Abdul Samad Rabiu, the prominent billionaire businessman and industrialist, has dethroned Aliko Dangote as the wealthiest investor in Nigeria, according to a recent list compiled by Billionaires.Africa.
The rankings on the Nigerian Exchange have been shaken up, with Rabiu’s investment holdings in his publicly listed businesses valued at an impressive $6.01 billion, making him the sole investor with a portfolio exceeding $6 billion.
Aliko Dangote, who recently lost his long-held title as Africa’s richest man to South African billionaire Johann Rupert, now finds himself in the second position on the Nigerian Exchange.
His investment portfolio, which includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, is currently valued at $5.8 billion.
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The surge in Abdul Samad Rabiu’s wealth can be attributed to the remarkable growth in the market value of his stake in BUA Foods, his unified food business.
BUA Foods now holds the fifth position as the most valuable company on the Nigerian Exchange. Since the beginning of the year, Rabiu’s stake in BUA Foods has witnessed a staggering 109-percent increase, fueled by strong buying interest in the leading foods conglomerate.
Abdul Samad Rabiu, who founded BUA Group in 1988, holds a 96.29-percent stake in his flagship company, BUA Cement, both in his name and through his wholly-owned BUA International.
The value of his stake in the company has reached an impressive $3.008 billion. Additionally, Rabiu owns a 92.6-percent stake in BUA Foods, currently valued at $3 billion, bringing the total value of his holdings to $6.01 billion.
Despite facing political and economic challenges earlier in the year, BUA Foods has managed to sustain its leadership position in the Nigerian economy.
The company reported an impressive profit growth of 77.1 percent in the first quarter of 2023, with profits surging from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).