Abdul Samad Rabiu has reclaimed the position of Nigeria’s second-richest individual after witnessing a substantial increase in his net worth, surging beyond $7 billion.
According to Forbes, his fortune rose by $1.5 billion in the early days of 2024, climbing from $5.7 billion on Jan. 1 to $7.2 billion at the time of drafting this report.
This surge in wealth has propelled Rabiu ahead of telecom and oil tycoon Mike Adenuga, who held the top spot just nine days ago with a net worth of $7.4 billion. Adenuga’s fortune has experienced a significant decline since Jan. 11, dropping by $400 million to $7 billion.
The $1.5-billion increase in Rabiu’s wealth is attributed to the strong performance of his publicly listed companies, BUA Cement Plc and BUA Foods Plc. The recent bullish sentiment on the Nigerian Exchange (NGX) has driven the stock prices of these companies to historic highs.
BUA Cement and BUA Foods surge, Rabiu’s holdings reach new heights
BUA Cement, Nigeria’s second-largest cement producer with an installed capacity of 11 million metric tonnes per annum, has witnessed a remarkable 45-percent increase in its share price since the beginning of the year.
This surge has propelled its market capitalization on the NGX to N5.03 trillion ($5.64 billion). As of the report’s drafting, Rabiu’s 96.3-percent stake in the company is valued at N4.84 trillion ($5.43 billion).
Similarly, the share price of BUA Foods Plc, the unified food business of Rabiu’s BUA Group, has also experienced significant growth, rising by more than 24 percent since the start of the year. Consequently, its market capitalization on the local bourse has exceeded the $4.9 billion mark. Presently, Rabiu’s 99.8-percent stake in the group is valued at $4.83 billion.
Rabiu’s $7.2-billion fortune places him second in Nigeria, fifth in Africa, and 343rd globally on Forbes’ billionaires list
With a fortune now estimated at $7.2 billion, Rabiu has become Nigeria’s second-richest and Africa’s fifth-richest individual, ranking 343rd on Forbes’ list of global billionaires.
Leading the BUA Group, Africa’s fastest-growing industrial conglomerate, Rabiu orchestrated a strategic partnership in December 2023 with global energy equipment leader CIMC ENRIC, in collaboration with Axxela Group.
This collaboration aims to establish a 700-tonne-per-day mini-liquefied natural gas (LNG) project, marking BUA Group’s entry into the energy sector. Under Rabiu’s leadership, BUA Group has become a significant player in Africa’s food, mining, manufacturing, and industrial sectors, solidifying its position as a key player in the region’s economic landscape.
