Abdulsamad Rabiu Climbs to Second Richest Man in Nigeria, Overtakes Mike Adenuga
Abdulsamad Rabiu has experienced a substantial increase in his net worth, elevating him to the position of the second-richest individual in Nigeria. This recent development occurred after he surpassed Mike Adenuga, who had recently held the title following an upturn in his wealth. According to Forbes, Rabiu’s fortune is now estimated to be $7.2 billion, placing him at 343rd on the global billionaires’ list.
The billionaire’s wealth experienced a surge of $1.5 billion, surpassing Adenuga’s net worth. Adenuga, who had just been named Nigeria’s second-richest man, saw a reduction of $400 million in his wealth. The reversal in their positions on the billionaires’ list is attributed to the reassessment of the valuation of their respective businesses.
Rabiu’s publicly traded companies, BUA Cement Plc and BUA Foods Plc, performed exceptionally well, contributing to the increase in his wealth. The current positive trend observed on the Nigerian Exchange (NGX) has also led to historically high stock prices for these companies.
With this significant increase in his net worth, Rabiu not only reclaimed his position as the second-richest individual in Nigeria but also ascended to the fifth-richest person in Africa. As of the latest report, he ranks 344th on Forbes’ list of global billionaires.
Under Rabiu’s leadership, BUA Group, Africa’s fastest-growing industrial conglomerate, has achieved significant milestones, particularly in the industrial, mining, food, and manufacturing sectors. The recent strategic partnership with global energy equipment leader CIMC ENRIC, in collaboration with Axxela Group, signifies the conglomerate’s entry into the energy industry.
In a related report, an Oxfam study unveiled that the seven wealthiest men in Africa are wealthier than the 700 million people who make up the poorest half of the continent’s population. This highlights the substantial wealth disparity in Africa, with individuals such as Rabiu and Dangote ranking among the richest on the continent.
The recent developments in Rabiu’s wealth, business ventures, and position on the billionaires’ list underscore his remarkable entrepreneurial acumen and the success of BUA Group under his leadership. As he continues to make strides in Nigeria’s business landscape, his influence and impact are poised to expand further in the coming years.
This article was based on information gathered from Legit.ng. For more insightful content, please refer to their website.
