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Abdulsamad Rabiu Rejoins World’s 500 Richest Billionaires

Following the depreciation of Nigeria’s currency in June, billionaire businessman Abdulsamad Rabiu has triumphantly returned to the coveted list of the world’s 500 richest billionaires.

Rabiu, Nigeria’s second-richest man, experienced a huge blow earlier this year when the naira’s depreciation resulted in a sharp drop in the value of his assets, prompting him to fall off the Bloomberg Billionaires Index on June 23.

According to Bloomberg Billionaires Index statistics, a recent revival in his fortunes has seen him not only recover but also re-enter the exclusive club of global billionaires.

Rabiu’s net worth has increased by $390 million, according to the Bloomberg Billionaires Index, which counts the assets of the world’s wealthiest billionaires. His fortune has grown from $4.79 billion on June 23 to a current worth of $5.18 billion, largely from shares in his publicly traded enterprises.

This increase in wealth has firmly established Abdul Samad Rabiu as the 500th richest person in the world, just behind the 499th-ranked Charles Dolan, an American billionaire known for his substantial wealth from the June 2016 sale of U.S. cable operator Cablevision Systems to Netherlands-based telecommunications giant Altice for a staggering $17.7 billion. Dolan’s net worth is currently $5.19 billion.

Rabiu’s financial situation has improved due to the persistent increase in the market value of his holdings, particularly his interest in BUA Foods. This BUA Group subsidiary has seen a significant increase in investor interest, fueled by a strong financial performance in the first half of 2023.

As a result, Rabiu’s net worth has surpassed $5 billion, propelling him back into the exclusive ranks of the world’s top 500 billionaires.

Bloomberg puts Abdul Samad Rabiu’s liabilities at $2.98 billion at the time of this article. BUA Cement and BUA Foods are worth $4.15 billion and $4.01 billion, respectively. These impressive results solidify his position as Nigeria’s wealthiest billionaire, surpassing telecom and oil magnate Mike Adenuga.

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