The BUA Group, a diversified billion-dollar investment company founded in 1981 by Abdul Samad Rabiu, has had a highly successful year in 2022, with numerous achievements and milestones.
One of the major highlights of the year was the inauguration of the company’s three-million metric tonnes per annum cement plant by President Muhammadu Buhari on January 27th.
This marked a strong start to the year for BUA Cement, and President Buhari praised Rabiu’s commitment to national development, stating that through these investments, the company had created employment opportunities for citizens and had become the largest employer of labor in the North-West region of Africa.
In February, Rabiu received further recognition for his leadership and philanthropy when he was awarded the CEO of the Year Award at the 16th Edition of the Sustainability, Enterprise, and Responsibility (SERAS) Awards.
The award was given in recognition of Rabiu’s exemplary leadership role and positive impact across Sub-Sahara Africa. The BUA Group/ASR Africa also received three awards at the same ceremony: ‘Best Company in Social Impact and Human Capital Advancement in Africa’, ‘Impact Investor of the Year, and ‘Best Company in Infrastructure Development’ for driving impactful change and sustainable development through various ASR Africa and BUA Foundation projects.
BUA Foods, a subsidiary of the BUA Group, had a particularly successful year, being listed on the Nigerian Exchange on January 5th and winning the Listing of the Year (Equity) 2022 at the Nigerian Exchange NGX Made of Africa Awards (MOA).
The listing of BUA Foods has received significant acceptance, with demand for the shares boosting the market capitalization of the Nigerian Exchange Limited by over N1 trillion.
The Q4 financial results of BUA Foods also revealed a 36.37% growth in Profit after Tax from N14.81 billion in the corresponding period of 2020 to N20.20 billion.
In August, the BUA Group demonstrated its commitment to philanthropy and community development through its subsidiary BUA Cement, which donated a clinic, school, and mosque worth $750,000 to the Gidan Boka community in Sokoto State.
The company also handed over 170 tonnes of cement to 68 communities in the local government area. In the same month, the BUA Group unveiled its plans to launch a $400 million-dollar vertically integrated sugar facility in Nigeria’s Kwara state.
The project aims to address the deficit in sugar production in Nigeria and Africa, with Rabiu noting that economies like Nigeria, Egypt, and Algeria still import more sugar than they consume, with Nigeria alone importing 90% of its consumption.
In addition to these achievements, Rabiu announced the launch of a $3 billion investment fund for infrastructure development in Africa during a courtesy visit to President Muhammadu Buhari in August.
The fund, called the Abdul Samad Rabiu Africa Initiative (ASR Africa), will focus on infrastructure projects in transport, energy, and real estate, with the aim of driving economic growth and development across the continent.
Overall, the BUA Group has had a highly successful year in 2022, with its various subsidiaries and initiatives making significant contributions to the development of Africa.
The company’s achievements in cement production, food production, and infrastructure development, as well as its commitment to philanthropy and community development, have all contributed to its success.
Additionally, the recognition received by Rabiu and the BUA Group/ASR Africa at the SERAS Awards and the listing of BUA Foods on the Nigerian Exchange are further testament to the company’s standing as a leading player in the African business landscape.
