Second richest man in Nigeria, Abdul Rabiu recoups losses as net worth passes $5.5bn mark

Nigerian billionaire Abdul Samad Rabiu has regained some of his wealth lost in 2023. His net worth is now over $5.5 billion, making him Nigeria's second-richest person and one of Africa's wealthiest individuals.

This increase in Rabiu's wealth, according to billionaires.africa is due to the strong performance of his publicly traded companies on the Nigerian Exchange (NGX), especially BUA Foods.

This has led to a surge in his wealth from $5.39 billion to $5.54 billion in the last seven days—a $150 million increase, according to the Bloomberg Billionaires Index.

Rabiu who is chairman of BUA Group also oversees BUA Foods which includes various subsidiaries like BUA Sugar Refinery, BUA Oil Mills, IRS Flour, IRS Pasta, and BUA Rice, and Rabiu owns nearly 100% of the conglomerate.

With a net worth of $5.54 billion, Rabiu is ranked 444th among the world's richest people. In Nigeria, he is the second-richest, after Aliko Dangote, who remains Africa's richest person.

This increase in Rabiu's wealth highlights his exceptional business skills and demonstrates how Nigeria's top entrepreneurs can adapt and thrive despite economic challenges.

According to Bloomberg, Rabiu's stake in BUA Foods has risen by $140 million in a short time. From $4.27 billion as of Sept. 29 to $4.41 billion as of the time of publishing.

Rabiu's success story continues to evolve as he leads the BUA Group to new heights in the world of African wealth.

ID/MA

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