Due to the successful performance of his publicly traded assets on the Nigerian Exchange, Abdul Samad Rabiu, Chairman of BUA Cement Plc, has seen an increase in his net worth to $7.3 billion (NGX).
This is due to BUA Cement Plc, and the growth in the market capitalization of his food business, BUA Foods, since its listing on the Nigerian Exchange on January 5, Rabiu’s net worth has increased from $4.9 billion earlier in 2022.
The 62-year-old billionaire’s net worth increased by $300 million in just the last two weeks, from $7 billion as of November. The majority of his wealth comes from his publicly traded companies on the Nigerian Stock Exchange, BUA Cement Plc and BUA Foods Plc. Rabiu owns 98.5% of BUA Cement Plc.
The increase in the market value of his stake further solidifies his position as Nigeria’s second-richest man and one of Africa’s richest billionaires, narrowing the wealth gap between him and Africa’s richest man Aliko Dangote.