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Abdul Samad Rabiu, the Nigerian billionaire businessman and founder of BUA Group, has witnessed a remarkable surge in his net worth, surpassing the $8-billion mark fueled by an impressive single-day gain of $501 million.
Following in the footsteps of Africa’s richest man, Aliko Dangote, and Nigeria’s richest banker Jim Ovia, Rabiu’s fortune soared to unprecedented heights in the past 24 hours.
According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s top 500 billionaires, Rabiu’s net worth shot up by $501 million within 24 hours, rising from $7.5 billion at the opening of business on May 30 to an impressive $8 billion at the close of the same day.
The Nigerian Exchange experienced a remarkable rally on May 30, with stocks surging by a remarkable N1.5 trillion ($3.2 billion) in a single day.
The surge was primarily driven by President Bola Ahmed Tinubu’s promising inaugural speech, which unveiled a series of policies designed to address critical issues within the Nigerian economy.
Investors responded favorably to these proposed measures, resulting in a significant increase in the share prices of BUA Cement and BUA Foods — companies owned by Rabiu.
As a consequence of this latest $501-million boost, Rabiu’s year-to-date wealth gains now stand at an impressive $1.53 billion, firmly establishing him as one of the few African billionaires to witness a net worth increase exceeding $1.5 billion this year.
Investors responded favorably to the proposed measures, leading to a remarkable increase in the share prices of Rabiu’s companies.
The Nigerian Exchange witnessed a staggering rally, with stocks surging by an impressive N1.5 trillion ($3.2 billion) in a single day.
With the latest surge of $501 million in his net worth, Rabiu’s year-to-date wealth gains have now reached $1.53 billion.
This places him among the select few African billionaires who have experienced net worth increases exceeding $1.5 billion in 2023.
Joining Rabiu in this exclusive league are Nigerian business magnate Aliko Dangote and South African luxury tycoon Johann Rupert.
Dangote’s net worth has skyrocketed by $2.49 billion this year, while Rupert has witnessed a significant increase of $2.27 billion.
