Abdul samad Rabiu, Nigeria’s second richest man who’s the founding father of BUA Group has risen to the third spot surpassing South African billionaire Nicky Oppenheimer. With a internet price of $8.6 billion and the founding father of one in all Africa’s fastest-growing manufacturing conglomerates, Rabiu has made spectacular progressive in his wealth accumulation over the previous decade.

The philanthropist has skilled a big improve in his internet price, rising from $7.5 billion on Jan. 1 to $8.6 billion,leading to a $1.1 billion increment.

This achievement will be related along with his good enterprise methods and his capability to capitalize on the huge alternatives introduced by the Nigerian and African financial system. Let’s take a look at a few of his enterprise ventures that elevated his rank in Africa’s wealthy listing. 

Revaluation of his manufacturing conglomerate

Abdulsamad Rabiu’s strategic investments, innovation, and diversification of the group’s operations have helped to skyrocket his internet price in previous a long time. Rabiu has been targeted on increasing and diversifying the group’s operations in recent times. BUA Group has invested closely in numerous sectors resembling cement, sugar, flour, actual property, and port operations. As well as, Rabiu has introduced plans to construct a brand new refinery and petrochemical plant in Nigeria.

This strategy has led to the corporate’s development and elevated income, in addition to contributing to the financial growth of the nations the place the group operates.

Improve out there worth of his publicly listed firms

Rabiu’s publicly listed firms resembling BUA Cement and BUA Meals have contributed considerably to his internet price by producing substantial income and earnings. As an example BUA Meals is a significant participant within the meals business in Nigeria, with merchandise starting from flour, pasta, and sugar to edible oils, rice, and snacks. The corporate’s income has steadily elevated over time, contributing to Rabiu’s internet price.

BUA Cement is  one other of Rabiu’s publicly listed firms and in addition one of many largest cement producers in Nigeria and listed on the Nigerian Inventory Change. The corporate has a manufacturing capability of 8 million metric tonnes every year and operates throughout a number of crops in Nigeria.

Bua Meals

Rabiu consolidated meals enterprise, BUA Meals,a number one Meals and Quick-moving shopper items enterprise which processes, manufactures, and distributes meals produce underneath the BUA Group was capable of maintain its management place within the Nigerian financial system with a revenue development from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million) recording 77.1 percent within the first quarter of 2023.