Inside Abdul Samad Rabiu’s Rise to 3rd Richest Man in Africa
Abdul samad Rabiu, Nigeria’s second richest man who is the founder of BUA Group has risen to the third spot surpassing South African billionaire Nicky Oppenheimer. With a net worth of $8.6 billion and the founder of one of Africa’s fastest-growing manufacturing conglomerates, Rabiu has made impressive progressive in his wealth accumulation over the past decade.
The philanthropist has experienced a significant increase in his net worth, rising from $7.5 billion on Jan. 1 to $8.6 billion,resulting in a $1.1 billion increment.
This achievement can be associated with his smart business strategies and his ability to capitalize on the vast opportunities presented by the Nigerian and African economy. Let’s look at some of his business ventures that increased his rank in Africa’s rich list.
Revaluation of his manufacturing conglomerate
Abdulsamad Rabiu’s strategic investments, innovation, and diversification of the group’s operations have helped to skyrocket his net worth in past decades. Rabiu has been focused on expanding and diversifying the group’s operations in recent years. BUA Group has invested heavily in various sectors such as cement, sugar, flour, real estate, and port operations. In addition, Rabiu has announced plans to build a new refinery and petrochemical plant in Nigeria.
This approach has led to the company’s growth and increased revenue, as well as contributing to the economic development of the countries where the group operates.
Increase in the market value of his publicly listed companies
Rabiu’s publicly listed companies such as BUA Cement and BUA Foods have contributed significantly to his net worth by generating substantial revenue and profits. For instance BUA Foods is a major player in the food industry in Nigeria, with products ranging from flour, pasta, and sugar to edible oils, rice, and snacks. The company’s revenue has steadily increased over the years, contributing to Rabiu’s net worth.
BUA Cement is another of Rabiu’s publicly listed companies and also one of the largest cement manufacturers in Nigeria and listed on the Nigerian Stock Exchange. The company has a production capacity of 8 million metric tonnes per annum and operates across several plants in Nigeria.
Rabiu consolidated food business, BUA Foods,a leading Food and Fast-moving consumer goods business which processes, manufactures, and distributes food produce under the BUA Group was able to sustain its leadership position in the Nigerian economy with a profit growth from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million) recording 77.1 percent in the first quarter of 2023.
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