Nigerian Billionaire Plots To Unseat Dangote As Richest Man

The chairman and CEO of BUA Group, Abdul Samad Rabiu has become the second richest billionaire just after Aliko Dangote  in less than 24 hours.

The ranking of Nigerian richest billionaire changed hands when the BUA boss unseated Nigerian telecom mogul, Mike Adenuga to clinch the second position.

On Thursday, January 6, 2022, the business tycoon added nearly $1.9 billion to his net worth. It was his latest networth that put him ahead of Mike Adenuga who occupied the second richest position.

Reports say, Rabiu retreated to work in silence which made him close the first week of January, 2022 with $7.2 billion largess.

Recall the BUA chief recently completed listing of his consolidated food business on the Nigerian Exchange after it obtained relevant regulatory approvals from the regulatory authorities on Wednesday, Jan. 5th 2022.

Almost immediately, investors swung to his side. When the market opened on Wednesday, BUA’s shares traded with a total of 18,000,000,000 (eighteen billion) shares at N40 ($0.0968), representing a valuation of N720 billion ($1.74 billion).

This was what made shares of BUA Foods jump more than 10% from N40 ($0.0968) to N44 ($0.1065), increasing the company’s market capitalisation to N792 billion ($1.92 billion).

On the latest development, the Kano-born businessman said, “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

The rise in Rabiu’s company’s shares, reportedly, saw his fortune increased from $5.3 billion to $7.2 billion.

Expressing gratitude, the BUA Chairman said: “We appreciate the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

Becoming the second richest in just 24 hours, Rabiu who also came from Kano State as Dangote is apparently aiming to take the position.