Versatile businessman of repute, AbdlSamad Rabiu, will forever remain in the annals of history for good reasons.
The BUA boss is ever inching towards greater heights and has remained very consequential in the scheme of things. The billionaire businessman is right now in gay mood, as he just officially gained a $650 Million bonus, after his cement firm merger. According to Forbes, Nigerian cement and sugar tycoon, Abdulsamad Rabiu, has become at least $650 million richer after merging Kalambaina Cement, a subsidiary company of his BUA Cement, with publicly-traded Cement Company of Nigeria (CCNN), where he was the controlling shareholder. The CCNN announced that it has received approval from the Nigerian Securities and Exchange Commission (SEC) as well as the requisite sanction of the Federal High Court of Nigeria for the merger of the two companies, thereby creating the second largest cement company on the Nigerian bourse after African behemoth, Dangote Cement. Cement Company of Northern Nigerian PLC is a public limited liability company incorporated in 1962 and listed on the Nigerian Stock Exchange in 1993. CCNN is the only cement plant in the North Western part of Nigeria, operating a 500,00 metric tonnes per annum cement plant commissioned in 1985. Kalambaina Cement Company Limited is a private limited liability company incorporated in Nigeria. The company is a wholly owned subsidiary of BUA Cement Limited and is primarily engaged in the business of quarrying, extracting, processing and dealing in limestone as well as the manufacture and supply of cement. Kalambaina Cement Company Limited’s key cement assets include the brand new 1.5 million metric tonnes per annum of cement production plant situated in Kalambaina, Sokoto State.