Nigerian billionaire Abdul Samad Rabiu’s net worth skyrockets to $8 billion, eyes Africa’s top 3 richest spot

Omokolade Ajayi -

Nigerian billionaire Abdul Samad Rabiu, who recently regained his position as Africa’s fourth-richest man following a $700-million wealth increase, is now determined to claim the third-richest spot from South African billionaire Nicky Oppenheimer.

With his net worth surpassing $8 billion, as reported by Forbes, Rabiu is on an aggressive pursuit to secure his new goal.

According to Forbes, his net worth has risen from $7.8 billion to $8 billion since the time of drafting this report.

The Nigerian billionaire’s net worth has experienced significant fluctuations in recent months.

After suffering a decline of $545 million in early February, his net worth rose by $700 million on Feb. 24, bringing it to $7.8 billion.

Now, a recent increase of $200 million has pushed his net worth back up to the $8-billion mark which he first surpassed on Dec. 15, 2022.

This latest increase can be attributed to the strong performance of his 98-percent stake in BUA Foods, the unified food business segment of the BUA Group based in Nigeria.

In addition to benefiting from the recent surge in BUA Foods’ share price, Rabiu is also set to receive a substantial dividend of N91.3 billion ($198 million) from his stake in BUA Cement Plc.

The company’s impressive financial performance during its 2022 fiscal year has enabled it to achieve record-breaking profits and accumulate retained earnings of approximately N181.9 billion ($437.5 million), out of which the board of directors has approved its final dividend.

BUA Cement achieved an outstanding 12.14-percent surge in profits, climbing from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022, according to its recently released financial statements.

These impressive figures serve as a testament to BUA Cement’s unwavering financial strength and its ability to optimize profitability in a highly competitive market, cementing its position as a top-performing company in the industry.