Thelma Osatohanmwen
In a shift in Nigeria’s wealth hierarchy, the CEO and Chairman of BUA Group, Abdul Rabiu Samad, has ascended to the position of the second-richest person in Nigeria, surpassing Mike Adenuga.
This change in rankings comes amidst a substantial increase in Rabiu’s net worth, which is now estimated at $7.2 billion, placing him at the 343rd position on Forbes’ list of global billionaires.
The impressive growth in Rabiu’s fortune, which saw an increase of nearly $1.9 billion in just the past week, is largely attributed to the surging valuation of BUA Foods. In early January 2024, BUA Foods’ shares experienced a notable rise, increasing over 10% from N40 ($0.0968) to N44 ($0.1065). This spike in share value boosted the market capitalization of the company to N792 billion ($1.92 billion), significantly contributing to Samad’s escalated wealth.
This financial triumph has positioned Samad ahead of Mike Adenuga, whose current net worth stands at $6.6 billion. It is noteworthy that an earlier reassessment of Adenuga’s mobile phone network, Globacom, by Forbes, had temporarily altered the wealth rankings earlier in January. However, since that assessment, Adenuga’s wealth has witnessed a decrease, falling by $400 million to $7 billion.
The rise of Abdul Samad Rabiu to become Nigeria’s second-richest individual highlights the dynamic and fluctuating nature of wealth, especially in the context of global business and market trends. This development is a clear indication of the impact that market forces and corporate valuations can have on individual fortunes.
Despite these changes, Aliko Dangote maintains his position as the wealthiest individual in Nigeria, a testament to his enduring business success and financial acumen.
