Abdulsamad Rabiu Takes New Position on Billionaires List After Overtaking Mike Adenuga

• Abdulsamad Rabiu has overtaken Mike Adenuga to reclaim the position as the second-richest man in Nigeria
• This comes just days ago after the Globacom chairman claimed the title following a surge in his wealth
• Rabiu's fortune is now estimated at $7.2 billion to rank 343rd on Forbes' list of global billionaires

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Abdulsamad Rabiu has seen his net worth surge significantly, catapulting him to a new position on the list of Nigerian billionaires.

The billionaire reclaimed his position as the second-richest individual in the country after his wealth surged significantly.

Rabiu overtakes Adenuga

Forbes reported that beginning on January 1, 2024, Rabiu's wealth had increased by $1.5 billion, reaching $7.2 billion.

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With this increase in his wealth, Rabiu has surpassed oil and telecom magnate Adenuga, who was ranked some days ago with a $7.4 billion net worth.

Since January 11, Adenuga's wealth has significantly decreased, falling by $400 million to $7 billion.

Legit.ng had earlier reported that Mike Adenuga became Nigeria's second-richest man ahead of Abdulsamad Rabiu, who dropped to third.

Adenuga's wealth surge was due to Forbes'Adenuga's recent reassessment of the valuation of his mobile phone network, Globacom.

Billionaire. Africa reported that Rabiu's publicly traded businesses, BUA Cement Plc and BUA Foods Plc, performed well, contributing to a $1.5 billion increase in his wealth.

The recent optimistic attitude observed on the Nigerian Exchange (NGX) has resulted in historically high stock prices for these companies.

Rabiu is now the second richest in Nigeria

Rabiu has become Nigeria's second-richest behind Aliko Dangote and moved up to the position of Africa's fifth-richest individual.

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Checks by Legit.ng found that Rabiu ranks 344th on Forbes' list of global billionaires with a fortune now estimated at $7.2 billion as of the time of this report.

Africa's fastest-growing industrial conglomerate, BUA Group, led by Rabiu recently orchestrated a strategic partnership in December 2023 with global energy equipment leader CIMC ENRIC, in collaboration with Axxela Group.

Through this partnership, BUA Group hopes to launch a 700-ton-per-day mini-liquefied natural gas (LNG) plant, marking its debut in the energy industry.

BUA Group has grown significantly under Rabiu's direction, securing its place as a major actor in the industrial, mining, food, and manufacturing sectors of Africa's economy.

Dangote, 6 other African billionaires wealthier than 700 million people in Africa - report

Legit.ng reported that an Oxfam report has stated that the 700 million people who comprise the poorest half of Africa's population are not as wealthy as the seven richest men in the continent.

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The report was presented to journalists in Abuja by the acting country director of Oxfam Nigeria, Hamza Tijani.

Legit.ng earlier highlighted the 20 richest Africans to include, Aliko Dangote, Johann Rupert, Nicky Oppenheimer, Abdulsamad Rabiu, and others.

Source: Legit.ng