[NIGERIA] Abdul Samad Rabiu becomes Africa’s third-richest man, ousting Nicky Oppenheimer

 

Nigerian billionaire Abdul Samad Rabiu has swiftly climbed up the ranks in Africa’s rich list, now claiming the third spot just four months after is entry as the fourth-richest man. 

According to forbes, his net worth has surged to an impressive $8.6 billion, surpassing South African billionaire Nicky Oppenheimer, who has seen a $700-million rise in his net worth this year.

As the visionary founder of BUA Group, one of Africa’s fastest-growing manufacturing conglomerates, Rabiu has made impressive strides in his wealth accumulation over the past decade.

His remarkable success can be attributed to his astute business acumen and his ability to capitalize on the vast opportunities presented by the Nigerian economy.

Since the beginning of this year, the Nigerian billionaire and notable philanthropist, has experienced a significant increase in his net worth, rising from $7.5 billion on Jan. 1 to $8.6 billion at the time of writing, resulting in a $1.1 billion increment.

This surge in wealth has propelled Rabiu to become the third-richest person in Africa, surpassing Oppenheimer.

According to Forbes, Oppenheimer’s net worth currently stands at $8.3 billion, making him the fourth-richest man on the continent.

The $1.1 billion year-to-date increase in Rabiu’s net worth can be linked to the revaluation of his manufacturing conglomerate, BUA Group, and the increase in the market value of his publicly listed companies, BUA Cement and BUA Foods.

Despite the numerous political and economic headwinds that kick-start the year, his consolidated food business, BUA Foods sustained its leadership position in the Nigerian economy with a profit growth of 77.1 percent in the first quarter of 2023, as its profit increased from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).