Nigerian Billionaire Abdul Samad Rabiu’s Eyes Africa’s High 3 Richest Spot

Nigerian billionaire Abdul Samad Rabiu is at present decided to say the third-richest spot from South African billionaire Nicky Oppenheimer. This comes as his internet value surpassed $8 billion, as reported by Forbes.

This improvement comes months after Rabiu regained his place as Africa’s fourth-richest man following a $700-million wealth improve. Rabiu first surpassed the $8 billion mark on December 15, 2022. 

How Rabiu intends to say Africa’s High 3 Richest Spot

The most recent improve which is carefully linked to the efficiency of his 98-per cent stake in BUA Meals, the unified meals enterprise phase of the BUA Group based mostly in Nigeria has pushed his internet value again as much as $8 billion.

Additionally, The Nigerian Billionaire is ready to obtain a considerable dividend of N91.3 billion ($198 million) from his stake in BUA Cement Plc. This comes as BUA Cement recorded an impressive monetary efficiency throughout its 2022 fiscal yr.

The efficiency enabled the corporate to attain record-breaking earnings and accumulate retained earnings of roughly $437.5 million, out of which the board of administrators has accredited its ultimate dividend. Studies say the Board of Administrators accredited an elevated dividend payout of N2.8 ($0.00608) per share to shareholders, in comparison with the N2.6 ($0.0056) paid out within the earlier yr.

Based on BUA Cement’s launched monetary statements, the corporate attained a powerful 12.14 per cent surge in earnings, climbing from $195.6 million in 2021 to a historic $219.4 million in 2022. The figures attest to BUA Cement’s unwavering monetary power. It additionally brings the corporate’s means to optimise profitability in a extremely aggressive market to the fore.

Rabiu is the founding father of BUA Group, a Nigerian conglomerate energetic in cement manufacturing, sugar refining and actual property. He’s the second-richest Nigerian in Africa.