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Nigeria’s Second-Richest Man Rabiu Gains $1.2 Billion In 45 Days

- September 11, 2023

Nigerian billionaire industrialist Abdul Samad Rabiu, the chairman of BUA Group, has made an impressive financial comeback following a turbulent year characterized by significant losses attributed to the devaluation of the naira.

Rabiu’s fortune has taken a remarkable turn, with his net worth bouncing back by over $1 billion since June when it dipped below $5.2 billion. According to Forbes, a U.S. business magazine that tracks the fortunes of the world’s ultra-high-net-worth individuals, Rabiu’s current net worth stands at a staggering $6.5 billion.

His net worth has increased by $1.2 billion in recent times, rising from $5.3 billion on July 27 to $6.5 billion at the time of drafting this report. This solidifies his position as Nigeria’s second-richest individual and ranks him as the fifth-wealthiest person on the African continent.

The recent bump in Rabiu’s fortune can be attributed to the outstanding performance of his publicly traded companies on the Nigerian Exchange (NGX), most notably the remarkable growth in the market value of his holdings in BUA Foods.

BUA Foods is the consolidated food business arm of the BUA Group, encompassing subsidiaries such as BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited. Rabiu, who also serves as the chairman of BUA Foods, owns 92.6 percent of the food conglomerate.

According to data tracked by Billionaires.Africa, the market value of Rabiu’s stake in BUA Foods has increased by N820 billion ($1.04 billion) in the past 45 days, from N2.26 trillion ($2.88 billion) on July 27 to N3.08 trillion ($3.93 billion), further affirming his status as the second-richest investor on the Nigerian Exchange, trailing only behind fellow billionaire Aliko Dangote.

The recent bump in Rabiu’s wealth not only underscores his exceptional business acumen but also serves as a testament to the resilience and adaptability of Nigeria’s top-tier entrepreneurs in the face of economic challenges.

As he continues to steer the BUA Group toward new heights, Rabiu’s financial trajectory remains a compelling narrative in the ever-evolving landscape of African wealth.

Culled from Billionaires Africa

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