The Nigerian billionaire industrialist, Abdul Samad Rabiu is starting very strong in the new year. On Thursday, the CEO and Chairman of BUA Group added $1.9 billion to his net worth. Rabiu’s fortune stands at $7.2 billion, thanks to the valuation of BUA Foods.




His current net worth  puts him in the position of the second–richest man in Nigeria, ahead of Nigeria telecom mogul Mike Sdenuga whose  net worth is $6.6 billion






As usual, Rabiu has BUA Foods soaring share price to thank. On Wednesday, January 5, the consolidated food business satisfied the listing requirements of its shares on the Nigerian Exchange after it obtained relevant regulatory approvals from the regulatory authorities.






Investors were quick to react when the market opened on Wednesday as a total of 18,000,000,000(eighteen billion)shares at N40($0.0968)were admitted to trading, representing a valuation of 720 billion ($1.74 billion).






BUA Foods’ shares jumped more than 10% from N40($0.0968)to N44($0.1065) as of press time, Jan. 6. The company’s market capitalization increased to 792 billion (($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.





Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group, said, ‘’I am delighted that yet another member of BUAGroup has been listed on  NGX. This shows our commitment to national economic growth and support for food security drive of the nation in alignment with global sustainability goals’’.







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 relationship’’.








Meanwhile, President Dangote Group, Aliko Dangote, is the wealthiest person in Africa with a  net worth of $19.2 billion, up from $19.1 billion the previous year. The Nigerian  billionaire businessman is ranked  97th on the Bloomberg Billionaires Index as of January 2022, 03:02 AM  WAT






(Business Insider Africa)

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