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.
BY CHRISTY ANYANWU Travel often has a way of confronting our expectations. Sometimes, we set…
Dangote Petroleum Refinery and Petrochemicals has clarified its position following recent reports referencing data released…
President Bola Ahmed Tinubu, GCFR, has approved a landmark reform that replaces project-by-project negotiations with…
The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula…
The Oyo State Road Traffic Management Authority (OYRTMA) has commenced the replacement of stolen manhole…
BY 'KEMI PINHEIRO There are men whose passing is announced by the tolling of bells.…