Abdul Samad Rabiu Tightens Control Of BUA Cement, Acquires N3.8bn Worth Of New Shares

Abdul Samad Rabiu, the Chairman of BUA Group and Africa’s 4th richest has extended his shareholding in BUA with additional 45 million shares.

THE WHISTLER learned through a regulatory filing on Wednesday that Rabiu’s new share acquisition was valued at N85 per share.

To acquire the 45,000000 shares, Rabiu spent N3.82bn. The deal was below the company’s share price of N98.95 per share as of the close of trade on Wednesday.

As of December 2022, the company’s books show that the billionaire controlled 19,044,995,225 direct shares.