Abdulsamad Rabiu Overtakes Mike Adenuga As Nigeria’s Second Richest Man After Making Over N87bn in Hours
- Nigeria now has a new number two in the list of Nigeria's richest billionaires and he is Abdulsamad Rabiu
- Rabiu unseated telecoms magnate Mike Adenuga to second place after his investments increased his account balance by N87bn in hours
- Aliko Dangote remains undisputed as Nigeria's richest man, and he is the only Nigerian named among the world's top 400 billionaires
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Abdulsamad Rabiu, the founder and chairman of BUA Group, is now the second richest man in Nigeria.
He assumed the position on Friday evening after his wealth increased from $5.3 billion to $5.5 billion.
This represents a $200 million(87 wealth gain after just 8 hours of trading activities on the stock exchange.
Source: Facebook
Forbes data shows that Mike Adenuga, who started the week in second, is now third with also $5.5 billion networth to sit as the 432 richest men in the world.
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How Adenuga fell to third
While on the other hand, Mike Adenuga has been having a tough 2022 and data from Forbes shows his wealth has dropped by more than $1 billion.
Adenuga started the year with $6.6 billion. He is ranked as the third richest man in Nigeria and 433 in the world.
Dangote remains top
Meanwhile, Aliko Dangote remains the richest man in Nigeria, with a total net worth of $12.4 billion.
On Friday, he lost about $7 million of his wealth as his company continued to battle to retain ownership of his biggest cement factory in Africa.
In total, Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
When Dangote's refinery becomes operational, it is expected that his wealth will reach another high.
Dangote, Rabiu companies dominate the list of most valuable manufacturing companies
Legit.ng had earlier reported that Dangote cement and BUA cement are Nigeria's two most valuable listed manufacturing companies.
BUA foods, another company owned by Abdulsamad, sat in the third position, while Nestle Nigeria completed the list of top four valuable manufacturing companies.
The ranking of the banks is according to data from the Nigerian Exchange Group (NGX).
Source: Legit.ng
