After Slashing Bag of BUA Cement to N3,500, Abdulsamad Rabiu’s Net Worth Surges to $7bn
- With $7 billion net worth, Abdulsamad Rabiu has achieved a new record
- Rabiu is currently ranked second in Nigeria and sixth in Africa in terms of wealth
- The surge in net worth is associated with a recent announcement to slash cement price
The Chairman of BUA Group, Abdulsamad Rabiu, has set a new milestone as his net worth has risen to $7 billion.
According to Forbes, Rabiu’s net worth increased by $500 million in the last month, rising from $6.5 billion on September 11 to $7 billion.
As of the time of this report, the billionaire is worth $7.6 billion
Source: UGC
Rabiu is currently the second-richest person in Nigeria and the fifth-richest person in Africa.
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According to Bloomberg, however, Rabiu’s net worth is somewhat lower, at $5.91 billion.
BUA Cement shares gains
Billionaires. Africa reports that the performance of Rabiu’s 96.29% share in BUA Cement was primarily responsible for this increase in his wealth.
Shares of the top cement manufacturing business have seen an enormous boost, climbing from N96.15 ($0.125) on September 11 to N105.8 ($0.137) after a month.
Following the company’s announcement of a considerable decrease in ex-factory cement pricing, there has been a noticeable surge in the price of BUA Cement’s shares.
It is projected that this strategic pricing change will significantly impact the industry’s competitive environment, benefiting customers and possibly changing market dynamics.
The decrease in cost lowers the ex-factory cement price for a bag of BUA Cement to N3,500 ($4.55), demonstrating the business’ dedication to affordable prices.
This decision may impact the company’s revenue per tonne, but it is anticipated to increase BUA Cement’s market share.
BUA Cement also stated that it would perform another pricing assessment in line with its previous announcements after its ongoing plant construction projects, which are expected to boost production levels to 17 million metric tonnes per year, are finished.
The first quarter of 2024 is anticipated to be the time for this evaluation.
Dangote, BUA Cement Spend N205 Billion Powering Generators in First 6 Months of 2023
In earlier report by Legit.ng, Dangote Cement and BUA Cement said they spent about N204.925 billion powering their generators for operations during the half year ended June 30, 2023.
The spending represents an 18% increase from N173.537 billion recorded during the same period in 2022.
The amount also represents 41.15% of the total cost of sales for the firms, amounting to N498.031 trillion recorded during the review period.
Source: Legit.ng
