percent, or 32,552,676,294 shares.
This significant investment propels Rabiu closer to the top spot on the Nigerian Exchange, currently held by fellow billionaire industrialist, Aliko Dangote.
Located in Lagos, BUA Cement is the second-largest cement company in Nigeria, with an impressive combined installed capacity of 8 million tonnes per annum.
The company is recognized as a leading cement manufacturer in Africa.
Today, BUA Cement shares are trading at N98.95 ($0.125) on the Nigerian Exchange, giving the company a market capitalization of N3.35 trillion ($4.22 billion).
This valuation ranks BUA Cement as the fourth most valuable company on the Nigerian Exchange.
With this investment, the total market value of Rabiu’s 96.13 percent stake in BUA Cement reaches N3.22 trillion ($4.06 billion), contributing to his overall net worth of $5.3 billion.
This places Rabiu as the fifth-richest billionaire in Africa, closely following Egyptian billionaire Nassef Sawiris and South African billionaire Nicky Oppenheimer.
Rabiu’s continued investment in BUA Cement underscores his unwavering confidence in the company’s growth trajectory and his commitment to strengthening his position in the leading cement manufacturer.
Unshaken: Aliko Dangote Holds the Fort as Africa’s Richest Person Despite Currency Turbulence
Aliko Dangote, the President of Dangote Group, has retained his position as the richest individual in Africa with a net worth of $15.6 billion, according to the Bloomberg Billionaires Index, BBI, released on Tuesday, June 27, 2023.
His wealth remains formidable despite the fluctuations of the Nigerian currency against the dollar.
Bloomberg’s daily billionaire lists revealed that Dangote tops the chart in Africa.
Following him, five other Africans made it to the list of the top 500 world billionaires for 2023.
Johann Rupert and family from South Africa were ranked second richest in Africa with a net worth of $13.3 billion. Last week, Forbes announced that Rupert had overtaken Dangote in the wealth ranking.
Other Africans who made the list include Nicky Oppenheimer of South Africa ($9.0 billion), Nassef Sawiris of Egypt ($7.47 billion), Natie Kirsh of South Africa ($7.37 billion), and Naguib Sawiris ($5.93 billion).
On the global front, Elon Musk leads the pack as the richest person in the world with an astonishing net worth of $219 billion.
Bernard Arnault follows closely with a net worth of $194 billion. Jeff Bezos and Bill Gates are ranked third and fourth respectively, with net worths of $151 billion and $130 billion.
Larry Ellison rounds off the top five richest people globally with a net worth identical to Gates at $130 billion.
Dangote’s wealth is attributed to his vast business empire, Dangote Group, which has interests in commodities such as cement, sugar, salt, and real estate.
His continued prominence in the Bloomberg Billionaires Index reflects his significant influence in the African economy.
This ranking indicates Africa’s representation in the global economic landscape, and Dangote’s position highlights the potential for industrial magnates in the continent despite economic challenges and currency instability.
