Chairman of BUA Group, Abdul Samad Rabiu, has acquired an additional 45 million shares, estimated at N3.8 billion in the firm.

Reports say the buyback programme is contained in a notice of share dealings filed with the Nigerian Exchange Limited.

Rabiu increases shareholding in cement firm

The 45 million share acquisition represents 0.13% of the firm’s total outstanding shares.

With the share buyback, Rabiu has increased his direct shareholding in the company from 19.044,995,225 as of December 31, 2022, to 19,089.995,225 units or 56,37%.

The billionaire owns direct shares via BUA Industries Limited, accounting for 39%, bringing his total stake to 96.12, valued at N3.22 trillion.

According to the notice signed by the company’s secretary, Hauwa Satomi, on July 25, 2023, the transaction was carried out on June 26, 2023.

Rabiu bought the 45 million units of shares at N85 per share.