Nigeria’s second-richest man Abdul Samad Rabiu has seen his net worth soar to a record $7.3 billion thanks to the performance of his publicly traded assets, as the frenzy returns to the Nigerian Exchange after several months of bearish pressures and share sell-offs.
Rabiu, who derives the majority of his wealth from his publicly listed companies on the Nigerian Stock Exchange — BUA Cement Plc and BUA Foods Plc — has seen his net worth increase by $300 million in the past two weeks, from $7 billion on Nov. 27 to an all-time high of $7.3 billion at the time of writing.
The increase in the market value of his stake further solidifies his position as Nigeria’s second-richest man and one of Africa’s richest billionaires, narrowing the wealth gap between him and Africa’s richest man Aliko Dangote, who is presently worth $12.9 billion, according to Forbes (Bloomberg estimates Dangote’s net worth at $19.1 billion).
Since the start of the year, Rabiu has seen his wealth figures rise from $4.9 billion to $7.3 billion thanks to the performance of his cement company, BUA Cement, and the increase in the market capitalization of his food company, BUA Foods, since its shares were listed on the Nigerian Exchange on Jan. 5.
Rabiu’s food business reported a 17-percent increase in profit in the first nine months of 2022, from N58.7 billion ($133.6 million) in the same period in 2021 to N68.8 billion ($156.5 million).
The double-digit increase in earnings can be attributed to a surge in food demand as both household and industrial consumers stocked up on food items in anticipation of further price increases.
While other cement companies failed to match their 2022 performance, BUA Cement reported a 12.3-percent increase in profit during the first nine months of its 2022 fiscal year, from N65.9 billion ($145 million) in the same period in 2021 to N74 billion ($168.4 million), as cement sales increased by double digits.
During the period under review, the leading cement manufacturer opened a 3-million-metric-tonne cement factory in Sokoto, a state in northwestern Nigeria, as part of its expansion plans to meet the country’s ever-increasing cement demand as well as regional exports to other countries.
