South African billionaire reclaims position as Africa’s third-richest man, overtaking Abdul Samad Rabiu

South African billionaire Nicky Oppenheimer has once again secured his position as Africa’s third-richest individual, reclaiming the spot from Nigerian billionaire Abdul Samad Rabiu.

According to Forbes, Oppenheimer’s net worth stands at $8.3 billion, making him the 248th richest person globally, while Rabiu trails closely behind at 253rd place with the same net worth.

Over the past three weeks, Oppenheimer’s net worth has remained unchanged, while Rabiu has experienced a decline of more than $300 million since May 4, reducing his net worth from $8.6 billion to $8.3 billion at the time of reporting.

The recent decrease in Rabiu’s net worth can be attributed to the pullback in BUA Cement’s shares on the Nigerian Exchange, which has had a significant impact on the market value of Rabiu’s 96-percent stake in the cement company.

BUA Cement reported a 19.13-percent decline in profit during the first quarter of 2023, with the group’s profit dropping from N33.14 billion ($71.97 million) in the first quarter of 2022 to N26.8 billion ($58.2 million). Consequently, this decline in earnings led to a decrease in BUA Cement’s share price.

While Forbes estimates Nicky Oppenheimer’s net worth at $8.3 billion, up from $7.9 billion at the start of the year, the Bloomberg Billionaires Index places his fortune at $8.83 billion.

This positions Oppenheimer as the third-richest individual in Africa, trailing behind his compatriot, South African billionaire Johann Rupert, and Nigerian billionaire businessman Aliko Dangote.

The South African billionaire’s net worth has experienced a noteworthy increase of $800 million since the year began, rising from $8.03 billion to $8.83 billion, according to Bloomberg.

His successful private equity investments managed through Stockdale Street in London and Tana Africa Capital in Johannesburg have played a pivotal role in this recent growth.

With Oppenheimer’s resurgence in wealth, he has once again solidified his standing as one of Africa’s most influential billionaires, leveraging his family’s substantial stake in De Beers, a prominent diamond producer, which he sold to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.

Omokolade Ajayi
Omokolade Ajayi
Omokolade Ajayi is a financial reporter at Billionaires.Africa. Previously, he worked as a journalist at Nairametrics. Omokolade is a seasoned financial analyst and reporter with in-depth knowledge of and expertise in equity markets, and financial and economic analysis. He has a degree in economics and is a certificate holder of the CFA Institute’s Investment Foundation Program.

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