Abdul Samad Rabiu, a leading Nigerian billionaire and philanthropist, has reclaimed his position as Africa’s fourth-richest man, thanks to a $700-million increase in his net worth, fueled by a rise in the market value of his stake in his food company, BUA Foods Plc.
In less than 24 hours after losing his position as Africa’s fourth-richest man to Egyptian billionaire Nassef Sawiris due to a $545-million drop in his net worth, Rabiu has surged ahead with a significant increase in his wealth, cementing his position among the continent’s most influential and successful entrepreneurs.
According to data tracked by Forbes, a U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals around the world, Rabiu’s net worth has increased by more than $700 million in the last 24 hours, from $7.1 billion to $7.8 billion.
The $700-million increase in his net worth can be attributed to an 8.87-percent increase in BUA Foods’ share price during Thursday’s trading session on the Nigerian Exchange, which saw the company’s share price rise from N74.4 ($0.161) to N81 ($0.176) at the time of writing.
BUA Foods, the unified food business segment of the Nigeria-based BUA Group, reached a financial milestone by reporting record-high earnings at the end of its fiscal year 2022.
According to figures in its recently published unaudited financial statements, the group’s earnings increased from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by revenue growth from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.
The outstanding financial performance is expected to result in a significant increase in dividend earnings for Rabiu and his son, Isyaku Naziru Rabiu, who own 99.8 percent of the consolidated food conglomerate. This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.