This one na correct gisty gists about Abdul Samad Rabiu, Naija billionaire wey dey shine like star! E don dey climb the wealth ladder again, as im fortune don reach around $9.7 billion. Na serious business matter wey dey happen for BUA Cement and BUA Foods wey dey push am forward.
Just less than one month after in company, BUA Group, carry come out N30 billion cash reward for them long-serving staff, Rabiu don dey enjoy wetin dem dey call sweet market as e dey close to that $10 billion mark. This one dey happen for January 2025, where im worth stand for $5.1 billion, and by December 2025, e don jump reach $9.5 billion sharp sharply!
How e take happen? Na because BUA Cement and BUA Foods shares don dey take dem fans seriously, and e show say dem market dey respond well. Ejo, BUA Cement wey dey produce 11 million tonnes of cement every year, don increase shares by 96% this past year! Chai! Na why Rabiu dey control 97.66 percent of that cement business, wey don now worth N5.9 trillion ($4.1 billion)!
No forget say BUA Foods too dey hot like jollof rice for market. Dem shares don jump 92.5% too, wey boost Rabiu’s 92.63% stake to N13.32 trillion ($9.28 billion). Na big player wey dey run food processing, sugar refining, and everything food-related in Naija, wey dey help plenty people survive!
Lai lai! Rabiu don become the biggest investor for Nigerian Exchange ahead of Aliko Dangote, but no be say e no get small wahala along the line. E still get liabilities wey dey hot him neck, estimated to be around $2.98 billion. But no wahala, e go soon recover to that $10 billion level!
On top of all these hustle, BUA Foods don report profit of N405.2 billion ($283.5 million) last year, wey be more than double wetin dem make the previous year. Revenue don also rise to N1.42 trillion ($987 million). Na serious hustle and smart management wey fit carry dem go far.
Sakpashe, e be like say Rabiu no just dey plan to chop money alone, ‘cos him dey reward im workers well well. Five workers sabi carry N1 billion ($691,000) each, while plenty others dey also carry their own share! This one na proof say e treat im staff like family, even as e dey push closer to join that elite billionaire club for Africa.
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