Dangote Loses Top Spot to Abdul Samad Rabiu as Richest Investor in Nigerian Stock Exchange
- Nigeria's richest man, Aliko Dangote, is no longer Nigeria's biggest investor
- Data from the Nigeria stock exchange shows that BUA Group's Chairman, Abdul Samad Rabiu, is now Nigeria's top investor
- Rabiu's total investment in the stock market is worth about $6.01 billion against Dangote's $5.8 billion
According to a recent report, BUA Group Chairman Abdul Samad Rabiu has overtaken Aliko Dangote, Chairman of Dangote Group, as Nigeria's richest investor.
Rabiu's holdings in his publicly quoted companies on the Nigerian Stock Exchange are valued at about $6.01 billion, earning him the tag of Nigeria's largest investor.
Source: Getty Images
Dangote relegated to second position as Nigeria's biggest investor
Dangote now trails Rabiu in the second position on the exchange.
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Dangote's investment portfolio, including his 86.81% stake in Dangote Cement, the largest cement manufacturer in Africa and the second largest company on the Nigerian Stock Exchange, is valued at $5.8 billion.
The BUA Group boss' rapid wealth surge is attributable to the phenomenal growth in the market value of his food business, BUA Foods.
BUA Foods ranks fifth most valuable company on the Nigeria Stock Exchange.
Rabiu's share in BUA Foods has witnessed an impressive increase of 109%, caused by the strong investors' confidence and buying interest in the company.
Rabiu holds about 96.29% stake in BUA Cement in his name and BUA International.
The value of his stake in the firm has reached about $3.008 billion. He also owns a 96.6% stake in BUA Foods, currently worth $3 billion, to bring the total value of his holdings to $6.01 billion.
Despite facing headwinds at the beginning of the year, BUA Foods has sustained its leadership position in the Nigerian economy.
The company recorded a profit growth of 77.1% in the first quarter of 2023, with profits rising from N22.84 billion to N404.6 billion.
The performance bolstered investors' confidence and led to triple-digit growth in BUA Foods' share price since the beginning of 2023.
The Nigerian stock exchange witnessed a bullish run since the beginning of May 2023, breaking a four-year losing streak of losses for stocks, representing the best monthly performance for the stock market for approximately two and a half years.
Three wealthiest investors in Nigeria
Three top Nigerian billionaires, Aliko Dangote, Abdul Samad Rabiu, and Femi Otedola, emerged most prominent investors in the Nigerian Stock Exchange, with a collective gain of $2.28 billion in the first six months of 2023.
Their gain represents an increase of 18.9% from their collective investment in their companies listed on the stock market, valued at $11.1 billion as of December 31, 2022, according to Nairametrics reporting.
The trio owns the highest stake in any listed company on the exchange, worth close to $1 billion.
Dangote rated Africa’s richest man With $15.6 billion, gains $20.7 million in 24 hours
Legit.ng reported that the President of the Dangote Group, Aliko Dangote, remains Africa’s richest man, despite the naira devaluation against the dollar which has eroded most stocks’ values in Nigeria.
According to Bloomberg, Dangote has a total net worth of $15.6 billion and is Africa’s richest man.
Dangote is the only Nigerian on the list, which contains the 500 wealthiest people in the world, and has been Africa’s richest man for the last 12 years.
Source: Legit.ng
