Nigerian Samad Rabiu Drops as Nicky Oppenheimer Reclaims Position as Africa’s Third-richest Man

Nicky Oppenheimer, South African billionaire has once again secured his position as Africa’s third-richest individual, reclaiming the spot from Nigerian billionaire Abdul Samad Rabiu.

According to Forbes, Oppenheimer’s net worth is at $8.3 billion, this made him the world’s 248th richest person, while Rabiu trails closely behind at 253rd place with the same net worth.

Oppenheimer’s net worth has remained unchanged in the course of the past three weeks while Rabiu has experienced a decline of more than $300 million since the 4th of May reducing his net worth from $8.6 billion to $8.3 billion as at this time.

Rabiu’s decrease in net worth

The pullback in BUA Cement’s shares on the Nigerian Exchange can be associated with Rabiu’s recent decrease in net worth having had a significant impact on the market value of Rabiu’s 96-percent stake in the cement company.

BUA Cement reported a 19.13-percent decline in profit during the first quarter of 2023, with the group’s profit dropping from N33.14 billion ($71.97 million) in the first quarter of 2022 to N26.8 billion ($58.2 million). This decline in earnings led to a decrease in BUA Cement’s share price.

Oppenheimer’s surge in net worth 

Forbes estimates Nicky Oppenheimer’s net worth at $8.3 billion, up from $7.9 billion at the start of the year, the Bloomberg Billionaires Index places his fortune at $8.83 billion.

This directly places Oppenheimer as the third-richest individual in Africa, trailing behind South African billionaire Johann Rupert, and Nigerian billionaire businessman Aliko Dangote.

Oppenheimer has experienced a significant increase of $800 million in his net worth since the year began, rising from $8.03 billion to $8.83 billion, according to Bloomberg.

His successful private equity investments managed through Stockdale Street in London and Tana Africa Capital in Johannesburg have played a pivotal role in this recent growth.

This resurgence in the South-African billionaires’s net worth has once again cemented his position as one of Africa’s most influential billionaires, leveraging his family’s substantial stake in De Beers, a prominent diamond producer, which he sold to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.