Billionaires - December 16, 2022

Nigerian Billionaire Abdul Samad Rabiu Tops $8.1 billion Net Worth

Simeon Onoja December 16, 2022

3 min read

The net worth of Nigerian billionaire Abdul Samad Rabiu, which recently surpassed $7 billion, shows no signs of slowing down, .owing to a boom in the shares of his publicly traded businesses.

Rabiu is Nigeria’s second-richest person and one of the African continent’s wealthiest businessmen, with his fortune derived from his publicly held companies on the Nigerian Exchange.

Abdul Samad Rabiu has seen his net worth surpass $8.1 billion, Forbes links this to a rise in the shares of his publicly traded cement company, BUA Cement Plc, and his newly merged food empire, BUA Foods Plc. His net worth has increased since the 5th of January, when shares of his consolidated food company, BUA Foods Plc, were listed on the Nigerian Exchange, causing his wealth to jump from $4.9 billion to $7 billion in just 48 hours.

Rabiu’s net worth has increased by $800 million, from $7.3 billion on the 9th of December to $8.1 billion at the time of writing this report, owing primarily to the stock market success of his cement business.BUA Cement shares increased from N77 ($0.1725) to N97.75 ($0.219) according to data gathered from the Nigerian Exchange.

The cement firm’s good financial performance this year can be linked to the double-digit increase, as investors and shareholders continue to purchase holdings in the company.BUA Cement reported a 12.3% increase in profit during the first nine months of its 2022 fiscal year, from N65.9 billion ($145 million) in the same period in 2021 to N74 billion ($168.4 million), while other cement companies struggled to match their 2022 results.

As part of BUA Cement’s development plans to accommodate the nation’s expanding cement demand as well as regional exports to other nations, the top cement producer established a 3-million-metric-tonne cement factory in Sokoto, a state in northwest Nigeria, during the period under review.