Nigerian Samad Rabiu Drops as Nicky Oppenheimer Reclaims Place as Africa’s Third-richest Man

Nigerian Samad Rabiu Drops as Nicky Oppenheimer Reclaims Place as Africa’s Third-richest Man

Nicky Oppenheimer, South African billionaire has as soon as once more secured his place as Africa’s third-richest particular person, reclaiming the spot from Nigerian billionaire Abdul Samad Rabiu.

Based on Forbes, Oppenheimer’s net worth is at $8.3 billion, this made him the world’s 248th richest particular person, whereas Rabiu trails carefully behind at 253rd place with the identical internet value.

Oppenheimer’s internet value has remained unchanged in the midst of the previous three weeks whereas Rabiu has skilled a decline of greater than $300 million for the reason that 4th of Might lowering his internet value from $8.6 billion to $8.3 billion as right now.

Rabiu’s lower in internet value

The pullback in BUA Cement’s shares on the Nigerian Trade will be related to Rabiu’s current lower in internet value having had a big affect available on the market worth of Rabiu’s 96-percent stake within the cement firm.

BUA Cement reported a 19.13-percent decline in revenue in the course of the first quarter of 2023, with the group’s revenue dropping from N33.14 billion ($71.97 million) within the first quarter of 2022 to N26.8 billion ($58.2 million). This decline in earnings led to a lower in BUA Cement’s share value.

Oppenheimer’s surge in internet value 

Forbes estimates Nicky Oppenheimer’s internet value at $8.3 billion, up from $7.9 billion at the beginning of the 12 months, the Bloomberg Billionaires Index locations his fortune at $8.83 billion.

This immediately locations Oppenheimer because the third-richest particular person in Africa, trailing behind South African billionaire Johann Rupert, and Nigerian billionaire businessman Aliko Dangote.

Oppenheimer has skilled a big enhance of $800 million in his internet value for the reason that 12 months started, rising from $8.03 billion to $8.83 billion, in response to Bloomberg.

His profitable non-public fairness investments managed by means of Stockdale Avenue in London and Tana Africa Capital in Johannesburg have performed a pivotal function on this current progress.

This resurgence within the South-African billionaires’s internet value has as soon as once more cemented his place as one in every of Africa’s most influential billionaires, leveraging his household’s substantial stake in De Beers, a outstanding diamond producer, which he offered to mining conglomerate Anglo-American in a $5.2-billion deal in 2012.

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