Nigerian industrialist Abdul Samad Rabiu has made yet another remarkable leap in the ranks of the world’s wealthiest individuals, securing a spot among the world’s 400 richest billionaires, according to the latest data from the Bloomberg Billionaires Index.
In September, Rabiu reentered the exclusive circle of the world’s top 500 wealthiest billionaires. However, his wealth has continued to increase, propelling him to the 398th position on the global billionaire list. Rabiu’s net worth now stands at an impressive $5.98 billion, a substantial increase from his earlier net worth.
This ascent in Rabiu’s financial standing places him close to Hong Kong billionaire Ronald McAulay, renowned for his substantial stake in CLP Holdings, Hong Kong’s most prominent power supplier.
It is worth noting that Rabiu’s net worth, as calculated by Bloomberg, incorporates $2.98 billion in miscellaneous liabilities. By contrast, Forbes estimates his wealth at $7 billion, positioning him as the 340th wealthiest individual on their billionaire list.
Rabiu’s rise in the rankings is primarily attributed to his 96.29-percent stake in BUA Cement, the flagship company of the BUA Group. BUA Cement has experienced a surge in its share price, increasing from N96.15 ($0.125) on Sept. 11 to N105.8 ($0.137).
This surge in share price has pushed the market value of Rabiu’s stake in BUA Cement beyond the remarkable $4.5-billion threshold. This remarkable increase in BUA Cement’s shares closely follows a strategic move by the company to reduce ex-factory cement prices.
The decision is anticipated to bring about substantial changes in the competitive landscape of the industry, which is likely to benefit consumers and reshape market dynamics.
Since he returned to the coveted list of the world’s 500 wealthiest billionaires on Sept. 18, Rabiu has seen his net worth soar by $800 million, surging from $5.18 billion to its current standing at $5.98 billion.
Apart from his significant stake in BUA Cement, Rabiu also holds a 99.8-percent stake in BUA Foods, which operates as the unified food business segment of the Nigeria-based BUA Group. This subsidiary encompasses the operations of various companies, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited.
