Abdul Samad Rabiu, Nigeria’s second richest person, has surpassed the net worth of South African billionaire Nicky Oppenheimer to become Africa’s third-richest person, with a net worth of more than $8.6 billion.
Abdul Samad Rabiu’s net worth has increased by more than $3.7 billion in the last year, rising from $4.9 billion to $8.6 billion at the time of writing.
He is currently Africa’s third wealthiest person, trailing only Aliko Dangote, another Nigerian billionaire, and Johann Rupert, a South African billionaire. Abdul Samad Rabiu’s net worth has increased significantly to $8.6 billion, just three months after it surpassed the $8 billion mark.
This puts him ahead of South African billionaire Nicky Oppenheimer, who has an estimated net worth of $8.4 billion at the time of writing.
Nicky Oppenheimer is a South African billionaire businessman and philanthropist whose family’s diamond mining company, De Beers, provides the majority of his wealth. Nicky Oppenheimer increased his net worth by selling his family’s stake in De Beers to Anglo American plc in 2012 for $5.1 billion.
What attributed to the Increase
The source of Rabiu’s $8.6 billion fortune is his manufacturing company, BUA Group, which is one of the continent’s fastest-growing manufacturing conglomerates. Rabiu is currently Africa’s fourth-richest man and the second-richest man in Nigeria.
- Abdul Samad Rabiu holds a majority stake in BUA Foods, which became a publicly traded company in 2022. He also owns BUA Cement, his flagship cement company, which is publicly traded.
- The company reported a pre-tax of N120 billion for year-end 2022, it represented a 16.79% increase from the N102.87 billion the company reported during the same period in 2021.
- The growth in pre-tax profits was due to the increase in sales of Bagged Cement products despite inflationary pressure and depreciation of the naira.
- The revenue from bagged cement products accounted for 99.46 % of the total revenue achieved by the company during the period under revenue
Rabiu’s net worth has increased from $4.9 billion to $8.6 billion since the company’s shares were listed on the Nigerian Exchange a year ago.
