Abdul Samad Rabiu Recorded One Of Largest Wealth Increases – Forbes

Forbes, the recognized tracker of the wealth of the people of means across the world has released its latest ranking for Africa.

The details of the ranking validate the toil of the Chairman of the BUA Group, Abdul Samad Rabiu for creating economic values.

Forbes confirmed that the BUA Chairman recorded one of the largest wealth increases from the previous year.

“Nigerian cement tycoon Abdulsamad Rabiu, who is $1.5 billion richer after taking yet another of his companies public,” the wealth tracker stated.

The BUA Chairman is estimated to be worth $7Billion.

He is a rung above the Spirit of Africa, Michael Adenuga (the Chairman of telecommunication company, Globacom) who is valued at $6.7Billion.

The surge in the estimation of Rabiu’s wealth is not unrelated to going public with another of his company, BUA Foods Plc.

The transaction which earned the company a market recapitalization of $2.8Billlion was described as a “milestone transaction” by the Chief Executive Officer of the Nigerian Exchange (NGX) Sesan Popola.

Abdul Samad Rabiu and Mike Adenuga are ranked 5 and 6 by Forbes on its latest list while another Nigerian Aliko Dangote retains the top spot with a wealth estimation of $13.9Billion.

Forbes used stock prices and exchange rates from January 19, 2022, to measure the net worth.

Here are the top 10 richest men in Africa sourced from the list released by Forbes

1 Aliko Dangote $13.9 B 64 cement, sugar

2 Johann Rupert $11 B 71 luxury goods

3 Nicky Oppenheimer $8.7 B 76 diamonds

4 Nassef Sawiris $8.6 B 61 construction, investments

5 Abdulsamad Rabiu $7 B 61 cement, sugar

6 Mike Adenuga $6.7 B 68 telecom, oil

7 Issad Rebrab $5.1 B 78 food

8 Naguib Sawiris $3.4 B 67 telecom

9 Patrice Motsepe $3.1 B 59 mining

10 Koos Bekker $2.7 B 69 media, investments

10 Strive Masiyiwa $2.7 B 60 telecom