Nigerian cement and sugar tycoon Abdulsamad Rabiu has become at least $650 million richer after merging Kalambaina Cement, a subsidiary company of his BUA Cement, with publicly traded Cement Company of Nigeria (CCNN), where he was the controlling shareholder. With the merger now completed, new shares of CCNN have been issued and allotted to all shareholders of Kalambaina Cement in exchange for their Kalambaina Cement shares. Kalambaina Cement Company Limited is a private limited liability company incorporated in Nigeria. Kalambaina Cement Company Limited’s key cement assets include the brand new 1.5 million metric tonnes per annum of cement production plant situated in Kalambaina, Sokoto State. BUA Cement also owns Edo Cement Company and BUA Cement Port Harcourt, which continue to operate as private companies.

Source: Forbes January 02, 2019 09:00 UTC