After Increasing Cement Price, BUA Group Approves 50% Increase in Workers' Salaries
- Abdul Samad Rabiu, the head of BUA Group, is set to increase staff salaries across his conglomerate
- The company emphasised steadfast dedication to workers' welfare, particularly in light of the nation's current economic difficulties
- The statement came after the core businesses of BUA Group saw notable growth across different segments
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
In a significant step to prioritise employees' welfare, Abdul Samad Rabiu, the head of BUA Group, has approved a massive 50% rise in staff compensation across his conglomerate.
Source: UGC
The decision was made public through an internal memo from BUA Group's head of human resources, Mohammed Wali.
It followed reports that the price of a 50kg bag of cement rose to about N9,500 in many parts of Lagos and around the country amid the biting effect of inflation in Nigeria.
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The minister of works, David Umahi, recently summoned cement manufacturers to a meeting on Monday, February 19, to examine the issues surrounding the alarming increase in cement prices.
BUA: All workers to enjoy benefit
Billionaitre. Africa reported that the pay increase highlights BUA Group's all-encompassing employee well-being approach and applies to permanent and non-permanent staff.
It added that this demonstrates Abdul Samad Rabiu's commitment to helping all his employees during difficult financial times and recognises their difficulties.
The announcement followed the remarkable expansion of BUA's core subsidiaries.
The company's smart investments in cutting-edge facilities and machinery, as well as successful cost-cutting measures for its success, could be attributed to the profit.
BUA Cement is a notable player in the cement production industry, with an annual production capacity of 11 million tons.
BUA Foods, a food company that comprises companies such as BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited, reached a significant milestone after its fiscal year in 2023 when it surpassed the $610 million revenue mark.
The internal memo acknowledged the company's faith in its workers and expressed optimism that the significant pay boost would encourage them to devote more time to their work.
It stated that this action resolves the staff's financial difficulties and demonstrates BUA Group's commitment to lessening their financial load.
The statement also added that the BUA Group's Human Resources and Finance teams are working hard to process the pay rise in response to the news, ensuring it integrates seamlessly into the payroll for February 2024.
Businesses owned by Abdul Samad Rabiu
Legit.ng earlier reported the several businesses owned by Rabiu. The billionaire holds diversified interests spanning various sectors of the Nigerian economy, providing employment opportunities to thousands of individuals within Nigeria and neighbouring African countries.
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Legit.ng also spotlighted how the chairman of BUA transformed his company from a local enterprise into a multinational conglomerate.
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Source: Legit.ng
