Afrigather Abdul Samad Rabiu, Nigerian billionaire with a networth of over $8.2 billion has considerably lowered the wealth hole between himself and South African billionaire Nicky Oppenheimer, who presently holds the title of the third-richest particular person in Africa.
Abdul Samad who’s the founding father of BUA Group is one in every of Africa’s fastest-growing manufacturing conglomerates and never simply one in every of Africa’s wealthiest billionaires but in addition a outstanding philanthropist on the continent.
He has made important contributions via ASR Africa, his philanthropic group to varied causes.
Not too long ago, his web price has obtained a major surge which surpasses the $8.2 billion mark simply 4 weeks after his wealth figures exceeded $8 billion. This improve is attributed to the revaluation of BUA Group, with its operations spanning a number of important sectors of the African economic system
In response to Forbes, Abdul Samad Rabiu’s web price has elevated by $700 million for the reason that starting of the yr, from $7.5 billion on January 1 to $8.2 billion as on the time of writing.
This improve made Rabiu to turn into the fourth-richest particular person in Africa, surpassing Nassef Sawiris. The $700 million bump in his web price additionally precipitated a discount within the wealth hole between Rabiu and Nicky Oppenheimer to simply $100 million.
The revaluation of his manufacturing conglomerate, BUA Group and the rise out there worth of his publicly listed corporations, BUA Cement and BUA Meals, may be related to Abdul Samad wealth positive aspects this yr.
BUA Cement had an distinctive monetary yr, with income rising by 12.14 % from N90.08 billion ($195.6 million) in 2021 to a historic N101.01 billion ($219.4 million) in 2022, as said in its just lately launched monetary statements.
BUA Cement’s Board of Administrators has beneficial a dividend payout of N2.8 ($0.00608) per share to its shareholders, a major improve from the earlier yr’s N2.6 ($0.0056) in recognition of this spectacular efficiency.
As the bulk shareholder of BUA Cement, Rabiu is predicted to obtain N91.3 billion ($198.27 million) in dividends from his stake within the cement firm, a major improve from the N86.5 billion ($187.8 million) he obtained in dividends final yr.
