Abdulsamad Rabiu’s net worth leaps by $4.3 billion in nearly five years - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Monday 6 May 2024

Abdulsamad Rabiu’s net worth leaps by $4.3 billion in nearly five years

Abdulsamad Rabiu’s net worth leaps by $4.3 billion in nearly five years

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.

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Source: Nairametrics

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