See How Abdulsamad Rabiu lost $3B in 60 days
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Billionaires - July 13, 2023

See How Abdulsamad Rabiu lost $3B in 60 days

Nigerian billionaire businessman, Abdulsamad Rabiu, the Chairman of BUA Cement has recently witnessed a remarkable decline in his net worth, amounting to an astounding $3 billion in a mere span of 60 days.

Consequently, his present net worth has reached $5.6 billion, which starkly contrasts with the $8.6 billion figure reported by Nairametrics on April 29, 2023, as per data from the Forbes Billionaire index.

What caused Abdulsamad Rabiu’s net worth to fall to $5.7B? 

Within a 24-hour period, Samad Rabiu saw a net worth decline in his net worth amounting to a 1.59% . This is an estimated loss of about $159 million. Also, the recent unification of the exchange rate and the devaluation of naira which in June which affected other prominent billionaires in Nigeria, such as Aliko Dangote and Mike Adenuga further weakened his wealth valuation.

It was reported that Rabiu suffered a substantial loss of around $2.73 billion in June as a result of the naira unification. Rabiu primarily accumulates his wealth through BUA Cement, wherein he possesses a majority stake of 93% in BUA Foods and 98% in BUA Cement.

This can lead to an exacerbation in the decline in net worth if there are any fluctuations in the share price of these companies.

A brief history of Abdul Samad Rabiu 

Due to Rabiu’s previous surge in net worth, Bloomsberg included him in the list of its top 500 billionaires. However, due to his downward trajectory, he has been removed.

Few weeks ago, there were reports that revealed that Rabiu significantly increased his net worth on the Nigerian exchange market.

BUA Cement Plc’s share price appreciation of 23% in the first half of the year contributed significantly to his growth, adding $1.3 billion to his net worth. The multi billionaire businessman Rabiu attended Ohio’s Capital University to study economics. At age 24, he went back to Nigeria to take over the family business.

In 1988, Rabiu established the BUA Group, which imported steel and food. The company has evolved into a manufacturer of cement and sugar as a result of a number of mergers, notably the 2009 acquisition of Cement Company of Northern Nigeria (CCNN).

The second-largest cement producer in the nation, BUA Cement, sold N361 billion ($847 million) worth of cement in 2022 alone.

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