Abdulsamad Rabiu, a Nigerian millionaire, has quickly climbed the ranks of Africa’s rich list, now taking the third slot just four months after his admission as the fourth-richest individual.
According to Forbes, his net worth has increased to an astonishing $8.6 billion, surpassing South African billionaire Nicky Oppenheimer, whose net worth has increased by $700 million this year.
Rabiu has amassed significant riches during the last decade as the visionary founder of BUA Group, one of Africa’s fastest-growing manufacturing giants.
His extraordinary success can be credited to his acute business acumen and ability to capitalize on the numerous opportunities given by the Nigerian economy.
The Nigerian billionaire and philanthropist’s net worth has increased significantly since the beginning of the year, jumping from $7.5 billion on January 1 to $8.6 billion at the time of writing, a $1.1 billion rise.
Rabiu has surpassed Oppenheimer to become Africa’s third richest person as a result of his wealth boom.
Oppenheimer’s net worth is approximately $8.3 billion, ranking him fourth on the continent, according to Forbes.
Rabiu’s net worth has increased by $1.1 billion year to date, owing to the revaluation of his manufacturing conglomerate, BUA Group, and the increase in the market value of his publicly traded companies, BUA Cement and BUA Foods.
Despite numerous political and economic headwinds in the first quarter of 2023, his consolidated food business, BUA Foods, maintained its leadership position in the Nigerian economy with a profit growth of 77.1 percent in the first quarter of 2023, increasing from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).