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Abdul Samad Rabiu Outearns Aliko Dangote By N1.11trn In 2024

April 15, 2025
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Nigerian billionaires, Abdul Samad Rabiu and Aliko Dangote, earned N6.72 trillion combined through the Nigerian stock market and dividends paid by their companies in 2024.

Prime Business Africa’s analysis of their investments showed that Rabiu outearned his business rival by N1.11 trillion at the end of the period in review.

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Rabiu, the founder of BUA Cement and BUA Foods, earned a total of N3.92 trillion through dividend payout by both companies and a surge in the share value of the latter.

READ ALSO: BUA Cement’s Profitability Under Threat As Production Costs Surge

A breakdown of the amount revealed Rabiu, who holds a total of 16.67 billion shares in BUA Foods, earned N3.63 trillion after the company’s share value appreciated by 110.76 percent between January to December 2024.

Following the appreciation, Rabiu’s investment value in BUA Foods increased to N6.92 trillion from N3.28 trillion.

Rabiu also earned N284.59 billion through dividends paid by BUA Foods and BUA Cement, with the former accounting for N67.82 billion and the latter N216.77 billion.

During the same period, Dangote earned a total of N2.80 trillion through dividends paid by his cement business and Nascon Allied and appreciation in shares of Dangote Cement.

Prime Business Africa gathered that, with a total share of 16.32 billion in Dangote Cement, the billionaire earned N2.30 trillion after a 49.07 percent surge in the company’s share price last year.

This increased Dangote’s investment value in the cement company from N4.70 trillion to N7.01 trillion in 12 months.

Dangote also earned N489.89 billion and N3.36 billion through dividends paid by his cement company and Nascon Allied, respectively, while sugar business did not pay shareholders dividends for the same period.

Rabiu and Dangote lost N607.75 billion

Despite the significant gains recorded by Rabiu and Dangote last year, both billionaires also lost a whopping N607.75 billion during the same period – indicating the year was not all pleasant for the Nigerian businessmen.

Out of the total amount lost in 2024 by both billionaires, Rabiu lost N297.74 billion, compared to the N310 billion Dangote lost within the same period, Prime Business Africa’s analysis showed.

Rabiu’s loss was tied to the decline in BUA Cement’s share value, which dropped from N102 per share to N93 following a plunge in demand among stock market investors.

In response, Rabiu’s investment value in BUA Cement fell to N3.07 trillion, from N3.37 trillion.

Similarly, Dangote’s sugar business failed to attract enough demand during the reviewed period, leading to the company’s share price declining to N32.95 from N62.95 – reflecting a 91.04 percent decline in one year.

Consequently, Dangote lost N263.26 billion as his investment value in the sugar business fell from N511.30 billion to N267.63 billion.

This is more than the N46.74 billion he lost through his investment in Nascon Allied, which also recorded a 47.49 percent decline in share value after the shares sold at N30.74 at the end of the period, compared to the selling price of N58.55 at the start of the year.

As a result, his investment value in Nascon Allied dwindled from N98.40 billion to N51.66 billion.

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Email: publisher@primebusiness.africa and editor@primebusiness.africa

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