Abdul Samad Rabiu, a Nigerian billionaire, has emerged as one of the biggest gainers in January 2024, with his net worth rising by more than $4 billion since the year began. This significant increase cements his position as Nigeria’s second-richest individual and puts him among Africa’s wealthiest.
Rabiu’s net worth increased by $4.18 billion in 2024, as per the Bloomberg Billionaires Index, which analyzes the fortunes of the world’s 500 wealthiest individuals. His fortune increased from $4.09 billion on January 1 to $8.27 billion as per the latest report.
Rabiu’s rise to fourth-richest person in Africa, surpassing Egyptian billionaire Nassef Sawiris, is due to his investments in BUA Cement Plc, Nigeria’s second-largest cement manufacturer, and BUA Foods Plc, which operates the country’s largest pasta and flour plant.
Rabiu’s investment portfolio has grown significantly, boosted by the good performance of BUA Cement and BUA Foods on the Nigerian Exchange, cementing his status as one of Nigeria’s wealthiest investors.
Since the start of the year, the share prices of BUA Cement and BUA Foods have increased by 80.6% and 40.5%, respectively, resulting in market capitalizations of N6.08 trillion ($6.74 billion) and N4.89 trillion ($5.42 billion).
Bloomberg reports that Rabiu’s interests in BUA Cement and BUA Foods had increased by double-digit percentages on the Nigerian Exchange this year, reaching $6.64 billion and $5.04 billion, respectively.
With a year-to-date wealth gain of $4.18 billion, his net worth now stands at $8.27 billion, placing him among the top 20 wealth gainers in the world in January 2024. Rabiu, the founder and leader of BUA Group, Africa’s fast-growing industrial behemoth, is currently the 294th richest person on the Bloomberg Billionaires Index.
His net worth would have been $11.68 billion, making him the continent’s third-richest individual, if not for $3.4 billion in liabilities, according to Bloomberg, which includes purchases, insider trades, and taxes. This would have exceeded the riches of South African billionaire Nicky Oppenheimer, who is currently worth $9.95 billion.
