Abdul Samad Rabiu loses Africa’s fourth-richest spot as net worth drops $545 million in 24 hours

Omokolade Ajayi -

Nigerian billionaire Abdul Samad Rabiu has experienced a significant decline in his net worth, resulting in his fall from the position of Africa’s fourth-richest billionaire. In just 24 hours, his fortune plummeted by $545 million due to a recent revaluation of his conglomerate, BUA Group.

According to Forbes, a U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals around the world, Rabiu’s net worth has declined by $545 million in the past 24 hours, from more than $7.6 billion to $7.1 billion at the time of writing this report.

Following the $545-million drop in his wealth figures, Egyptian billionaire Nassef Sawiris has reclaimed the position of Africa’s fourth-richest man, having been deposed on Jan. 14 by the Nigerian businessman, who is leading the charge of BUA Group, one of Africa’s fastest growing conglomerates.

Although the share prices of his publicly listed businesses, including BUA Cement and BUA Foods, have remained constant, the recent decrease in his net worth can be attributed to the revaluation of his privately held businesses under BUA Group. The group’s diverse investments span various significant sectors of the African economy.

Abdul Samad Rabiu maintains rank as Nigeria’s second-richest person, outpacing Mike Adenuga

In 2022, BUA Foods Plc reported impressive financial growth due to increased revenue from its diverse product portfolio. Despite this success, Rabiu’s personal fortune has suffered a loss of nearly $1 billion year-to-date.

Since the start of the year, his net worth, according to Forbes, has declined from $8 billion to $7.1 billion, placing him as Africa’s fifth-richest man. Despite this setback, Rabiu still retains his position as Nigeria’s second-richest man, ahead of telecom and oil billionaire Mike Adenuga.

On Africa’s richest list, the Nigerian billionaire now trails behind Egypt’s richest man,  Sawiris, South African billionaires Nicky Oppenheimer and Johann Rupert, and Nigerian billionaire industrialist Aliko Dangote.