Abdul Samad Rabiu, Nigeria’s second-wealthiest man, has added more than $1.1 billion to his net worth in the last 24 hours, maintaining his position as one of Africa’s richest people.

The Bloomberg Billionaires Index, which ranks the world’s richest people, shows that Rabiu’s net worth has increased by $1.15 billion in the last 24 hours, reaching over $8 billion.

He has gone from $7.02 billion to $8.17 billion in this period, making his year-to-date gain $4.09 billion.

He is among the few billionaires who have gained more than $4 billion since the beginning of the year.

Abdul Samad Rabiu’s $1.15-billion wealth surge was fuelled by BUA Cement and BUA Foods

The $1.15-billion jump, which has taken his year-to-date gain above $4 billion, is due to the performance of his shares in BUA Cement Plc, the second-biggest cement maker in Nigeria, and BUA Foods Plc, the biggest pasta and flour producer in the country.

The Nigerian Stock Exchange has been bullish, pushing BUA Cement and BUA Foods’ share prices up by 80.6 and 40.5 percent, respectively, since the year started.

This has increased the market values of these companies to N6.08 trillion ($6.74 billion) and N4.89 trillion ($5.42 billion), respectively.

Rabiu’s stake in cement and food ventures is valued at a combined $11.91 billion due to rising shares.

Rabiu’s stake in his cement company is worth N5.855 trillion ($6.5 billion) because of the recent rise in its shares. Also, his stake in the combined food business of BUA Group is worth N4.88 trillion ($5.41 billion). This gives a total value of N10.735 trillion ($11.91 billion).

As a result, Rabiu’s total fortune is now $8.17 billion, making him the 291st richest person on the Bloomberg Billionaires list.

In Africa, he is the fourth-richest person, ahead of Egypt’s Nassef Sawiris, who is now 301st with a net worth of $7.95 billion.

ID/MA

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