Nigerian billionaire business magnate and second richest person, Abdul Samad Rabiu had a catastrophic 2023 as his net worth plummeted by US$1.8 billion, rounding his total net worth to US$5.7 billion by the end of the year 2023.

According to Forbes, the billionaire who began the year 2023 with a net worth of US$7.5 billion had his net worth declined by US$1.8 billion due to the Central Bank of Nigeria’s (CBN) free float policy.

Although Rabiu remains the second richest person in Nigeria second to only billionaire businessman and industrialist, Aliko Dangote, he lost his position on the Bloomberg Billionaires Index.

Background

In 2023, the Nigerian naira witnessed a substantial fall against the U.S. dollar, marking one of its worst depreciations since the country’s return to democracy in 1999. The CBN merged all segments of the foreign exchange market into the Investors and Exporters window, adopting the willing buyer, willing seller model. Bloomberg projects a further decline in naira’s value in 2024.


Bloomberg’s data indicated a 55-percent depreciation of the naira in 2023, reaching its lowest point on the official NAFEM market at N1,099.05/$ on Dec. 8, 2023. The currency closed the year at N907.11/$, as the worst-performing currency in Africa.


Rabiu faced a loss amounting to one-third of his wealth three months into the naira devaluation policy in June 2023. However, thanks to the surge in the share price of his unified food business, BUA Foods, he managed to pare his wealth loss during the year down to $1.8 billion.

EAN/OGB

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