Abdul Samad Rabiu, Chairman of BUA Cement Plc, Divests N1.926 Billion from the Company

Abdul Samad Rabiu, the Chairman of BUA Cement Plc and the founder and Chairman of BUA International Limited, has sold 27,130,000 shares of BUA Cement Plc acquired through BUA International Limited.

The leading cement manufacturer stated in a disclosure statement signed by Ahmed Aliyu, Company Secretary, BUA Cement Plc and filed with the Nigerian Exchange Limited.

The transaction took place between 10th October 2020 and 17th May 2021 in Lagos, Nigeria.

The billionaire entrepreneur cum philanthropist sold the shares at N71 a unit. Bringing the total amount divested to N1,926,230,000.

Before the sales, Rabiu’s direct and indirect shares in BUA Cement were around 31.27 billion, accounting for 92.3 percent of the total issued shares of the company.

The company’s market capitalisation since listed on the Nigerian Exchange Limited on January 9, 2020 has risen by N1.3 trillion with the price of the cement manufacturer appreciating from N36.78 to N71 a unit.

BUA International Limited, food, mining and infrastructure conglomerate, was founded by Abdul Samad Rabiu in 1988 with business interests in Cement Manufacturing, Sugar Refining and Plantations, Rice, Flour Milling & Pasta Production, Oil & Gas, Construction, Real Estate and Logistics.

Abdul Samad Rabiu studied Economics at Capital University, Columbus, Ohio, USA and he holds the Nigerian National Honour of ‘Commander of the Order of the Niger’ (CON).