Abdul Samad Rabiu Tightens Control Of BUA Cement, Acquires N3.8bn Worth Of New Shares

Abdul Samad Rabiu, the Chairman of BUA Group and Africa’s 4th richest has extended his shareholding in BUA with additional 45 million shares.

THE WHISTLER learned through a regulatory filing on Wednesday that Rabiu’s new share acquisition was valued at N85 per share.

To acquire the 45,000000 shares, Rabiu spent N3.82bn. The deal was below the company’s share price of N98.95 per share as of the close of trade on Wednesday.

As of December 2022, the company’s books show that the billionaire controlled 19,044,995,225 direct shares.

His indirect shares held through Damnaz Cement Company Limited is 637,403,152; BUA Industries Limited 13,562,681,069 and BUA International Limited 8,162,766 shares.

Rabiu’s closest rival, Shehu Abubakar controls 1,000,000 BUA shares, while Kabiru Rabiu, Finn Arnoldsen, and Jacques Piekarski control 820,000 shares each.

Last week the Chairmen of Dangote Cement, Aliko Dangote spent N41.15bn to repurchase shares belonging to shareholders of the company in Tranche I of the share buy-back programme.

Both competitors have been in rivalry to dominate the local cement market.

From little, Rabiu built his cement empire to a N3,350,877,834,237 worth company based on market capitalisation, while Dangote has built a N5,998,258,606,560 capitalised company.