Abdul Samad Rabiu tightens control on BUA Cement, acquires N3.82bn shares

Abdul Samad Rabiu, the chairman of BUA Cement, has further tightened his control over the cement manufacturer by buying additional 45 million shares.

Rabiu, who is the largest investor in the company, increased the volume of his shares in BUA Cement to 33.39 billion on June 26, 2023.

He bought the 45 million shares at the cost of N3.82 billion last month, according to a corporate filing released on the Nigerian Exchange Limited (NGX) on Wednesday, but obtained on Thursday.

Prior to the acquisition, Rabiu held 33.25 billion shares, worth N2.99 trillion as of June 23, 2023, and also represented a 98.19 per cent ownership stake in BUA Cement.

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However, following the acquisition, Rabiu’s controlling stake in BUA Cement rose to 98.32 per cent. The value of his investment in the manufacturer is now N3.29 trillion as of July 26, 2023.

Note that Rabiu’s shares in BUA Cement are split into two; his direct shares of 19.08 billion, while he owns 14.20 billion indirect shares.

Also, the indirect shares are held through three companies; Damnaz Cement Company Limited, which accounts for 637,40 million shares. He holds 13.56 billion shares through BUA Industries Limited and BUA International Limited accounts for 8.16 million.

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