Nigerian billionaire Abdulsamad Rabiu signs $600M construction deal with Chinese firm Sinoma

Abdulsamad Rabiu, Chairman of BUA Group. Rabiu has an estimated net worth of $1.2 billion, according to Forbes.

BUA Group, a Nigerian industrial conglomerate owned by Abdulsamad Rabiu, one of Nigeria’s wealthiest men, has signed $600 million worth of contracts with Sinoma International Engineering Co, a Chinese cement equipment and engineering service provide, to construct a second production line of its flagship cement plant in an effort to double capacity and expand its market share in Nigeria.

According to a report by Nigerian newspaper The Nation, the deal will enable BUA to double the capacity of its Obu cement plant, located in Edo State in the western part of Nigeria and boost its share of the cement market in Nigeria which is currently dominated by Africa’s richest man, Aliko Dangote. The Obu plant currently has a production capacity of 3.5 million metric tonnes a year, but upon its completion in 2017 it is expected to have an annual capacity of more than 7 million metric tonnes. The contract was signed at Sinoma’s offices in China.

Read more: Nigerian Billionaire Abdulsamad Rabiu Signs $600 Million Construction Deal With Chinese Firm – Forbes