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

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

  • Nigerian billionaire race is becoming more and more interesting as Rabiu Abdulsamad has kicked off 2022 with big wins
  • Just days after becoming Nigeria's second richest man, he has also made over 420 billion within a week
  • While Dangote is still Nigeria richest man, his wealth has dropped by over N80 billion, as Rabiu is closes in

2022 is starting off in a quick pace for Abdulsamad Rabiu, as his worth keep increasing in the the last 15 days.

First, Rabiu took over from Mike Adenuga as Nigeria's second richest billionaire. Now, his newly listed BUA Foods has helped him pocket N420.49 billion in a one week.

According Nairametrics the share price of BUA Foods one of his companies, increased by 65% after opening at N40 per share on Monday 10 January, 2022 it close Friday 14 January at N66 per share.

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Rabiu Abdulsamad closes gap makes N420bn in one week, Dangote loses N80bn
Snapshot of BUA foods movement that help Rabiu made N420 billion. Credit: NGX
Source: Facebook

According to the information contained in the company’s listing memorandum, Abdulsamad Rabiu controls about 89.849% of BUA Foods holding, owning a total of 16.17 billion units of shares from the total 18 billion listed shares.

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Rabiu’s worth in the company, which was around N646.9 billion in the previous week has now grown beyond the N1 trillion threshold, to stand at N1.07 trillion as of the end of trading activities on Friday.

According to Forbes, Mr. Abdulsamad Rabiu is worth $4.5 billion making him the 574th richest man in the world and the 6th on the African continent. His net worth is poised to increase further if his two listed companies continue to print impressive share price growth.

Meanwhile, he and his son jointly control about 98% stake in BUA Cement, another of his subsidiary company that is worth over N2 trillion on the NGX.

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Dangote loses N80bn in 24 hours

While Dangote remains the richest man in Africa, 2022 is not really starting off the way he planned.

According to Bloomberg index Dangote on Friday 14 January 2022 wealth dropped by $194 million(N80.37bn).

Despite the loss, Dangote is still worth $19.8 billion and remains far ahead of his rivals.

Business leaders of post-independence Nigeria

Aliko Dangote is one of, if not the most vital businessman in Nigeria post-independence, as the cement mogul has established several companies creating jobs for Nigeria.

In a list compiled by Legit.ng, Dangote was mentioned alongside other notable businesspeople such as Folorunsho Alakija, Rabiu Abdulsamad, Mike Adenuga and Obi Cubana.

They have changed the face of business in Nigeria, ending the era of kola nut and groundnut being the key to success, in creating other revenue potential enterprises.

Source: Legit.ng

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