Abdulsamad Rabiu and Son Make Over N508bn in 24 Days to Top the List of Billionaire Shareholders in Nigeria

Abdulsamad Rabiu and Son Make Over N508bn in 24 Days to Top the List of Billionaire Shareholders in Nigeria

  • The biggest winners from Nigerian stocks have been reported to be Abdulsamad Rabiu, the Chairman of BUA Group, and his son, beating Dangote
  • How much they made was done using their direct holdings and multiplied by BUA company's share price
  • The Rabius made over N500 billion as a family, beating out all other billionaires to take first and second position

Abdulsamad Rabiu, the Chairman of BUA Group and his son, have topped the list of Nigerian wealthiest billionaires for January from stocks after they made N508 billion which comes to about N20.3 billion daily.

They led the list after the share value of BUA Foods and BUA Cement trading on the Nigerian exchange increased by 61% and 5.5%, respectively within the month.

Rabiu has 16.17 billion direct stakes in BUA Foods, controlling 89.95% of the company. He also has a 92.27% controlling right of his cement company, Nairametrics reports.

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Abdulsamad Rabiu and Son makes over N508bn in 24 days to top the list of billionaire shareholders in Nigeria
Abdulsamad Rabiu is having one of his best runs as a billionaire. Credit: BUA
Source: UGC

His son has 1.79 million direct stakes in BUA Foods, representing 9.96% of the company. Together with his father, they own 99.8% controlling interest in BUA Foods,

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How many billionaires made from stocks in January 2022?

Abdulsamadu Rabiu made N465.1 billion in January to N2.39 trillion while his son Abdulsamadu Rabiu (Jr) followed as the second gainer making N43.73 billion.

In third place is Jim Ovia after he made N3.19 billion in January, owing to the 3.6% increase in the share price of Zenith Bank.

Ovia owns 3.55 billion shares directly in the bank with an additional 1.53 million indirect shares, giving him a controlling right of 16.16% in the company.

In fourth place is Africa's richest man, Aliko Dangote, who owns 27.64 million shares directly in Dangote Cement and 14.62 billion indirect stakes in the company through his other businesses (Dangote industries). Collectively, he controls 85.97% of the company.

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Also, Aliko Dangote directly has 673.1 million shares in Dangote Sugar, representing 5.38% of the company.

Dangote in January raked N7.2 billion from Dangote Cement while that of Dangote Sugar gave him N11.43 billion, summing up to N18.63 billion.

Elon Musk challenges the UN.

Meanwhile, Legit.ng has reported that Elon Musk, the world's richest man, has challenged a claim credited to Director of the United Nations' World Food Programme, David Beasley, that just a small percentage of his wealth could help solve world hunger.

Beasley specifically called for action from Musk and Amazon.com Inc. co-founder Jeff Bezos, the two men atop the Bloomberg Billionaires Index.

Beasley was quoted as saying just $6 billion (N2.4trn) could keep 42 million people from dying.

Source: Legit.ng

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