Nigeria’s third wealthiest individual and Chairman of BUA Group, Abdulsamad Rabiu, has seen his net worth climb by $4.3 billion in about five years.
This is according to data tracked by Nairametrics on the Forbes Billionaire Index between 2019 and 2024.
In 2019, his net worth was approximately $1.6 billion, with fluctuations driven by the performance of BUA Group shares, while BUA Cement held a market capitalization of N1.18 trillion ($3.3 billion).
Almost five months into 2024, his net worth has soared to $5.9 billion, largely due to his majority stake in BUA Foods, which went public in 2022.
Additionally, BUA Cement, his flagship company, reported a pre-tax profit of N120 billion for the fiscal year ending 2022, representing a 16.79% increase from the previous year.
This growth was attributed to increased sales of bagged cement products despite inflationary pressures and currency depreciation.
Further breakdown reveals Abdul Rabiu’s net worth progression: $2.9 billion in 2020, $4.9 billion in 2021, $6.9 billion in 2022 and $8.2 billion in 2023.
What you should know
- Although Rabiu was worth $8.2 billion in 2023 due to the significant devaluation of the Nigerian naira, which has depreciated by 40% his net worth dropped to $5.9 billion at the time this article was published. This decline commenced toward the latter part of the preceding year of 2023.
- Initial reports from Nairametrics revealed that Abdul Samad Rabiu incurred a substantial loss in his fortune due to the devaluation of the naira, witnessing a reduction of nearly $3 billion in a single day. Consequently, Mr. Rabiu’s valuation plummeted by $2.73 billion to $5.54 billion.
- Controlling a commanding 93% stake in BUA Foods, which boasts ownership of Nigeria’s largest noodle and flour mill, Rabiu’s influence is pronounced, as indicated by the company’s first quarter 2023 and 2022 annual reports.
- Born in 1960 in Kano, a city situated in northern Nigeria, Rabiu’s entrepreneurial journey traces back to his late father, Ishak Rabiu, who established Ishak Rabiu & Sons, an entity spanning manufacturing, finance, and real estate sectors.
