Abdulsamad Rabiu, the Nigerian multi-millionaire founder of BUA Group, an industrial conglomerate with interests in cement manufacturing, sugar refining and edible oils production, has disclosed that he plans to list his cement company on the Nigerian Stock Exchange (NSE).
Rabiu, 57, recently revealed this to Nigerian’s Channels Television during an interview on the sidelines of the Africa CEO Forum which held recently in Ivory Coast.
The Nigerian tycoon, who has capitalized on Nigeria’s booming demand for building materials, said during the interview that he would list BUA Cement on the stock exchange in the near future as soon as his company meets the various regulatory requirements.
“We are definitely going to list the cement business because I think we should also give others the opportunity to participate in the business. If you have such a big business and it is doing very well, you should give others the opportunity to be part of it. That way, you can unlock some of the capital you have invested in the business and do other things,” he said.
Over the last three years, Rabiu has invested more than $1.5 billion into expanding BUA cement’s operations. In September last year, BUA, which controls 10% of the cement market in Nigeria, unveiled its new 3 million metric tons per annum (mtpa) cement plant in Okpella, Edo state. The company also signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria.