Nigeria’s second-richest man Abdul Samad Rabiu makes $1.1 billion within 24 hours

Omokolade Ajayi -

Bolstering his substantial gains this year, Nigeria’s second-richest man Abdul Samad Rabiu has seen a notable surge in wealth in the last 24 hours. His net worth has soared by over $1.1 billion, solidifying his status as one of Africa’s wealthiest individuals.

According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s wealthiest individuals, Rabiu’s net worth has risen by $1.15 billion in the last 24 hours, surpassing the $8-billion mark.

His net worth climbed from $7.02 billion to $8.17 billion during this period, contributing to a year-to-date increase of $4.09 billion. Rabiu now joins the select group of billionaires who have seen wealth gains exceeding $4 billion since the start of the year.

BUA Cement and BUA Foods fuel Abdul Samad Rabiu’s $1.15-billion wealth surge

The $1.15-billion surge, which has pushed his year-to-date gains beyond the $4-billion mark, is attributed to the performance of his stakes in BUA Cement Plc, Nigeria’s second-largest cement manufacturer, and BUA Foods Plc, which operates the country’s largest pasta and flour plant.

This increase is a result of the sustained bullish sentiment on the Nigerian Exchange, driving BUA Cement and BUA Foods’ share prices up by 80.6 and 40.5 percent, respectively, since the year began. This upward trend has propelled the market capitalizations of these companies to N6.08 trillion ($6.74 billion) and N4.89 trillion ($5.42 billion), respectively.

Rising shares propel Rabiu’s stake in cement and food ventures to a combined $11.91-billion valuation

Rabiu’s stake in his cement company is valued at N5.855 trillion ($6.5 billion) thanks to the recent surge in its shares. Additionally, his stake in the unified food business of BUA Group is estimated at N4.88 trillion ($5.41 billion). This results in a combined valuation of N10.735 trillion ($11.91 billion).

As a result, Rabiu’s total fortune is now estimated at $8.17 billion, securing him the 291st spot on the Bloomberg Billionaires list. In Africa, he stands as the fourth-richest individual, surpassing Egypt’s Nassef Sawiris, who is now ranked 301st with a net worth of $7.95 billion.