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.
