Weeks After Losing $1.1 Billion, BUA Announces Expansion

The Chairman and Chief Executive Officer of BUA Foods Plc, Abdul Samad Rabiu, has revealed plans to expand the pasta production unit of the company.

Investors King gathered that the planned expansion comes weeks after Nigeria’s second richest man experienced a $1.1 billion decline in his net worth in 90 days.

The depreciation in Rabiu’s wealth was largely attributed to the depreciation of the naira and fluctuations in equity values.

However, after signing an agreement with FAVA (Italy), one of the world’s leading pasta equipment manufacturing companies, BUA Foods renewed its planned expansion.

Rabiu announced the expansion in a statement signed on Wednesday by BUA Foods Director of Marketing and Corporate Communications, Adewunmi Desalu.

According to him, the planned expansion is aimed at assisting the government in battling the ongoing food shortage in the country.

He noted that the expansion will give room for growth, adding that the company will be able to introduce new innovations.

The statement read, “Our manufacturing capacity expansion will continue to enable us to extend the boundaries of what we can produce and deliver, supporting our nation’s development by providing solutions to ongoing food shortages.”

“In addition to producing more pasta, we’ll be able to introduce new innovations to support mixed volume growth, while consistently delivering the unrivalled product quality our customers expect.

“The additional 100,000 tonnes of grain storage capacity will enable us to meet the growing demand for our products while strengthening the backbone of our food processing operations by ensuring a reliable and consistent supply of raw materials.”