Rabiu Is Now the Second-Richest Man in Nigeria; Details of how he Unseat Mike Adenuga In 24 Hours

Rabiu Is Now the Second-Richest Man in Nigeria; Details of how he Unseat Mike Adenuga In 24 Hours

  • The ranking of Nigeria richest billionaire has changed, as industrialist Abdul Samad Rabiu unseat telecommunication magnet Mike Adenuga to second position
  • While Dangote is still Nigeria richest man, Rabiu aim now is to close the gap and also push higher in African billionaires ranking
  • Just days after listing one of his companies, BUA food on Nigerian Stock Exchange, the shares value has increased by 9.92%

Nigerian billionaire industrialist Abdul Samad Rabiu will be starting the second week of January, and 2022 as the second richest man in Nigeria after starting the new year off strong.

On Thursday, January 6 2021, the CEO and Chairman of BUA Group added nearly $1.9 billion to his net worth.

He closed the first week of January, 2022 with $7.2 billion fortune following a huge valuation of one his company BUA Foods after listing on Nigerian exchange.

Read also

Rabiu, Nigeria's Second Richest Man, make N420bn in a Week, Closing the Gap on Dangote, Who Loses N80bn

Rabiu is now the second-richest man in Nigeria; details of how he unseat Mike Adenuga in 24 hours
Screenshot of BUA price movement just days after listing Credit: NGX
Source: Facebook

His new net worth puts him in the position of the second-richest man in Nigeria, ahead of Nigerian telecom mogul Mike Adenuga whose net worth is $6.6-billion according to Forbes billionaire list.

Do you have a groundbreaking story you would like us to publish? Please reach us through info@corp.legit.ng!

How Rabiu became second in just 24 hours

On Wednesday, Jan. 5th 2022, Abdul Rabiu completed the listing of his consolidated food business on the Nigerian Exchange after it obtained relevant regulatory approvals from the regulatory authorities.

Immediately the company's share was listed, investors were quick to react when the market opened on Wednesday as a total of 18,000,000,000 (eighteen billion) shares at N40 ($0.0968) were admitted to trading, representing a valuation of N720 billion ($1.74 billion).

This rush saw BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) increasing the company's market capitalisation to N792 billion ($1.92 billion).

Read also

Nigeria has only $60 million left in its excess crude account one more big withdrawal could be game over

The rise in his company's shares saw Rabiu’s fortune also increased from $5.3 billion to $7.2 billion Business Insider reports.

What Abdul Rabiu said after listing of his shares

Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group, said:

“I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”
We appreciate the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

Billionaire Otedola takes over FBNH

Legit.ng has reported that Billionaire investor, Femi Otedola, has been reported to have added First Bank Nigeria to his list of assets.

Read also

Twitter: Nigeria loses N546bn in 222 days, the 2nd worst among countries to have shutdown internet to citizens

According to a report, Otedola in the last few months silently bought the shares of the bank for N30 billion, making him the single largest shareholder of the bank and this gives him voting power.

The report also noted that an unidentified insider claimed an announcement will be made in the coming days.

Source: Legit.ng

Online view pixel