Abdul Samad Rabiu has claimed the title of Africa’s fourth-richest man, unseating Egypt’s richest person, Nassef Sawiris, months after rising to the position of Nigeria’s second-richest man by exceeding the fortune of Nigerian telecom tycoon Mike Adenuga.
This is according to information from Forbes.
Rabiu’s net worth has increased by more than $2.4 billion in the last year, from $4.9 billion to $7.6 billion at the time of writing this report. He is currently Africa’s fourth-richest man, behind fellow Nigerian billionaire Aliko Dangote and two South African billionaires, Johann Rupert and Nicky Oppenheimer.
He surpassed Egyptian billionaire Nassef Sawiris, whose net worth as of the time of writing this report was $7.3 billion when his net worth rose above $7.6 billion.
The majority of Sawiris’ wealth comes from his holdings in Adidas and OCI N.V., making him the richest individual in both North Africa and the Arab world.
What attributed to the Increase: The source of Rabiu’s $7.6 billion fortune is his manufacturing company, BUA Group, which is one of the continent’s fastest-growing manufacturing conglomerates. Rabiu is currently Africa’s fourth-richest man and the second-richest man in Nigeria.
- The Nigerian billionaire owns the majority of both BUA Foods, which went public in 2022, and BUA Cement, his flagship cement company which is publicly traded.
- The Nigeria-based BUA Group’s integrated food business unit, BUA Foods, is in operation.
- The activities of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited are all included in its operations.
- Rabiu’s net worth has increased from $4.9 billion to $7.6 billion since the company’s shares were listed on the Nigerian Exchange a year ago, as of the time of this article.
In case you missed it: Nigerian billionaire Abdul Samad Rabiu lost $255 million in the first 12 days of 2023, causing his net worth to decline to $7.8 billion.
- According to Forbes, the decline was due to the reassessment of several of his unlisted companies that are part of the rapidly expanding manufacturing and industrial conglomerate, BUA Group.
- Despite the setback, the billionaire cement tycoon is still the second wealthiest person in that country.