Abdul Samad Rabiu has surpassed Egypt’s richest man, Nassef Sawiris, to become Africa’s fourth-richest man, months after surpassing Nigeria’s second-richest man, Nigerian telecom tycoon Mike Adenuga’s fortune.
This is according to information from Forbes.
Rabiu’s net worth has more than doubled in the last year, rising from $4.9 billion to $7.6 billion at the time of writing. He is currently Africa’s fourth wealthiest person, trailing fellow Nigerian billionaire Aliko Dangote and two South African billionaires, Johann Rupert and Nicky Oppenheimer.
He surpassed Egyptian billionaire Nassef Sawiris, whose net worth was $7.3 billion at the time of writing this report when his net worth surpassed $7.6 billion.
Sawiris’ wealth is primarily derived from his holdings in Adidas and OCI N.V., making him the richest person in both North Africa and the Arab world.
What caused the increase?
Rabiu’s $7.6 billion fortune stems from his manufacturing company, BUA Group, which is one of the continent’s fastest-growing conglomerates. Rabiu is currently Africa’s fourth-richest man and Nigeria’s second-richest man.
- The Nigerian billionaire owns a majority stake in both BUA Foods, which went public in 2022 and BUA Cement, his flagship publicly traded cement company.
- BUA Foods, the integrated food business unit of the Nigeria-based BUA Group, is now operational.
- Its operations include the activities of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited.
- As of the time of writing, Rabiu’s net worth had risen from $4.9 billion to $7.6 billion since the company’s shares were listed on the Nigerian Exchange a year ago.
