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Nigerian billionaire businessman Abdul Samad Rabiu has experienced a significant decline in his wealth, plummeting by more than $3 billion in the past 34 days.
This decline has pushed his net worth down to $5.1 billion, leading to his exit from Bloomberg’s list of the world’s 500 richest billionaires.
According to the Bloomberg Billionaires Index, Rabiu’s net worth has declined from $8.24 billion on June 6 to $5.1 billion, marking a $3.04 billion drop. Unforeseen challenges, including the devaluation of the naira, have played a substantial role in this downward trend.
The devaluation greatly impacted the dollar value of Rabiu’s naira assets, which consist of a 92-percent stake in BUA Foods, his unified foods business group, and a 98.2-percent stake in BUA Cement, Nigeria’s second-largest cement maker.
Presently, Rabiu’s net worth is estimated at $5.1 billion, falling short of the $5.16-billion cutoff required to join the exclusive list of the world’s 500 wealthiest individuals.
The latest ranking from Bloomberg concludes with Russian businessman Sergei Popov, who amassed his fortune by developing a collection of industrial assets in post-Soviet Russia during the early 2000s, in partnership with billionaire Andrey Melnichenko.
Despite the recent decline in his wealth, Rabiu still holds the prestigious title of being one of Africa’s richest billionaires and one of the world’s wealthiest Black billionaires.
A recent report by Billionaires.Africa disclosed that Rabiu had surpassed fellow billionaire Aliko Dangote to claim the coveted position of Africa’s richest investor.
The report values Rabiu’s stake in the company at $3.008 billion. Additionally, he possesses a 92.6-percent stake in BUA Foods Plc, currently valued at $3 billion, bringing the total value of his holdings to $6.01 billion on the Nigerian Exchange.
