Nigerian billionaire Abdulsamad Rabiu sells flour milling business to Singapore's Olam for $275M

Nigerian billionaire Abdulsamad Rabiu, Chairman, BUA Group. Credit:

BUA Group, one of Africa’s largest food and infrastructure conglomerates, has sold its flour business to Olam International of Singapore for $275 million.

Speaking at the signing ceremony over the weekend in Lagos, Nigerian billionaire Abdulsamad Rabiu, Founder and Executive Chairman of BUA Group, said that even though BUA Flour Mills had become one of the largest and most efficient flour milling businesses in Nigeria, the sale of the company was crucial to BUA’s medium term strategy of expanding its business operations to other export-oriented activities.

“Over the years, we have run one of the largest and most efficient flour milling businesses in Nigeria and are confident in the value it will add to the buyer’s operations. Our Group’s strategic focus will now be to diversify to business areas with greater potential for export where the sourcing and utilization of foreign exchange is less and most of the materials needed for production can be sourced locally whilst also positioning our current line of Foods and Infrastructure businesses for market leadership,” Rabiu said.

Read more: Nigerian Billionaire Abdulsamad Rabiu Sells Flour Milling Business For $275 Million – Forbes