Business
How Abdul Samad Rabiu Became Richest Investor On Nigerian Exchange
pegs Aliko Dangote to number two position
Abdul Samad Rabiu has become the richest investor on the Nigerian Exchange.
Wealth tracker, Billionaires.Africa made the revelation in a recent publication.
According the report monitored by SocietyNow.Ng, Rabiu who is the Chairman of major contributor to the Nigerian economy, BUA Group attained this feat with a rise in his valuation on the exchange to $6.1billion.
The development pegs Aliko Dangote to number two position on the exchange with his worth estimated to be $5.8billion.
Dangote was formerly the richest person on the exchange.
According to Billionaires.Africa “Rabiu’s surge in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods.”
The wealth valuer disclosed that the recent 109-percent increase in Rabiu’s stake in BUA foods buoyed by strong buying interest has really helped the BUA Group Chairman.
BUA Foods continues to boost investors confidence with exemplary results as shown in the posting of profit growth of 77.1 percent in the first quarter of 2023, with profits rising from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).
A fine run that has sustains its leadership position and translated in a triple-digit surge in BUA Foods’ share price since January according to information available.
The chairman, Rabiu owns a 92.6-percent stake in BUA Foods, which is estimated at $3 billion and a 96.29-percent stake in also posting great financial results BUA Cement, both in his name and through his wholly-owned BUA International valued at $3.008 billion.
Combined the stakes total $6.01 billion making him the only person of such value on the Nigerian Exchange according to revelations on Billionaire.Africa.
The investment portfolio of Dangote, which includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, on other hand according to Billionaires.Africa stands at $5.8 billion.
This development comes barely three weeks after Dangote lost his long running status as Africa’s riches on Forbes Billionaires Ranking to Johann Rupert, the South African luxury goods king.
