Abdul Rabiu reclaims fourth-richest man in Africa spot with $700m net worth surge

Abdul Samad Rabiu, a leading Nigerian billionaire and philanthropist, has reclaimed his position as Africa’s fourth-richest man, thanks to a $700 million increase in his net worth, fueled by a rise in the market value of his stake in his food company, BUA Foods Plc.

In less than 24 hours after losing his position as Africa’s fourth-richest man to Egyptian billionaire Nassef Sawiris due to a $545 million drop in his net worth, Rabiu has surged ahead with a significant increase in his wealth, cementing his position among the continent’s most influential and successful entrepreneurs.

According to data tracked by Forbes, a U.S. business magazine that tracks the wealth of ultra-high-net-worth individuals around the world, Abdul Samad Rabiu’s net worth has increased by more than $700 million in the last 24 hours, from $7.1 billion to $7.8 billion.

The $700 million increase in his net worth can be attributed to an 8.87 percent increase in BUA Foods’ share price during Thursday’s trading session on the Nigerian Exchange, which saw the company’s share price rise from N74.4 ($0.161) to N81 ($0.176) at the time of writing.

BUA Foods, the unified food business segment of the Nigeria-based BUA Group, reached a financial milestone by reporting record-high earnings at the end of its fiscal year 2022.

According to figures in its recently published unaudited financial statements, the group’s earnings increased from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by revenue growth from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.

The outstanding financial performance is expected to result in a significant increase in dividend earnings for Abdul Samad Rabiu and his son, Isyaku Naziru Rabiu, who own 99.8 percent of the consolidated food conglomerate. This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.

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