Abdul Samad Rabiu’s net worth skyrockets to $8.2 billion, now closer to being Africa’s third-richest person

Omokolade Ajayi -

With a net worth that has now surpassed $8.2 billion, Nigerian billionaire Abdul Samad Rabiu has significantly narrowed the wealth gap between himself and South African billionaire Nicky Oppenheimer, who presently holds the title of the third-richest person in Africa.

Rabiu, the founder of BUA Group, one of Africa’s fastest-growing manufacturing conglomerates, is not only one of Africa’s wealthiest billionaires but also a prominent philanthropist on the continent. Through his philanthropic organization, ASR Africa, Rabiu has made significant contributions to various causes.

Recently, his net worth has received a significant boost, surpassing the $8.2-billion mark just four weeks after his wealth figures exceeded $8 billion.

This surge is attributed to the revaluation of BUA Group, a leading conglomerate with operations spanning multiple significant sectors of the African economy

According to data tracked by Forbes, Rabiu’s net worth has increased by $700 million since the start of the year, rising from $7.5 billion on Jan. 1 to $8.2 billion at the time of writing.

This increase has propelled Rabiu to become the fourth-richest person in Africa, surpassing Egyptian billionaire businessman Nassef Sawiris. Furthermore, the $700-million bump in his net worth has narrowed the wealth gap between Rabiu and Oppenheimer to just $100 million.

Rabiu’s wealth gains this year can be attributed to the revaluation of his manufacturing conglomerate, BUA Group, and the increase in the market value of his publicly listed companies, BUA Cement and BUA Foods.

BUA Cement had an exceptional financial year, with profits rising by 12.14 percent from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022, as stated in its recently released financial statements.

In recognition of this impressive performance, BUA Cement’s board of directors has recommended a dividend payout of N2.8 ($0.00608) per share to its shareholders, a significant increase from the previous year’s N2.6 ($0.0056).

As the majority shareholder of BUA Cement, Rabiu is expected to receive N91.3 billion ($198.27 million) in dividends from his stake in the cement company, a significant increase from the N86.5 billion ($187.8 million) that he received in dividends last year.