Abdul Samad Rabiu, the Chairman of BUA Group and Nigeria’s second-richest person, has seen a significant increase in his wealth, reaching a net worth of $7 billion. Over the past three months, his net worth has grown by $1.3 billion, according to Forbes data.
This surge can be attributed to the outstanding performance of his majority stake in BUA Cement, the flagship company of the BUA Group.
The shares of BUA Cement have experienced a substantial increase, currently trading at N105.8 ($0.137) per share. This rise closely follows the company’s strategic moves.
The new pricing strategy from BUA Cement is expected to have a significant impact on the competition in the industry, benefiting consumers and possibly changing the overall market dynamics.
The company’s commitment to competitive pricing is evident as they have lowered the ex-factory cement price to N3,500 per bag. Although this may decrease their revenue per tonne, it is likely to increase their market share.
With an increased production capacity, BUA Cement is well-positioned to gain a larger portion of the cement market, which could lead to a substantial increase in their revenue and earnings.
These promising prospects have resulted in a notable rise in BUA Cement’s share price on the Nigerian Exchange.
In a previous report, it was highlighted that Abdulsamad Rabiu experienced a significant decrease in his net worth in July, with a loss of $3 billion in just two months. His net worth dropped to $5.7 billion, a significant difference compared to the $8.6 billion reported on April 29, 2023, according to Forbes Billionaire index data.
This decline was primarily caused by the devaluation of the Naira and the unification of the exchange rate system in June, which also affected other prominent Nigerian billionaires such as Aliko Dangote and Mike Adenuga. Rabiu alone lost around $2.73 billion as a result of the Naira unification in June.