Abdul Samad Rabiu, a prominent Nigerian entrepreneur, has seen a remarkable surge in his net worth since the beginning of this year, aligning with the wealth growth observed in Aliko Dangote, the wealthiest individual in Africa. Currently ranking as the fourth-richest person in Africa, Rabiu’s financial fortunes have witnessed significant growth.
Based on the data from the Bloomberg Billionaires Index, Rabiu, who is the founder and chairman of BUA Group, a rapidly expanding conglomerate in Africa, has experienced a remarkable increase in his wealth, with figures surging by $1.6 billion since the beginning of the year.
Rabiu’s net worth has risen from $7.67 billion to $8.07 billion, solidifying his status as one of Africa’s most affluent entrepreneurs and placing him among the world’s wealthiest black billionaires.
BUA Foods drives Nigerian billionaire’s wealth to unprecedented heights.
Abdul Samad Rabiu, currently ranked as the 271st wealthiest individual globally according to the Bloomberg Billionaires Index, has experienced a notable increase in his fortune. This surge can be attributed to the exceptional performance of his 93-percent stake in BUA Foods Plc, his consolidated food business that includes Nigeria’s largest pasta and flour plant.
Despite the initial political and economic obstacles encountered earlier in the year, BUA Foods, the consolidated food business owned by Rabiu, has successfully maintained its prominent position within the Nigerian economy.
During the first quarter of 2023, the company achieved an extraordinary profit growth of 77.1 percent, witnessing a significant increase from N22.84 billion ($47.6 million) to N40.46 billion ($87.58 million).
The outstanding financial performance of the company has resulted in its share price more than doubling since the beginning of the year. As a result, the market value of Rabiu’s 93-percent stake in the consolidated food business has reached an impressive $4.59 billion.
BUA Cement reinforces its position through a substantial $500 million financing.
Although Rabiu’s stake in BUA Foods has experienced a substantial increase in value, his most significant asset continues to be his 98 percent holdings in BUA Cement, which stands as Nigeria’s second-largest cement producer.
In a recent development, BUA Cement successfully secured a financing package of $500 million from various lenders, including the International Finance Corporation. The funding will be utilized to bolster production capabilities.
The secured funding will be allocated towards the establishment of two new energy-efficient cement production lines at BUA Cement’s facility located in Sokoto State, situated in northwest Nigeria.
Credit: Business Elites Africa
