Abdulsamad Rabiu Overtakes Mike Adenuga As Nigeria’s Second Richest Man After Making Over N87bn in Hours

Abdulsamad Rabiu Overtakes Mike Adenuga As Nigeria’s Second Richest Man After Making Over N87bn in Hours

  • Nigeria now has a new number two in the list of Nigeria's richest billionaires and he is Abdulsamad Rabiu
  • Rabiu unseated telecoms magnate Mike Adenuga to second place after his investments increased his account balance by N87bn in hours
  • Aliko Dangote remains undisputed as Nigeria's richest man, and he is the only Nigerian named among the world's top 400 billionaires

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Abdulsamad Rabiu, the founder and chairman of BUA Group, is now the second richest man in Nigeria.

He assumed the position on Friday evening after his wealth increased from $5.3 billion to $5.5 billion.

This represents a $200 million(87 wealth gain after just 8 hours of trading activities on the stock exchange.

Rabiu now Nigeria's second richest billionaire
Wealth movement of Nigeria billionaires as Rabiu becomes second Credit: Forbes
Source: Facebook

Forbes data shows that Mike Adenuga, who started the week in second, is now third with also $5.5 billion networth to sit as the 432 richest men in the world.

Read also

Africa’s top richest men in October 2022, Dangote leads

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

How Adenuga fell to third

While on the other hand, Mike Adenuga has been having a tough 2022 and data from Forbes shows his wealth has dropped by more than $1 billion.

Adenuga started the year with $6.6 billion. He is ranked as the third richest man in Nigeria and 433 in the world.

Dangote remains top

Meanwhile, Aliko Dangote remains the richest man in Nigeria, with a total net worth of $12.4 billion.

On Friday, he lost about $7 million of his wealth as his company continued to battle to retain ownership of his biggest cement factory in Africa.

In total, Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.

When Dangote's refinery becomes operational, it is expected that his wealth will reach another high.

Read also

New airport in Lekki and other Large Investments that could make Lagos West Africa's biggest economy

Dangote, Rabiu companies dominate the list of most valuable manufacturing companies

Legit.ng had earlier reported that Dangote cement and BUA cement are Nigeria's two most valuable listed manufacturing companies.

BUA foods, another company owned by Abdulsamad, sat in the third position, while Nestle Nigeria completed the list of top four valuable manufacturing companies.

The ranking of the banks is according to data from the Nigerian Exchange Group (NGX).

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel