Nigerian billionaire Abdul Samad Rabiu has emerged as one of the top gainers in January 2024, with his net worth soaring by more than $4 billion since the year began. This robust increase solidifies his standing as Nigeria’s second-richest individual and places him among Africa’s wealthiest.
According to the Bloomberg Billionaires Index, which tracks the fortune of the world’s 500 wealthiest individuals, Rabiu’s net worth has surged by $4.18 billion in 2024. Starting at $4.09 billion on Jan. 1, his wealth has now reached $8.27 billion as of the current report.
This substantial gain, positioning him as the fourth-richest person in Africa, surpassing Egyptian billionaire Nassef Sawiris, is attributed to the strong performance of Rabiu’s holdings in BUA Cement Plc, Nigeria’s second-largest cement manufacturer, and BUA Foods Plc, the operator of the country’s largest pasta and flour plant.
Rabiu hits Jackpot as stakes BUA Cement and BUA Foods propel his fortune to new heights
The surge in Rabiu’s investment portfolio, bolstered by the strong performance of BUA Cement and BUA Foods on the Nigerian Exchange, has solidified his position as one of Nigeria’s wealthiest investors.
BUA Cement and BUA Foods’ share prices have risen by 80.6 and 40.5 percent, respectively, since the beginning of the year, driving their market capitalizations to N6.08 trillion ($6.74 billion) and N4.89 trillion ($5.42 billion).
According to Bloomberg, Rabiu’s stakes in BUA Cement and BUA Foods have now reached $6.64 billion and $5.04 billion, respectively, due to the double-digit percentage increase in these companies’ shares on the Nigerian Exchange this year.
Bloomberg’s assessment reveals potential dominance if not for $3.4 billion in liabilities
With a year-to-date wealth gain of $4.18 billion, pushing his net worth to $8.27 billion, he ranks among the top 20 wealth gainers globally in January 2024. Rabiu, the founder and leader of BUA Group, one of Africa’s fastest-growing manufacturing conglomerates, is now the 294th richest individual on the Bloomberg Billionaires Index.
His net worth would have been $11.68 billion, securing him the position of the continent’s third-richest individual, if not for liabilities totaling $3.4 billion, as assessed by Bloomberg considering acquisitions, insider transactions, and taxes. This would have surpassed the wealth of South African billionaire Nicky Oppenheimer, who is presently worth $9.95 billion.
