How Abdul Samad Rabiu Emerged Nigeria’s 2nd Richest Man
Abdul Samad Rabiu, the respected philanthropist and industrialist behind BUA Group, is now the second richest man in Nigeria.
His new status with an estimated net worth of $7.2bn has seen him displacing Otunba Mike Adenuga, the wealthy Nigerian behind telecommunication giant, Globacom.
Otunba Adenuga’s net worth presently stands at $6.6billion.
The BUA Group chairman’s current standing in the ranking of the country’s billionaires is courtesy of the recent valuation of BUA Foods, highstreet.ng pieced together.
BUA Group announced the consolidation of its food businesses – BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta – into BUA Foods Plc on December 8, 2021.
Interestingly, BUA Foods Plc has gone ahead to become a listed entity on the Nigerian Exchange with the listing of 18 billion shares at N40 ($0.0968) each, at an implied valuation of N720billion ($1.74billion).
The listing, according to information, swelled the net worth of the exemplary businessman by $1.9Billion.
The development, highstreet.ng understands resulted in the rise of net worth of the billionaire businessman, who is touching lives across Africa with ASR (Abdul Samad Rabiu) Africa from an estimated $5.3 billion to $7.2 billion.
