- The chairman of BUA Cement has again joined the list of top 500 billionaires in the world
- Abdulsamad Rabiu’s assets earlier declined as a result of the depreciation of the naira in June
- The billionaire’s worth is currently $5.18 billion
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Abdul Samad Rabiu, a billionaire businessman, has returned to the list of the world's 500 richest billionaires. This comes after a turbulent time of financial instability following Nigeria's currency devaluation in June.
Rabiu's net worth has reportedly increased by an astonishing $390 million, according to the Bloomberg Billionaires Index, which keeps track of the assets of the world's wealthiest billionaires.
His net worth has increased from $4.79 billion on June 23 to a current estimate of $5.18 billion, which is generated from shares in his publicly traded enterprises.
With this increase in wealth, Rabiu is now the 497th richest person in the world, just before Charles Dolan as of the time of this report. Dolan now has $5.16 billion in wealth.
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The development is coming after the chairman of BUA Cement Plc has expressed confidence that a drop in cement prices to N3,000 would result from the completion of the company's two new factories by the end of the year.
Why Rabiu’s wealth declined but bounced back
The depreciation of the naira caused a sharp loss in the value of Rabiu's assets, making him fall off the Bloomberg Billionaires Index on June 23. He experienced a major setback earlier this year.
According to data from the Bloomberg Billionaires Index, his riches have recently improved, and he has not only recovered but also rejoined the elite group of world billionaires.
The persistent increase in the market value of Rabiu's holdings, particularly his interest in BUA Foods, is responsible for his financial turnaround.
Investor interest in this BUA Group subsidiary has increased significantly, driven by strong financial results in the first half of 2023.
Rabiu's net worth has not only surpassed $5 billion, but it has also helped him reclaim his place among the world's top 500 billionaires.
According to Bloomberg, Abdul Samad Rabiu's liabilities were valued at $2.98 billion at the time of this article. BUA Foods and BUA Cement are worth $4.01 billion and $4.15 billion, respectively, of his holdings.
He surpasses Mike Adenuga, a leader in the telecom and oil industries, and these impressive numbers further solidify his position as Nigeria's richest billionaire.
BUA Foods becomes most profitable consumer goods company in Nigeria, outshines 20 others
BUA Foods Plc is now Nigeria's most profitable consumer goods company after recording a net profit after tax of N95.18 billion in the first half of 2023, Legit.ng had reported.
This represents a massive 142.21% increase compared to N39.30 billion reported in the same period of 2022.
BUA disclosed this in its latest financial report published on the Nigerian Exchange.