Prime Business AfricaAbdul Samad Rabiu, chairman of BUA Foods and BUA Cement, has made a staggering N3.92 trillion in 2024, driven by the strong performance of BUA Foods and dividend payments from both companies.
Rabiu’s investment in BUA Foods, which includes 16.67 billion direct and indirect shares, yielded N3.63 trillion as the company’s share value surged 110.76% in 2024.
Join our WhatsApp ChannelAnalysis of BUA Foods stock market performance showed that Rabiu made N3.63 trillion through his 16.67 billion direct and indirect shares held through BUA International Limited, BUA Group Limited and BUA Industries Limited.
The gain was a result of the 110.76 percent appreciation in BUA Foods’ share value, after an increase in demand drove the price from N196.90 per share on January 3 to N415 on March 31.
This increased Rabiu’s investment value in BUA Foods from N3,28 trillion at the start of the first quarter to N6,92 trillion at the end of the fourth quarter last year.
Rabiu also received N216.77 billion as dividends, BUA Foods paid its shareholders N13 per share for the shares held during the reviewed period.
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The billionaire also received N67.82 billion as dividends from BUA Cement after the manufacturer paid N2.03 per share to shareholders.
However, last year was not totally rosy for the investor, as he lost N297.74 billion to sell-off experienced by BUA Cement, which crashed the company’s share price from N102 to N93 during the period in review.
Prime Business Africa gathered that the loss drastically reduced Rabiu’s investment value in BUA Cement to N3,07 trillion from N3.37 trillion within 12 months.
Rabiu holds 33.08 million direct and indirect shares through Damnaz Cement Company Limited, BUA International Limited, and BUA Industries Limited.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
