After a tumultuous period of financial volatility following Nigeria’s currency devaluation in June, billionaire businessman Abdul Samad Rabiu has made a triumphant return to the coveted list of the world’s 500 richest billionaires.
Rabiu, Nigeria’s second-richest man, suffered a significant setback earlier this year when the devaluation of the naira resulted in a steep decline in the value of his assets, causing him to drop off the Bloomberg Billionaires Index on June 23.
However, a recent resurgence in his fortunes has seen him not only recover but climb back into the exclusive club of global billionaires, according to the Bloomberg Billionaires Index data.
The Bloomberg Billionaires Index, which tracks the assets of the world’s richest billionaires, reports that Rabiu’s net worth has surged by an impressive $390 million. His fortune, derived from shares in his publicly listed businesses, has grown from $4.79 billion on June 23 to a current valuation of $5.18 billion.
This surge in wealth has firmly positioned Rabiu as the 500th richest individual globally, just behind the 499th-ranked Charles Dolan, an American billionaire known for his substantial wealth from the sale of U.S. cable operator Cablevision Systems to Netherlands-based telecommunications giant Altice for a staggering $17.7 billion back in June 2016. Dolan currently boasts a fortune of $5.19 billion.
The turnaround in Rabiu’s financial status can be attributed to the sustained increase in the market value of his holdings, particularly his stake in BUA Foods. This subsidiary of the BUA Group has experienced a notable surge in investor interest, propelled by a robust financial performance during the first half of 2023.
As a result, Rabiu’s net worth has not only crossed the $5 billion threshold but has also propelled him back into the prestigious ranks of the world’s top 500 billionaires.
As of the time of this report, Bloomberg estimates Abdul Samad Rabiu’s liabilities at $2.98 billion. His holdings in BUA Cement and BUA Foods are valued at $4.15 billion and $4.01 billion, respectively. These robust figures further cement his status as Nigeria’s wealthiest billionaire, placing him ahead of telecom and oil mogul Mike Adenuga.