After slashing a bag of BUA cement to N3,500, Abdulsamad Rabiu’s net worth surges to $7bn

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.

Rabiu is currently the second-richest person in Nigeria and the fifth-richest person in Africa.

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 is what is 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.