Another Kano State man, Abdul Samad Rabiu of BUA Group is now inches closer to 3rd Richest Man in Africa after wealth grew by over N960billion in One Year
Abdul Samad Rabiu, the Chairman of BUA Group, has jumped to being the third richest man in Africa His wealth has risen by over N960 billion and has resulted in him overtaking some of Africa’s top billionaires With his companies performing exceptionally well, Rabiu is now closing in on becoming the third richest man in Africa
Rabiu is rapidly closing in on South African billionaire Nicky Oppenheimer’s status as the third-richest person in Africa. With a net worth of $8.2 billion, Rabiu’s fortune has skyrocketed by $2 billion(N966bn) in just one year, narrowing the gap between himself and Oppenheimer. Abdul Samad Rabiu has made over N960 billion in one year. Photo credit: @bua group Source: Facebook Forbes’ data reveals that Rabiu’s net worth has surged from $6.1 billion in January 2022 to $8.2 billion as of Tuesday, March 28, 2023, making him the fourth-richest person in Africa and surpassing Egyptian billionaire Nassef Sawiris.
Paystack founder, Shola Akinlade buys 55% stake in Danish football club, Aarhus Fremad Additionally, this rise in his net worth has closed the wealth gap between Rabiu and Oppenheimer to just $100 million.
Why Rabiu’s wealth on the rise Rabiu’s remarkable increase in wealth is attributed to his manufacturing empire, BUA Group, and the soaring market value of his publicly traded companies, BUA Cement and BUA Foods. BUA Cement had a stellar financial year, generating historic profits of N101.01 billion ($219.4 million) in 2022, up 12.14% from N90.08 billion ($195.6 million) in 2021, according to its latest financial report. BUA Cement’s board of directors recommended a dividend payout of N2.8 ($0.00608) per share, up from N2.6 ($0.0056) the previous year, in recognition of the company’s outstanding performance. As the majority shareholder of BUA Cement, Rabiu is set to receive a whopping N91.3 billion ($198.27 million) in dividends, a substantial increase from the N86.5 billion ($187.8 million) he received last year.