Nigerian Billionaire Abdul Samad Rabiu’s Eyes Africa’s Top 3 Richest Spot

Nigerian billionaire Abdul Samad Rabiu is currently determined to claim the third-richest spot from South African billionaire Nicky Oppenheimer. This comes as his net worth surpassed $8 billion, as reported by Forbes.

This development comes months after Rabiu regained his position as Africa’s fourth-richest man following a $700-million wealth increase. Rabiu first surpassed the $8 billion mark on December 15, 2022. 

How Rabiu intends to claim Africa’s Top 3 Richest Spot

The latest increase which is closely linked to the performance of his 98-per cent stake in BUA Foods, the unified food business segment of the BUA Group based in Nigeria has pushed his net worth back up to $8 billion.

Also, The Nigerian Billionaire is prepared to receive a substantial dividend of N91.3 billion ($198 million) from his stake in BUA Cement Plc. This comes as BUA Cement recorded an outstanding financial performance during its 2022 fiscal year.

The performance enabled the company to achieve record-breaking profits and accumulate retained earnings of approximately $437.5 million, out of which the board of directors has approved its final dividend. Reports say the Board of Directors approved an increased dividend payout of N2.8 ($0.00608) per share to shareholders, compared to the N2.6 ($0.0056) paid out in the previous year.

According to BUA Cement’s released financial statements, the company attained an impressive 12.14 per cent surge in profits, climbing from $195.6 million in 2021 to a historic $219.4 million in 2022. The figures attest to BUA Cement’s unwavering financial strength. It also brings the company’s ability to optimise profitability in a highly competitive market to the fore.

Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate. He is the second-richest Nigerian in Africa.