Abdul Samad Rabiu is the chair of the BUA Group and stated on Thursday that the company plans on listing a consolidated entity called BUA Foods on the Nigerian Exchange Limited (Lega) in an effort to alleviate food shortages in Africa’s largest nation.
“Many people don’t know how big this business is. We decided to merge all of the food businesses. We believe that people will be able to understand and appreciate our business now that we have done it.
“It’s huge and has a lot impact, especially in Kwara State. Rabiu stated that the project covers 20,000 hectares.
In the coming year, around 200,000 tonnes of white sugar will be produced by the group.
BUA’s Lagos sugar refinery and Port Harcourt refinery have a combined capacity of more than 1.5 million tonnes per annum. The Port-Harcourt plant is an export-based refinery with West Africa as its target market.
Mr. Rabiu stated that a new expansion project in flour milling will be completed in Port Harcourt in the middle of 2022.
Forbes reports that Mr. Rabiu, Africa’s sixth-richest man, is a stakeholder of cement-maker Holding 98.5%.