The second richest person in Nigeria, Abdulsamad Isyaku Rabiu, has exceeded the net worth of South African billionaire Nicky Oppenheimer and is now ranked as the third richest individual in Africa, with a net worth of over $8.6 billion.
As of the time of writing this report, the net worth of Rabi’u, the Kano-born billionaire, has risen by over $3.7 billion in the past year, going from $4.9 billion to $8.6 billion.
He is presently ranked as the third wealthiest individual in Africa, trailing behind Aliko Dangote, another Nigerian billionaire, and Johann Rupert, a billionaire from South Africa.
Just three months after Rabiu’s wealth crossed the $8 billion mark, his net worth has received a significant increase, to $8.6 billion.
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This has placed him ahead of South African billionaire Nicky Oppenheimer, who currently has a net worth of $8.4 billion as of the time of writing this report.
Nicky Oppenheimer is a South African billionaire businessman and philanthropist, and the majority of his wealth comes from his family’s diamond mining company, De Beers.
In 2012, Nicky Oppenheimer sold his family’s stake in De Beers to Anglo American plc for $5.1 billion, which further increased his net worth.
How the increase
The source of Rabiu’s $8.6 billion fortune is his manufacturing company, BUA Group, which is one of the continent’s fastest-growing manufacturing conglomerates.
He holds a majority stake in BUA Foods, which became a publicly traded company in 2022. He also owns BUA Cement, his flagship cement company, which is publicly traded.
The company reported a pre-tax of N120 billion for year-end 2022, it represented a 16.79% increase from the N102.87 billion the company reported during the same period in 2021.
The growth in pre-tax profits was due to the increase in sales of Bagged Cement products despite inflationary pressure and depreciation of the naira.
The revenue from bagged cement products accounted for 99.46 % of the total revenue achieved by the company during the period under revenue.
Rabiu’s net worth has increased from $4.9 billion to $8.6 billion since the company’s shares were listed on the Nigerian Exchange a year ago, as of the time of this article.
Nairametrics
