Abdulsamad Rabiu, the Chairman of BUA Group recorded a significant boost in his worth as his stake in the newly listed BUA Foods gained N420.49 billion in a single week.
The share price of BUA Foods, increased by 65% in one week after listing on the floor of the Nigerian Stock market to trade at N66 per share as of Friday 14th January 2022, compared to its listing price of N40 per ordinary share in the previous week.
According to the information contained in the company’s listing memorandum, Abdulsamad Rabiu controls about 89.849% of BUA Foods holding, owning a total of 16.17 billion units of shares from the total 18 billion listed shares.
Rabiu’s worth in the company, which was around N646.9 billion in the previous week has now grown beyond the N1 trillion threshold, to stand at N1.07 trillion as of the end of trading activities on Friday.
According to Forbes, Mr. Abdulsamad Rabiu is worth $4.5 billion making him the 574th richest man in the world and the 6th on the African continent.
His net worth is poised to increase further if his two listed companies continue to print impressive share price growth.
Meanwhile, he and his son jointly control about 98% stake in BUA Cement, another of his subsidiary company that is worth over N2 trillion on the NGX.
Report had earlier reported in the week, that BUA Foods surpassed N1 trillion market capitalization after just two days of trading on the NGX.
As of the time, the share price of the company was trading at N58.5 per share. Since then, it has rallied 12.8% to N66 per unit of share.
BUA Foods is a fast-moving consumer goods (“FMCG”) business, which processes, manufactures, produces and distributes food materials such as sugar, flour, pasta, rice, and edible oils as well as packaged foods
BUA Foods was created in 2021 as a consolidation of all the foods division of BUA Group. This includes Nigerian Oil Mills Limited, which was acquired by BUA group in 2001, BUA Flour Mills incorporated in 2005, Lafiagi Sugar acquired by BUA group in 2008, BUA Pasta commissioned and integrated into BUA Flour Mills in 2011 and, BUA Rice out-growers scheme established in 2017.
According to the company, BUA Foods business operations comprise of five divisions, which include Sugar, Flour, Pasta, Rice, and Edible Oils. BUA Foods’ products are distributed to customers across Nigeria with a strong potential for expansion into West Africa.