Billionaire Abdulsamad Rabiu Set To Earn N39.4 bn From His Cement Business
Abdulsamad Rabiu, the founder of BUA Group, one of Nigeria’s leading manufacturing conglomerates, is set to earn a mega dividend of N39.4 billion from his cement business – BUA Cement Plc – via his direct stake.
Rabiu, who according to Forbes, is currently the 6th richest man on the African continent with an estimated net worth of $4.7 billion, is set to earn a dividend of N2.067 per share on his direct holdings in BUA Cement Plc.
The billionaire is the single majority shareholder of his cement business, with a direct stake of 19,044,995,225 ordinary issued shares of the company. This represents 56.24% ownership of the company.
Information contained in BUA Cement’s audited statement revealed that he has an indirect stake of about 12.2 billion shares through Damnaz Cement Company Limited, BUA International Limited, and BUA Cement Company Limited.
Recently, the Board of Directors of BUA Cement Plc proposed a final dividend of N2.067 per share to its shareholders, the total payment as dividend to shareholders is put at about N70 billion.
With Rabiu’s direct stakes, the billionaire is expected to pocket a mouth-watering N39.4 billion dividend for the financial period ended 31st December 2020.
While his total stake both direct and indirect will earn him about N65 billion in dividend.