A recent list compiled by Billionaires.Africa has shaken up the rankings on the Nigerian Exchange, revealing that Abdul Samad Rabiu, the leading billionaire businessman and industrialist, has overtaken Aliko Dangote as the richest investor in the country.
According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly listed businesses on the local bourse are valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion at the time of writing.
Dangote, who recently lost his long-held title as Africa’s richest man to South African billionaire Johann Rupert, now finds himself in the second position on the Nigerian Exchange.
His investment portfolio, which includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, is presently valued at $5.8 billion.
Rabiu’s surge in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods.
The company currently ranks fifth most valuable on the Nigerian Exchange.
Since the beginning of the year, Rabiu’s stake in BUA Foods has witnessed a staggering 109-percent increase, fueled by the strong buying interest in the leading foods conglomerate.
Rabiu, who founded BUA Group in 1988, holds a 96.29-percent stake in his flagship company, BUA Cement, both in his name and through his wholly-owned BUA International.
The value of his stake in the company has now reached $3.008 billion. Additionally, Rabiu owns a 92.6-percent stake in BUA Foods, which is currently worth $3 billion, bringing the total value of his holdings to $6.01 billion.
Despite facing political and economic challenges at the start of the year, BUA Foods managed to sustain its leadership position in the Nigerian economy.
The company reported an impressive profit growth of 77.1 percent in the first quarter of 2023, with profits rising from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).
This remarkable financial performance has boosted investor confidence and led to a triple-digit surge in BUA Foods’ share price since the beginning of the year.
As a result, Rabiu has emerged as the new king of the Nigerian Exchange, overshadowing the legendary Dangote in the race for wealth supremacy.
Source: billionaires.africa