BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Particular person

BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Particular person

AbdulSamad Rabiu, the Nigerian billionaire and CEO/Chairman of BUA Group, has surpassed Mike Adenuga to say the place of the second-richest individual in Nigeria.

This shift in rankings is attributed to the numerous surge in Rabiu’s fortune, now estimated at $7.2 billion, in keeping with Forbes’ listing of world billionaires, the place he ranks 343rd.

The outstanding improve in Rabiu’s web value, with an addition of almost $1.9 billion prior to now week, is primarily related to the valuation of BUA Meals.

BUA Meals’ shares witnessed substantial progress, hovering over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024, contributing to the surge in market capitalization to N792 billion ($1.92 billion). This propelled Samad forward of Adenuga, whose web value at present stands at $6.6 billion.

The latest reassessment of Adenuga’s cell phone community, Globacom, by Forbes resulted in a brief shift in rankings earlier in January. Nevertheless, Adenuga’s wealth has seen a decline since then, dropping by $400 million to $7 billion.

Samad’s rise to the second-richest place in Nigeria underscores the dynamic nature of wealth rankings and the affect of market fluctuations.