Another Nigerian Billionaire Becomes 5th Richest Man in Africa
- The list of the richest men in Africa has changed as Nigerian billionaire Rabiu Abdulsamad climbed to 4th place
- Abdulsamad has overtaken compatriot Mike Adenuga, who started the year as the 5th richest man in Africa
- His net worth has surged significantly since the beginning of the year, driven by strong stock market performance
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian billionaire Rabiu Abdulsamad has climbed to 5th place in the latest Africa billionaire ranking.
Data obtained from Forbes billionaire index showed that Abdulsamad as at Sunday, August 17, has a net worth of $7.4 billion
Source: Facebook
This is higher than Mike Adenuga $6.3 billion net worth.
African billionaire ranking
Abdulsamad Rabiu, founder of BUA Group, has seen his fortune grow since the start of the year, driven by strong stock market performance and rising valuations of his cement and food businesses.
According to Forbes, Abdulsamad has added more than $2 billion to his wealth after beginning the year with $5.1 billion.
His new wealth has lifted him from third place to become the second-richest man in Africa.
Aliko Dangote wealth
Aliko Dangote remains the richest man in Africa with a net worth of $24.9 billion, having gained over $1 billion after starting the year with $23 billion
Johann Rupert & family follow in second place with a fortune of $12.8 billion as of August 17, representing a loss of $2 billion compared to the $14 billion they were worth at the start of the year.
Another South African, Nicky Oppenheimer & family, sit in third place with $10.4 billion, further cementing South Africa’s strong presence among Africa’s wealthiest.
Egypt’s Nassef Sawiris ranks fourth with $9.6 billion, although his net worth has dropped by $400 million compared to the $10 billion he held at the start of the year.
Source: Getty Images
Snapshot of the richest men in Africa
- Aliko Dangote: $24.9 billion
- Johann Rupert & family: $12 billion
- Nicky Oppenheimer & family: $10.5 billion
- Nassef Sawiris: $9 billion
- Abdulsamad Rabiu: $7.4 billion
- Mike Adenuga: $6.3 billion
- Naguib Sawiris: $5 billion
- Koos Bekker: $3.8 billion
- Mohamed Mansour: $3.4 billion
- Patrice Motsepe: $3.4 billion
The 10 richest men in the world
- Elon Musk: $413.8 billion
- Larry Ellison: $294.6 billion
- Mark Zuckerberg: $270.7 billion
- Jeff Bezos: $243.7 billion
- Larry Page: $171.4 billion
- Sergey Brin: $159.5 billion
- Jensen Huang: $157.0 billion
- Steve Ballmer: $156.5 billion
- Bernard Arnault & family: $146.7 billion
- Warren Buffett: $142.8 billion
Otedola retains largest shareholder title at First Bank
Earlier, Legit.ng reported that Nigerian billionaire, Femi Otedola, is set to return to being the largest shareholder in First Bank Holding Company
The former chairman, Oba Otudeko, has reportedly sold off his 25% shareholding, which he controls
There are no official statements from either party yet, but sources say the shares were traded in 17 negotiated deals at a fixed price of N31 per share, well above the N29.95k at which the company shares traded on the same day.
Source: Legit.ng
