2024-01-20 14:52:20
Abdul Samad RabiuNigerian tycoon and group CEO BUAhas just reconquered the coveted position of second richest man in Nigeria, thus surpassing the famous Mike Adenuga. This meteoric rise is the result of a substantial increase in the net worth of Rabiubringing it to more than 7 billion dollars, according to the latest report of Forbes. Since the start of 2024, his fortune has experienced exceptional growth of $1.5 billionpassing $5.7 billion on January 1st $7.2 billion at the time of writing this report.
This reversal of fortune was accentuated by the sudden drop in net worth of Mike Adenuga, which held first place just nine days ago with $7.4 billion. Since January 11, the fortune ofAdenuga dropped by $400 million, currently reaching $7 billion. However, the story behind Rabiu’s rise lies in the exceptional performance of its listed companies.
The strength of BUA Cement Plc and BUA Foods Plc in the Nigerian Stock Market (NGX) is behind the dramatic increase in Rabiu’s wealth. BUA Cement, Nigeria’s second-largest cement producer, has seen its share price rise 45% since the start of the year, propelling its market capitalization to 5.03 trillion naira ($5.64 billion). Rabiu’s 96.3% stake in this company is now valued at 4.84 trillion naira ($5.43 billion).
Similairement, BUA Foods Plc, the unified food business of BUA Group, has recorded significant growth of over 24% year-to-date, surpassing the $4.9 billion mark in terms of market capitalization. Rabiu’s 99.8% stake in this company is valued at $4.83 billion. These exceptional performances propelled Abdul Samad Rabiu the second richest person in Nigeria and the fifth richest person in Africa, ranking 343rd on the Forbes list of global billionaires.
At the helm of BUA Group, Africa’s growing industrial conglomerate, Rabiu also demonstrated its strategic vision by orchestrating a strategic partnership in December 2023 with the world leader in energy equipment, CIMC ENRIC, in collaboration with the Axxela group.
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