BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Person
AbdulSamad Rabiu, the Nigerian billionaire and CEO/Chairman of BUA Group, has actually gone beyond Mike Adenuga to declare the position of the second-richest individual in Nigeria.
This shift in rankings is credited to the considerable rise in Rabiu’s fortune, now approximated at $7.2 billion, according to Forbes’ list of worldwide billionaires, where he ranks 343rd.
The exceptional boost in Rabiu’s net worth, with an addition of almost $1.9 billion in the previous week, is mostly connected with the appraisal of BUA Foods.
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BUA Foods’ shares saw significant development, skyrocketing over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024, adding to the rise in market capitalization to N792 billion ($1.92 billion). This moved Samad ahead of Adenuga, whose net worth presently stands at $6.6 billion.
The current reassessment of Adenuga’s cellphone network, Globacom, by Forbes led to a short-term shift in rankings previously in January. Adenuga’s wealth has actually seen a decrease given that then, dropping by $400 million to $7 billion.
Samad’s increase to the second-richest position in Nigeria highlights the vibrant nature of wealth rankings and the impact of market changes.