- Abdulsamad Rabiu overtakes Dangote to become the richest on the Nigerian Exchange
- The Bua Group Chairman now has 18.31% of the total market capitalization in the NGX
- However, Dangote remains the richest man in Nigerian and in Africa according to Bloomberg
Abdul Samad Rabiu, the chairman of BUA Group has surpassed Aliko Dangote to become the richest investor on the Nigerian Exchange (NGX).
The Bua Group Chairman now boasts a portfolio valued at N7.13 trillion on the NGX
Bua Food leads
Valued at N3.64 trillion, the billionaire’s holding in Bua Food (99.8%) emerges as the biggest on the exchange. His stake in BUA Cement (96.29%) worth N3.49 trillion, also contributes significantly to his wealth.
With this, Dangote, with a N5.5 trillion portfolio is no longer the richest on the Nigerian Bourse. Dangote has an 86.8% stake in his cement company, Dangote Cement. He also maintains a large stake in Dangote Sugar, NASCON, Jaiz Bank, and United Bank for Africa.
Charles Abuede, a financial analyst noted that the recent surge in the share prices of the BUA flagships or sister-companies have added more value to the wealth of Abdulsamad ahead of Dangote.
According too him, this is a show of continued investor confidence in the stock and the attractiveness of the stock market in recent months.
Also, let's not forget the impressive Q3 earnings as well as the recent ex. factory price slash on the cement brand. This has roused investors sentiment.
Speaking on the possibility of Rabiu maintaining the position for long, he said the sustenance of the position is possible barring any unforeseen circumstances or distortion that may trigger well-off in the stocks.
However, he noted that the stocks are still attractive and undervalued based on current valuations.
Notably, Dangote continues to be the richest man in Nigeria and Africa despite that Rabiu is now the richest on the Nigerian bourse.
Dangote’s wealth currently stands at $16.2 billion while Bua’s wealth is estimated at $5.62 billion, according to Bloomberg’s estimates.
Both billionaires have continued to shine, setting the pace for African industrialists across the region
Legit.ng reported that the billionaires recently engaged in a media war, over an alleged exchange deal.
Report: Dangote to Sell Luxurious Private Jet He Bought to Celebrate Birthday, Awaits Offers
Nigerian billionaire Aliko Dangote has reportedly put up his luxurious Bombardier Global Express XRS private jet for sale, Legit.ng reported.
He paid $45.5 million for the private jet in 2009 (13 years ago) when he celebrated his 53rd birthday.
Billionaire.africa reports that the chairman of Dangote Cement has decided to reduce his luxurious items.