By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Abdul Samad Rabiu Surpasses Aliko Dangote to Become Richest Investor on NGX
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Featured

Abdul Samad Rabiu Surpasses Aliko Dangote to Become Richest Investor on NGX

Okay.ng
By Okay.ng
Published: July 1, 2023
Share
2 Min Read
Abdul Samad Rabiu
Abdul Samad Rabiu
SHARE

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.

- Advertisement -

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.

- Advertisement -

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).

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Abdul Samad RabiuDangote
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByOkay.ng
Follow:
Okay.ng launched under OKN MEDIA PUBLISHING (RC Number: 2993580) in the year 2012 is an independent digital news platform with thousands of page views and unique visitors every month
Previous Article Sterling Bank Sterling Bank Introduces Edubanc, Revolutionizing Education Sector with Innovative Tech-based Solution
Next Article Abba Kabir Yusuf I do not Regret Demolishing Buildings in Kano — Gov Abba

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Parallel Market Rates

Okay.ng Logo
USD
Buy₦1,555.00
Sell₦1,568.00
GBP
Buy₦1,770.00
Sell₦1,800.00
EUR
Buy₦2,140.00
Sell₦2,175.00

Updated: 7 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

INEC Releases New Guidelines on Election Result Reviews, Confirms 122 Applications for New Political Parties
News
NEPC Debunks Promotion Exam Allegations, Says Process Adheres to Civil Service Rules
News
9mobile Subscribers to Access MTN Network Under New Three-Year Deal
Telcos
Peter Rufai
Peter Rufai, Legendary Super Eagles Goalkeeper, Is Dead
Sport
David Mark, Atiku’s Coalition Efforts Not Reflective of PDP’s Official Stance, Party Clarifies
Politics
- Advertisement -
Ad imageAd image

You May Also Like

Peter Obi
Politics

Labour Party Demands Peter Obi’s Resignation Within 48 Hours

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Politics

Seven Akwa Ibom House of Representatives Members Defect to APC

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Business

Black Market Exchange Rate: Dollar to Naira – Today – 3rd July 2025

Okay.ng
Okay.ng
July 3, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?