Billionaires - May 31, 2023

Abdul Samad Rabiu’s Financial Milestone: $501M Single-Day Gain Surges Net Worth Beyond $8B

Oluwadamilola Olanrewaju May 31, 2023

3 min read

Abdul Samad Rabiu, Nigerian billionaire businessman and founder of BUA Group, has witnessed a remarkable surge in his net worth. The surge surpassed the $8 billion mark fueled by an impressive single-day gain of $501 million.

Rabiu’s fortune soared to unprecedented heights in the past 24 hours trailing the footsteps of Aliko Dangote, Africa’s richest man and Jim Ovia, Nigeria’s wealthiest banker.

Rabiu’s net worth was tracked by Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people based on their net worth and was reported to have skyrocketed by $501 million within 24 hours, rising from $7.5 billion at the opening of business on May 30 to an impressive $8 billion at the close of the same day.

The Nigerian Exchange experienced a remarkable rally on May 30, with stocks surging by a remarkable N1.5 trillion ($3.2 billion) in a single day.

Cause of the remarkable wealth surge

This surge was primarily driven by President Bola Ahmed Tinubu’s promising inaugural speech, which unveiled a series of policies designed to address critical issues within the Nigerian economy.

The speech had investors responding favourably to the measures proposed which resulted in a huge increase in the share prices of BUA Cement and BUA Food, companies owned by Rabiu. The Nigerian Exchange also witnessed a staggering rally, with stocks surging by an impressive N1.5 trillion ($3.2 billion) in a single day.

As a result, Rabiu’s year-to-date wealth gains now stand at an impressive $1.53 billion, firmly solidifying his position as one of the few African billionaires to witness a net worth increase exceeding $1.5 billion this year. His year-to-date wealth gains have now reached $1.53 billion.

Nigerian business magnate Aliko Dangote and South African luxury tycoon Johann Rupert. Dangote’s has joined Rabiu in this as their net worth has skyrocketed by $2.49 billion this year, while Rupert has witnessed a significant increase of $2.27 billion.