Abdulsamad Rabiu Retains Position In List of Africa's Richest Men after Making Over N1bn in 24hrs
- Abdul Samad Rabiu, the second richest man in Nigeria, has added over N1 billion to his net worth in just 24 hours
- His newfound fortune has further solidified his position among the wealthiest men in Africa
- Aliko Dangote continues to lead the list of Africa's wealthiest individuals, followed by South African billionaire Johann Rupert
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The Chairman of BUA Group, Abdul Samad Rabiu, kicked off the new week with all-around good news.
Bloomberg reports that the Kano-born billionaire's net worth increased by $1.38 million( about N1.05 billion) in just 24 hours and now stands at $5.98 billion as of Tuesday, October 17, 2023.
Source: Facebook
His newfound wealth has further cemented his place among the wealthiest men in Africa and 403rd on the list of richest men in the world.
How Rabiu made his fortunes
The majority of Rabiu's fortune is derived from his stake in BUA Cement, the second-largest cement producer in Nigeria.
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He owns about 95% of the company directly and through three other companies.
BUA cement, since the announcement of the price slash of cement price from N5,000 to N3,500, the company's share price has jumped from N94 as of October 6, 2023, to N105 as of October 16, 2023.
Rabiu's 32.5bn (32,507,676,294) shareholdings in BUA cement alone have increased from N3.04 trillion to N3.41 trillion in just ten days.
Rabiu also controls a 93% stake in BUA Foods, which owns Nigeria's largest pasta and flour plant.
Top six richest men in Africa
Rabiu's $5.98 billion net worth ranks him among the wealthiest men in Africa, which fellow Nigerian Aliko Dangote leads.
| Rank | Billionaire | net worth |
| 1 | Aliko Dangote | $16.3bn |
| 2 | Johann Rupert | $10.7bn |
| 3 | Nicky Oppenheimer | $8.88bn |
| 4 | Natie Kirsh | $7.10bn |
| 5 | Nassef Sawiris | $7.49bn |
| 6 | Abdulsamad Rabiu | $5.98Bbn |
| 7 | Naguib Sawiris | $5.59bn |
Dangote, Rabiu make over N300bn in just one week to move up in global ranking, Adenuga stays 3rd
Legit.ng earlier reported that Africa's richest men, Aliko Dangote and Rabiu, experienced a substantial boost in their net worth.
Data from Forbes shows that the two wealthiest men in Nigeria added $500 million (about N384.75 billion) to their net worth within a week( between August and August 20, 2023), propelling them further up the global wealth ranking.
Source: Legit.ng
