Abdul Samad Rabiu becomes Africa’s fourth-richest man, ousting Egypt’s Nassef Sawiris

Months after ascending to the position of Nigeria’s second-richest man by surpassing the wealth of Nigerian telecom billionaire Mike Adenuga, Abdul Samad Rabiu has now claimed the title of Africa’s fourth-richest man, dethroning Egypt’s wealthiest individual, Nassef Sawiris.

Rabiu, who currently ranks as Africa’s fourth-richest man, trailing fellow Nigerian billionaire Aliko Dangote and two South African billionaires, Johann Rupert and Nicky Oppenheimer, has seen his net worth increase by more than $2.4 billion in the past year, from $4.9 billion a year ago to $7.6 billion at the time of writing this report.

The increase in his net worth above $7.6 billion saw him surpass Egyptian billionaire Nassef Sawiris, who is worth $7.3 billion at the time of writing this report.

Sawiris, who ranks as the richest man in not only North Africa but also the Arab world, derives the majority of his wealth from his stakes in Adidas and OCI N.V.

Rabiu, who ranks as Nigeria’s second-richest man and now Africa’s fourth-richest man, derives his $7.6 billion fortune from his manufacturing conglomerate, BUA Group, which ranks as one of the fastest-growing manufacturing groups in Africa.

The Nigerian billionaire holds the majority stake in the publicly listed BUA Cement, his flagship cement business, and BUA Foods, which went public in 2022.

BUA Foods operates as the unified food business segment of the Nigeria-based BUA Group. Its operations include the activities of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited.

Since the company’s shares were listed a year ago on the Nigerian Exchange, Rabiu’s net worth has risen from $4.9 billion to $7.6 billion at the time of this report.

BUA Foods thrives despite adversities in operating environment

Despite challenges in its operating environment, particularly a surge in raw material prices, BUA Foods’ profits at the end of the nine-month period of its 2022 fiscal year rose by more than 17 percent from N58.7 billion ($133.6 million) in the corresponding period of 2021 to N68.8 billion ($156.5 million).

The double-digit increase in the group’s 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.