As of May 2024, his net worth has surged to $5.9 billion, mainly due to his controlling interest in BUA Foods, which went public in 2022
Third wealthiest Nigerian and Chairman of BUA Group, Abdulsamad Rabiu, has seen his net worth climb by $4.3 billion in nearly five years.
This is based on data from the Forbes Billionaire Index between 2019 and 2024.
In 2019, BUA Group shares drove fluctuations in his net worth, which was approximately $1.6 billion, while BUA Cement had a market capitalization of N1.18 trillion ($3.3 billion).
As of May 2024, his net worth has surged to $5.9 billion, mainly due to his controlling interest in BUA Foods, which went public in 2022.
Additionally, BUA Cement, his flagship company, reported a pre-tax profit of N120 billion for the fiscal year ending 2022, representing a 16.79% increase from the previous year.
This growth was attributed to increased sales of bagged cement products despite inflationary pressures and currency depreciation.
Abdul Rabiu’s net worth has increased steadily over the years: $2.9 billion in 2020, $4.9 billion in 2021, $6.9 billion in 2022, and $8.2 billion in 2023.
Although Rabiu was worth $8.2 billion in 2023, the value of his net worth has dropped to $5.9 billion due to the significant devaluation of the Nigerian naira, which has depreciated by 40%. This decline started in the latter part of the previous year of 2023 and has continued until the time this article was published.
Also, an earleir reports by Nairametrics showed that Abdul Samad Rabiu incurred a substantial loss in his fortune due to the devaluation of the naira, witnessing a reduction of nearly $3 billion in a single day. Consequently, Mr. Rabiu’s valuation plummeted by $2.73 billion to $5.54 billion.
With a commanding stake of 93% in BUA Foods, which owns Nigeria’s largest noodle and flour mill, Rabiu wields great influence, as evidenced by the company’s first quarter 2023 and 2022 annual reports.
Born in 1960 in Kano, a city in northern Nigeria, Rabiu’s father Ishak Rabiu established Ishak Rabiu & Sons, spanning manufacturing, finance, and real estate sectors, which marked the beginning of Rabiu’s entrepreneurial journey.
