Abdul Samad Rabiu, chair of the BUA Group, said on Thursday that the company plans to list a consolidated entity known as BUA Foods – a combination of pasta, edible oil, sugar, rice, and flour – on the Nigerian Exchange Limited in Lagos in an attempt to alleviate food scarcity in Africa’s biggest nation.
“A lot of people do not know the size of this business. That is why we decided to actually merge all the food businesses. Now that we have done that, people will understand and appreciate the business.
“It’s a huge business and it has a lot of impact, especially the plantation that we have in Kwara State. Because that is a 20,000-hectare project.” Rabiu said.
The group expects to begin production of around 200,000 tons of white sugar in the year ahead.
BUA’s Lagos and Port Harcourt sugar refineries have a combined production capacity of over 1.5 million tons per annum, with the Port-Harcourt plant being an export-based refinery, the West African region being its target market.
Mr Rabiu said an expansion project in flour milling and pasta will be delivered in Port Harcourt by mid-2022.
According to Forbes, Mr Rabiu is Africa’s sixth-richest person and is a stakeholder in the cement-maker holding 98.5% of the company.