Nigerian billionaire Abdulsamad Rabiu is riding high on recent surges in the valuations of his prominent companies.
The Bloomberg Billionaires Index now places the 63-year-old business magnate’s assets at $5.98 billion, making him the 403rd richest person globally.
Rabiu, in tandem with Africa’s richest man, Aliko Dangote, now boasts a combined fortune of $16.3 billion.
The visionary entrepreneur is the founder and chairman of BUA Group, a Nigerian conglomerate with diversified interests, including the second-largest cement manufacturer in Nigeria, BUA Cement, and BUA Foods, a leading player in the Nigerian food processing industry.
In a historic milestone, BUA Cement recently scaled to new heights with investor confidence driving a 12.55% share price increase over the past week to an all-time high of N105.80.
This growth corresponds to a remarkable year-on-year change of over 107%.
BUA Foods also celebrated substantial successes in its second-quarter results, boasting a spectacular 289.61% year-on-year surge in pre-tax profits, reaching N61.81 billion.
The company’s immunity to exchange rate fluctuations has further propelled it to profitability, achieving a pre-tax profit of N109.38 billion for the first half of 2023, compared to N42.702 billion during the same period last year.
The company’s profit after tax soared to N95.2 billion by June’s end in 2023, reflecting a staggering 142.24% increase from the previous year.
Alhaji Abdul Samad Rabiu, as part of his philanthropic endeavors, pledged a generous donation of N2 billion to rebuild the Central Mosque in Zaria town, Kaduna State.
Abdulsamad Rabiu’s journey from founding BUA Group in 1988 to the resounding success of his diverse business ventures showcases his enduring commitment to excellence and economic growth.
This resurgence firmly positions him as a beacon of hope and inspiration for aspiring entrepreneurs across the African continent.
The Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest individuals, celebrates Rabiu’s remarkable journey, drawing on financial market data, economic indicators, and news reports to offer a glimpse into the lives of these financial titans and their evolving fortunes.
