Cement Merger Earns Rabiu $650 Million
Abdulsamad Rabiu earned $650 million when his company Kalambaina Cement, which is a subsidiary of his BUA Cement, merged with the publicly traded Cement Company of Nigeria (CCNN), where he was also the controlling shareholder. The merger created the second largest cement company next to the giant Dangote Cement. Rabiu owns around 97% (worth $650 million) of the new company which has retained the name CCNN.
