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Abdulsamad Rabiu: How Nigeria’s 2nd Richest Man Gained $1.2 Billion in 45 Days

Abdulsamad Rabiu, the head of BUA Group and a Nigerian billionaire businessman, has achieved an astonishing financial return following a tumultuous year marked by large losses related to the naira’s depreciation.

Rabiu’s fortunes have taken an extraordinary turn, with his net worth increasing by more than $1 billion since June, when it fell below $5.2 billion. Rabiu’s current net worth is $6.5 billion, according to Forbes, a U.S. business magazine that chronicles the fortunes of the world’s ultra-high-net-worth individuals.

His net worth has risen by $1.2 billion in recent months, from $5.3 billion on July 27 to $6.5 billion at the time of writing. This cements his status as Nigeria’s second-richest individual and places him fifth on the African continent.

Rabiu’s fortunes have recently improved due to the extraordinary performance of his publicly held firms on the Nigerian Exchange (NGX), most notably the astounding increase in the market value of his interests in BUA Foods.

BUA Foods is the BUA Group’s consolidated food business arm, with companies including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited. Rabiu, who also serves as BUA Foods’ chairman, owns 92.6 percent of the food business.

According to data seen by HowNG, the market value of Rabiu’s stake in BUA Foods has increased by N820 billion ($1.04 billion) in the past 45 days, from N2.26 trillion ($2.88 billion) on July 27 to N3.08 trillion ($3.93 billion), cementing his position as the Nigerian Exchange’s second-richest investor, trailing only fellow billionaire Aliko Dangote.

Rabiu’s recent increase in wealth not only demonstrates his extraordinary business acumen, but also demonstrates the resilience and adaptability of Nigeria’s top-tier entrepreneurs in the face of economic crises.

Rabiu’s financial trajectory remains a compelling narrative in the ever-changing environment of African wealth, as he continues to take the BUA Group to new heights.

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