Nigerian businessman Abdul Samad Rabiu, the fourth-richest man in Africa, has witnessed a substantial increase in his net worth since the start of the year, mirroring the wealth gains experienced by Africa’s richest man Aliko Dangote.Â
According to the Bloomberg Billionaires Index, Rabiu, the founder and chairman of BUA Group, Africa’s fastest-growing conglomerate, has seen his wealth figures surge by $1.6 billion since the start of the year.
Data tracked by Billionaires.Africa revealed that Rabiu’s net worth has climbed from $7.67 billion to $8.07 billion, consolidating his position as one of the wealthiest businesspeople on the African continent and among the world’s richest black billionaires.
BUA Foods propels Nigerian billionaire’s fortune to new heights
Ranked as the 271st richest man globally by the Bloomberg Billionaires Index, the recent bump in his fortune can be attributed to the outstanding performance of his 93-percent stake in BUA Foods Plc, his unified food business that owns Nigeria’s largest pasta and flour plant.
Despite the prevailing political and economic challenges at the start of the year, BUA Foods, Rabiu’s consolidated food business, has maintained its leadership position in the Nigerian economy.
The company achieved a remarkable profit growth of 77.1 percent in the first quarter of 2023, with profits rising from N22.84 billion ($47.6 million) to N40.46 billion ($87.58 million).
The exceptional financial performance has propelled the company’s share price to more than double since the year began, pushing the market value of Rabiu’s 93-percent stake in the unified food business to $4.59 billion.
Abdul Samad Rabiu’s BUA Cement strengthens position with $500 million financing
While Rabiu’s stake in BUA Foods has surged in value, his most significant asset remains his 98 percent holdings in BUA Cement, Nigeria’s second-largest cement producer.
Recently, BUA Cement secured a financing package worth $500 million from the International Finance Corporation and other lenders to enhance production.
The funding will be used to develop two new energy-efficient cement production lines at the company’s plant in Sokoto State, northwest Nigeria.
