Abdul Samad Rabiu has been ranked the fourth-richest man in Africa, displacing Egypt’s richest person, Nassef Sawiris, months after taken the title of Nigeria’s second-richest man by exceeding the wealth of Nigerian telecom tycoon Mike Adenuga, who was holding that position.
This was contained the latest information released by Forbes.
Rabiu’s ortune has increased from $4.9 billion to $7.6 billion as at today. This shows his wealth grew by $2.4 billion in the last one year. Nigerian billionaire, Aliko Dangote still retains the position of Africa’s richest person, followed by two South African billionaires, Johann Rupert and Nicky Oppenheimer, who are second and third respectively, before Abdul Samad Rabiu.
The Egyptian billionaire, Nassef Sawiris, whose net worth as of the time of writing this report was $7.3 billion is now ranking fifth behind Rabiu, whose net worth has risen to $7.6 billion.
The majority of Sawiris’ wealth comes from his holdings in Adidas and OCI N.V., making him the richest person in both North Africa and the Arab world.
While source of Rabiu’s $7.6 billion fortune is his manufacturing company, BUA Group, which is one of the continent’s fastest-growing manufacturing conglomerates. Rabiu is currently Africa’s fourth-richest man and the second-richest man in Nigeria.
The Nigerian billionaire owns the majority of both BUA Foods, which went public in 2022, and BUA Cement, his flagship cement company which is publicly traded.
The Nigeria-based BUA Group’s integrated food business unit, BUA Foods, is in operation.
The activities of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited are all included in its operations.