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In a surprising turn of events on the Nigerian Exchange, Abdul Samad Rabiu, the chairman of BUA Group, has reclaimed the title of the richest investor on the local bourse, surpassing Africa’s richest man Aliko Dangote.
Rabiu, leading BUA Group, one of Africa’s fastest-growing manufacturing and industrial conglomerates, presently commands a formidable position on the NGX, boasting a portfolio valued at an impressive N7.13 trillion ($8.88 billion).
His total portfolio value accounts for 18.31 percent of the Nigerian Exchange‘s total market capitalization, presently standing at N38.93 trillion ($48.4 billion).
BUA Foods emerges as crown jewel in Abdul Samad Rabiu’s wealth empire
Rabiu’s vast portfolio includes a 99.8-percent equity interest in BUA Foods, the crown jewel of his holdings, valued at N3.64 trillion ($4.54 billion). Additionally, his 96.29-percent stake in BUA Cement worth N3.49 trillion ($4.34 billion), contributes significantly to his wealth.
This shift in rankings marks a significant challenge to Dangote, whose portfolio, valued at N5.5 trillion ($6.85 billion), is no longer sufficient to maintain the top position on the NGX.
Dangote’s holdings include an 86.8-percent stake in Dangote Cement, the largest cement company in Africa, along with shares in Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa.
Aliko Dangote retains title as Nigeria and Africa’s wealthiest individual
While Rabiu now holds the crown as the richest investor on the Nigerian bourse, Dangote continues to lead as the wealthiest individual in Nigeria and Africa.
According to Forbes, Dangote’s net worth is $10.5 billion, while Bloomberg estimates a higher fortune at $16.2 billion.
In contrast, Rabiu’s net worth stands at $6.8 billion, according to Forbes, and Bloomberg estimates a lower figure of $5.62 billion, accounting for miscellaneous liabilities totaling $2.98 billion.
The NGX has witnessed a significant shift in wealth dynamics, with Rabiu’s BUA Group posing a formidable challenge to Dangote’s dominance, especially in the cement sector. As these two titans continue to vie for supremacy, market analysts are closely monitoring the evolving landscape of Africa’s largest economy.
