Billionaire Rabiu and His Son Make N149.3bn in 1 year, Set New Target of N102.68bn Cement Sales in 3 Months

• These are good times for the family of Nigeria's third-richest man, Billionaire Abdulsamad Rabiu's family
• Data has revealed that the family made over N149.3bn thanks to the massive growth in their companies shares
• Rabiu seems not ready to stop making money as he has set plans to hit a new high of over N102.6bn revenue from cement sales

Nigeria's third-richest man, Abdulsamad Rabiu and his son has again reminded Nigerians what it means to have a wealthy family.

As the top shareholders of their dual-listed BUA companies (BUA Foods and BUA Cement), they earned about N149.3 billion in dividends in 2021, according to data from Nigerian Exchange.

During the period under review, Abdulsamadu Rabiu made N143.09 billion, while his son Abdulsamadu Rabiu jr earned N6.27 billion.

Breakdown of how the money was made

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Abdulsamadu Rabiu

Rabiu owns 19.04 billion units of shares in BUA Cement directly and 14.2 billion indirectly through Damnaz Cement Company Limited, BUA International Limited, and BUA Cement Company Limited, summing up to a 98.23% controlling right of the company.

His direct holdings in the company earned him N49.52 billion dividends, while he is set to receive N36.97 billion from his indirect shares, summing up to N86.49 billion.

In the same vein, the 16.17 billion direct holdings of the businessman billionaire earned him N56.6 billion from BUAFoods. He also owns 2.04 million shares indirectly through BUA Group Limited, BUA International Limited, and BUA Industries Limited, which earned him N7.14 million.

Between Alh. Rabiu and his indirect investors are set to earn a combined N143.09 billion in dividends.

Abdulsamadu Rabiu (Jr)

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His son earned N6.27 billion as dividends from his stake in BUA Foods for the period under review.

BUA foods declared a total dividend per share of N3.5 in 2021, which earned Rabiu's son N6.27 billion thanks to his 1.79 billion shares (9.96% shareholdings).

New Targets for Rabiu

Meanwhile, BUA Cement Plc has announced plans to achieve N102.684 billion revenue for the third-quarter ending September 2022, Nairametrics reports.

BUA is also targeting to rake in N42.926 billion as profit before tax and N35.629 billion for profit after tax during the period.

The forecast is coming after reporting a profit of N33.14 billion during the first three months of 2022.

Dangote, Rabiu companies dominate the list of most valuable manufacturing companies

Legit.ng had earlier reported that Dangote cement and BUA cement are the two most valuable listed manufacturing companies in Nigeria.

BUA foods another company owned by Abdulsamad sat in the third position while Nestle Nigeria completed the list of top four valuable manufacturing companies.

The ranking of the banks is according to data from the Nigerian Exchange Group (NGX) and compiled by Legit.ng

Source: Legit.ng