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The net worth of Nigerian billionaire industrialist Abdul Samad Rabiu shows no signs of slowing down, owing to the surge in the shares of his publicly traded businesses.

 

Rabiu, who derives his fortune from publicly traded companies on the Nigerian Exchange, is Nigeria’s second-richest man and one of the African continent’s wealthiest businessmen.

 

According to Forbes, Rabiu’s net worth has surpassed $8.1 billion as a result of a surge in the shares of his publicly traded cement company, BUA Cement Plc, and his newly consolidated food conglomerate, BUA Foods Plc.

 

 

His net worth has been on the rise since Jan. 5 when shares of his consolidated food conglomerate, BUA Foods Plc were listed on the Nigerian Exchange on Jan. 5, a move that saw his wealth figures leap from $4.9 billion to $7 billion barely 48 hours after the listing.

 

Recently, his net worth rose by $800 million from $7.3 billion on Dec. 9 to $8.1 billion at the time of drafting this report, driven majorly by the stock market performance of his cement business.

 

According to data retrieved from the Nigerian Exchange, BUA Cement shares have increased from N77 ($0.1725) to N97.75 ($0.219) at the time of writing this report. This double-digit increase can be attributed to the cement company’s strong financial performance this year, as investors and shareholders continue to accumulate stakes in the company.

 

While other cement companies struggled to match their 2022 results, BUA Cement reported a 12.3-percent increase in profit during the first nine months of its 2022 fiscal year, from N65.9 billion ($145 million) in the same period in 2021 to N74 billion ($168.4 million), as cement sales increased by double digits.

 

During this period under review, the leading cement manufacturer opened a 3-million-metric-tonne cement factory in Sokoto, a state in northwestern Nigeria, as part of its expansion plans to meet the country’s growing cement demand as well as regional exports to other countries.

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Business

Zenith Bank Refunds N3.23m To Angry Customer Chiamaka Agim

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A leading Nigerian commercial bank, Zenith Bank has returned N3.23 million to Chiamaka Agim, a Lagos State resident whose N4.039 million was erroneously deducted on January 9.

 

According to reports, Zenith Bank had previously informed Agim that she would only receive N800,500 of the N4,039,900 that had been debited.

 

But on Monday, January 16, in the evening, the bank sent back N3,239,400.

 

Recently, the Zenith Bank client shared a post about the refund on her Twitter page.

 

 

Agim reported that on that Monday, the bank contacted her to provide an update on the refunded money.

 

“After the event, they had to put my account on pause, so I didn’t get any alerts,” the user said. I was told to visit the bank the next day,” she recalled.

 

“They had credited my account with N3,239,400 around 7.30 pm on Monday,” the customer said. “My account statement was printed when I got to the bank.”

 

She claimed to have discovered that Access, one of the two banks to which the funds were transferred, still held the remaining N800,500.

 

Zenith Bank stated that Access Bank is now withholding the funds and that it is not their fault at this time. They said Access Bank stated that the funds would not be released without a court order.

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UBA Appoints Abiola Bawuah CEO,UBA Africa

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The Board of Directors of the United Bank for Africa Plc has announced the appointment of Mrs. Abiola Bawuah, as Chief Executive Officer (CEO) of UBA Africa.

 

According to a statement y the bank, Bawuah will also join the Group Board as an Executive Director, overseeing the Group’s operations across the African continent, outside Nigeria.

 

Bawuah, a Ghanaian national, is the first female CEO of UBA Africa.

 

Prior to her appointment, she was Regional CEO, West Africa, supervising the Group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana.

 

Speaking on the new appointment, the Group Board Chairman, Mr Tony O. Elumelu, said, “Abiola has contributed significantly to the growth of UBA Africa for close to a decade. She brings a wealth of experience in commercial banking, and stakeholder engagement. It also gives me great pleasure that with her appointment, the UBA Group Board has now become a majority female board.”

 

The UBA Group also announced other appointments.

 

Chris Ofikulu was appointed the Regional CEO of UBA West Africa.

 

A statement by the bank said Ofikulu has over two decades of banking experience spanning corporate, commercial, and retail banking.

 

Similarly, Uzoechina Molokwu was appointed as Deputy Managing Director (DMD) of UBA Ghana, subject to local regulatory approvals. He was previously the Executive Director, Business Development – UBA Côte d’Ivoire and has over 23 years banking experience.

 

Ayokunle Olajubu was also announced as the Managing Director/CEO UBA Liberia, subject to local regulatory approvals. He currently drives compliance across Africa subsidiaries and comes with 30 years banking experience in Nigeria and other African countries, including Sierra Leone, Cote D’Ivoire and the Gambia.

 

Other appointments include that of Theresa Henshaw who was appointed as CEO of UBA UK, subject to local regulatory approvals. She was previously the DMD, Business Development, UBA America and joined the Group as ED, Business Development at UBA UK.

 

Usman Isiaka, currently CEO, UBA Sierra Leone, has also been appointed the Deputy CEO in UBA America, subject to local regulatory approvals.

 

Adeyemi Adeleke, the former CEO of UBA, UK is now the Group Treasurer. Adeleke will be working to unlock the immense value in the Group’s multi-jurisdictional balance sheet, leveraging on its presence in 24 countries within and beyond Africa.

 

In addition to the executive appointments, UBA has announced the retirement of High Chief Samuel Oni, an independent non-executive Director, from the board following the expiration of his tenure. He joined the UBA Group in January 2015 and served on the Board of the Group for eight years.

 

The Group Chairman, Mr Elumelu, expressed his appreciation to High Chief Oni, for his commitment, leadership and extensive contributions to the UBA Group and on behalf of the Board, wishes him the very best in all his future endeavours.

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