Abdul Samad Rabiu’s Net Worth Increase to $8.2 Billion, Moving Closer to Becoming Africa’s Third-Richest Person

Abdul Samad Rabiu, Nigerian billionaire with a networth of over $8.2 billion has significantly reduced the wealth gap between himself and South African billionaire Nicky Oppenheimer, who currently holds the title of the third-richest person in Africa.

Abdul Samad who is the founder of BUA Group is one of Africa’s fastest-growing manufacturing conglomerates and not just  one of Africa’s wealthiest billionaires but also a prominent philanthropist on the continent. 

He has made significant contributions through ASR Africa, his philanthropic organization to various causes.

Recently, his net worth has received a significant surge which surpasses the $8.2 billion mark just four weeks after his wealth figures exceeded $8 billion. This increase is attributed to the revaluation of BUA Group, with its operations spanning multiple significant sectors of the African economy

According to Forbes, Abdul Samad Rabiu’s net worth has increased by $700 million since the beginning of the year, from $7.5 billion on January 1 to $8.2 billion as at the time of writing.

This increase made Rabiu to become the fourth-richest person in Africa, surpassing Nassef Sawiris. The $700 million bump in his net worth also caused a reduction in the wealth gap between Rabiu and Nicky Oppenheimer to just $100 million.

The revaluation of his manufacturing conglomerate, BUA Group and the increase in the market value of his publicly listed companies, BUA Cement and BUA Foods, can be associated with Abdul Samad wealth gains this year.

BUA Cement had an exceptional financial year, with profits rising by 12.14 percent from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022, as stated in its recently released financial statements.

BUA Cement’s Board of Directors has recommended a dividend payout of N2.8 ($0.00608) per share to its shareholders, a significant increase from the previous year’s N2.6 ($0.0056) in recognition of this impressive performance.

As the majority shareholder of BUA Cement, Rabiu is expected to receive N91.3 billion ($198.27 million) in dividends from his stake in the cement company, a significant increase from the N86.5 billion ($187.8 million) he received in dividends last year.