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Nigerian billionaire Abdul Samad Rabiu plans to crash cement prices

by Editor
written by Editor

BUA Cement Plc, Nigeria’s second largest cement producer, intends to decrease cement prices in Nigeria from N5,500 to N3,500. Abdul Samad Rabiu, the company’s chairman, shared this decision with reporters following a meeting with Nigerian President Bola Tinubu in Abuja on Friday.

Rabiu emphasized the price reduction aligns with BUA Cement’s commitment to the government’s initiatives to stabilize commodity prices. Nevertheless, the cut would materialize only after two new facilities, each with a 3-million-tonne capacity, are operational by year’s end

“I’m grateful to the president for today’s meeting,” Rabiu said. “I updated him on our cement operations. We’re commissioning two new 3-million-tonne lines by the end of this year. With these additions, our annual production will be around 17 million tonnes. Our goal is to decrease cement prices from the current N5,000-N5,500 per bag to N3,000-N3,500.”

Rabiu noted that 80 percent of their cement production materials, mainly limestone and gypsum, are sourced locally, including energy from Nigerian gas resources. He expressed the company’s eagerness to support the government in ensuring commodity prices are more affordable. The billionaire also revealed that BUA has almost completed construction work on two new plants which will increase output capacity to 17 million metric tonnes. The plants will be launched by Tinubu either in December 2023 or in January 2024.

Rabiu, Nigeria’s second richest man, has a fortune estimated at $6.3 billion according to Forbes Magazine.

SOURCE; BILLIONAIRES.AFRICA

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BusinessNigeriaWestern Africa

BUA Group to cease purchase of Kogi govt’s 50,000-hectare land

by Radarr Africa
written by Radarr Africa

Abdul Samuel Rabiu’s BUA Group will cease from furthering the purchase of an expanse of land measuring 50,000 hectares it was invited to procure a decade ago by the Kogi State Government, the conglomerate said, citing its unsuitability for its investment push.

The group disclosed it has not taken ownership of the asset since the arrangement after survey revealed the land’s largely hilly topography leaves only about 30 per cent of it useful. BUA’s businesses encompass cement making, food processing, real estate, mines & steel and ports operations.

The property became a subject of discord between the two this month when the Kogi State House of Assembly directed the group to appear before it, insisting no payment has been made to consummate the transaction dating back to 2012.

“We are having problems with the BUA Group over 50,000 hectares of land it acquired in 2012 and even obtained a certificate of occupancy (C of O) but has not paid a kobo for the land,” said Alfa Momoh-Rabiu, the deputy speaker of the state’s legislature.

Dangote Cement, BUA Group’s principal competitor, is facing a similar but fiercer conflict from the state government over ownership of its Obajana Cement Plant.  

“Since our invitation by the state in 2012 to invest through that land, there has been no visible effort by the state and successive governments till date, to address the issue of access (i.e. infrastructure, roads) that will enable us utilise the land for its intended purpose,” the letter said.

BUA Group, which Rabiu Nigeria’s second and Africa’s fifth most affluent person according to Forbes controls, stated that the land can only be reached by way of water, making it not a bankable venture unless infrastructural intervention by government opens it up.

ALSO READ: Dangote refinery to help strengthen Nigerian Naira.

“There has been a massive deterioration of security in and around the area for the past few years making it practically impossible to start any project there as an investor.”

An intimation in a paragraph of the written communication shows BUA Group may not settle all dues and remunerate the state and other parties involved on the grounds that the deal did not thrive.

Source: Premium Times

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AfricaDangote IndustriesNewsNigeriaPoliticsTrending TodayWestern Africa

Dangote and 5 other Nigerians receive the highest civilian honours in Niger Republic

by Radarr Africa
written by Radarr Africa

To mark the Independence Day commemorated on August 3, the Republic of Niger on Wednesday honoured six Nigerians: two Presidential aides, two businessmen and two state governors, with their national honours in recognition of their roles in the promotion of better relations between the two sister states.

President Mohammed Bazoum said his country cherished Nigeria as one of its closest neighbours and friends.

The day is set aside to mark the nation’s independence from France in 1960 and since 1975 has been recognised as “tree planting day” as trees are planted across the nation to aid the fight against desertification.

Those honoured from the Presidency are the Senior Special Assistant (Household and Domestic Affairs) to the President, Sarki Abba, and State Chief of Protocol, Ambassador Lawal Kazaure.

Businessmen who received the honours are Alhaji Aliko Dangote, President of Dangote Group, and Abdulsamad Rabi’u, President BUA Group.

ALSO READ: Nigerian govt purchases vehicles worth N1.4 billion for Niger, gives reason

The two Governors were Alhaji Badaru Abubakar of Jigawa State and Mohammed Bello Matawalle of Zamfara State.

They were awarded the “Order of Merit of Niger, Great Master of National Awards.”

In various citations read by the country’s leader, President Bazoum praised the efforts of “brother Nigerians” who had made great strides in increasing understanding between the two nations and for acting as agents of social and economic development.

The Chairman of the Progressive Governors Forum and Governor of Kebbi State, Abubakar Bagudu, was one of those who graced the occasion.

Source: The Eagle Online

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BusinessNigeriaWestern Africa

Macron re-appoints Rabiu as FNBC President

by Radarr Africa
written by Radarr Africa

Abdul Samad Rabiu, Founder and Chairman of BUA Group has been re-appointed as President of the France Nigeria Business Council by President Emmanuel Macron of France.

This was announced at the July 2022 Meeting of the France Nigeria Business Council held in Paris. Addressing the council, Rabiu thanked members for coming and remarked that it was a personal honour for him to be a part of the France Nigeria Business Council, and also a privilege to serve as the pioneer President of the Council, which was inaugurated just over a year ago and now, be reappointed as President.

He also thanked President Macron for his support and for reappointing him as well as Jean Haas of Relais (France) as President of the Council, and Head of the Secretariat respectively.

The France Nigeria Business Council brings together the top businesses in Nigeria and France with a goal of improving business relations between Nigeria and France whilst ensuring routine cooperation that will bring about immense economic benefits for both countries.

ALSO READ: Zhao visits West Africa, donates funds for community education workshops

Speaking further, Abdul Samad Rabiu praised the progress that has been made by the France Nigeria Business Council since its inauguration and the commitment of members – despite slow global recovery, in pushing forward with various partnerships.

These include plans by some of Nigeria’s biggest banks to set up subsidiaries in France, and BUA’s partnership with Axens of France to build a 200,000bpd refinery in Akwa Ibom, Nigeria amongst other key projects by members.

Abdul Samad also encouraged members of this council to keep seeking partnership opportunities, whilst planning, working together and adding value to each other so that successes already being created can be escalated for the mutual economic benefit of Nigeria, Africa’s biggest economy and France – a global economic leader.

It is also expected that Rabiu’s current tenure will see the creation of working sub-committees and sectoral groups to enhance the council’s effectiveness.

Source: The Guardian

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