Abdul Samad Rabiu’s son, Khalifa’s BUA Foods stake tops $300 million

Khalifa Rabiu, son of Nigerian billionaire industrialist Abdul Samad Rabiu, has seen the value of his stake in BUA Foods Plc climb above $300 million after a strong rally in the company’s shares.

The 2.63 percent stake, equivalent to 473.6 million shares, increased in value from roughly $271 million in March to about $335 million as BUA Foods shares gained more than 21 percent in 67 days.

The surge lifted the company’s market capitalization to N17.41 trillion, cementing its position as Nigeria’s second most valuable listed company.

Despite softer revenue driven by weaker sugar and flour sales, BUA Foods posted higher quarterly profit, supported by tighter cost controls and its backward integration strategy.

Khalifa Rabiu, recently appointed Chief Officer for Global Procurement and Strategic Operations, is also set to receive a N13.2 billion dividend payout in July. (Shore Africa)