Abdul Samad Rabiu, chairman of BUA Group, has recouped part of the financial losses he experienced in 2023, as his fortune surpassed $5.5 billion, cementing his position as Nigeria’s second-richest man and one of Africa’s richest billionaires.
Rabiu’s net worth has increased by $150 million in the last seven days, from $5.39 billion to $5.54 billion, according to data tracked by the Bloomberg Billionaires Index, which monitors the wealth of the world’s most affluent individuals, equating to an average daily gain of $21.43 million since Sept. 29.
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 99.8 percent of the food company.
Rabiu now ranks 444th on the world’s wealthiest list, with a fortune estimated to be $5.54 billion. In Nigeria, he is the second-richest individual, trailing only Aliko Dangote, who remains the richest person on the African continent.
Rabiu’s recent increase in wealth demonstrates his extraordinary business acumen and demonstrates the tenacity and adaptability of Nigeria’s top-tier entrepreneurs in the face of economic hardships.