Abdul Samad Rabiu, chairman of the BUA Group, has experienced a resurgence in his wealth, reaching an impressive net worth of $7 billion.
Over the past three months, Rabiu’s net worth has increased significantly, growing by $1.3 billion from $5.7 billion in July to the current $7 billion as of October, according to Forbes data.
Rabiu is 81% away from his $8.6 billion valuation recorded in April 2023, as recorded by Nairametrics.
According to the report, the primary catalyst behind the significant upswing in Rabiu’s wealth is the remarkable performance of his 96.29% stake in BUA Cement, the flagship company under the BUA Group umbrella.
The shares of the leading cement manufacturer have experienced a substantial surge, now trading at N105.8 ($0.137).
This notable increase in BUA Cement’s shares closely follows the company’s strategic move to reduce ex-factory cement prices.
The shift in pricing strategy is expected to profoundly affect the industry’s competitive landscape, benefiting consumers and potentially reshaping market dynamics.
The reduction brings the ex-factory cement price for a bag of BUA Cement down to N3,500.
With an expanded production capacity, BUA Cement is well-positioned to capture a more substantial share of the cement market, potentially resulting in a significant upswing in the group’s revenue and earnings.
