Abdul Samad Rabiu Becomes Richest Investor On Nigerian Exchange
Abdul Samad Rabiu is now the richest investor on the Nigerian Exchange, a recent report by reputable wealth tracker, Billionaires.Africa has revealed.
The new status of the billionaire founder and chairman of BUA Group is courtesy of a rise in his investment portfolio on the exchange.
And his fortune on the exchange has hit $ 6.1 billion, highstreet.ng understands.
The turn of events sees Mr. Rabiu displacing his fellow billionaire Aliko Dangote whose worth on the exchange stands at $5.8 billion.
Dangote, until the latest development, was the richest individual on the exchange.
Billionaire.Africa report attributed the surge in Mr. Rabiu’s wealth to “the remarkable growth in the market value of his stake in his food business conglomerate, BUA Foods.
According to information, his stake in BUA Foods has, in the recent time, witnessed a staggering 109 percent rise occasioned by the strong buying interest in the foods company remarkably ranking fifth most valuable on the Nigerian Exchange.
A breakdown of Mr. Rabiu’s fortune on the exchange reveals he holds a 96.29 percent stake in his flagship company, BUA Cement. With the value of the stake standing at $3.008 billion.
Rabiu also owns a 92.6-percent – worth $3 billion – stake in BUA Foods, bringing the total value of his holdings to $6.01 billion.
Billionaires.Africa report indicated Aliko Dangote’s investment portfolio, 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, stands at $5.8 billion.
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Interestingly, the shake-up in the ranking of richest investor on the Nigerian exchange came at a time Mr. Dangote lost his place as Africa’s richest on Forbes Billionaires Ranking to wealthy South African, Johann Rupert.
