Society
Details As Abdul Samad Rabiu Becomes Nigeria’s 2nd Richest
thanks to the recent valuation of BUA Foods.
BUA Group Chairman Abdul Samad Rabiu is now Nigeria’s second richest billionaire.
He attains this position by leapfrogging Otunba Mike Adenuga the spirit of Africa behind telecoms giant, Globacom.
Abdul Samad Rabiu’s net worth is now estimated to be $7.2Billion.
This is more than the valuation of Adenuga’s wealth pegged at $6.6billion.
The increase in the estimation of Rabiu’s wealth is thanks to the recent valuation of BUA Foods.
BUA Foods is the consolidation of wavemakers, BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta now listed on the Nigerian Exchange.
The listing of 18 billion shares of BUA Foods at N40 ($0.0968) each, at an implied valuation of N720billion ($1.74billion) has a chain reaction that has boosted the net worth of Chairman Rabiu by $1.9Billion.
BUA Group which is billionaire Rabiu’s claim to fame is a leading cement manufacturer, a major player in Real Estate, Mine and Steel and, Ports Operations.
Billionaire Rabiu at the forefront of the fight against Covid-19 home and abroad with money and material donations is massively giving back to the society in Nigeria and Africa through the ASR -Abdul Samad Rabiu – Foundation.
