The CEO/Chairman of BUA Group and a Nigerian billionaire, Abdul Rabiu Samad, has overtaken Mike Adenuga to become the country’s second richest person.
The considerable increase in Rabiu’s wealth, which is currently estimated to be $7.2 billion based on Forbes’ list of global billionaires, where he is ranked 343rd, is the reason for this change in rankings.
Rabiu’s net worth has increased dramatically over the last week, adding almost $1.9 billion. This gain is mostly related to BUA Foods’ valuation.
Early in January 2024, BUA Foods’ shares increased by more than 10%, from N40 ($0.0968) to N44 ($0.1065). This significant growth helped to propel the company’s market capitalization to N792 billion ($1.92 billion). This helped Samad surpass Adenuga, whose current net worth is $6.6 billion.
Earlier in January, there was a brief change in the rankings due to Forbes’ recent evaluation of Adenuga’s Globacom mobile phone network. But since then, Adenuga’s wealth has decreased, falling from $7 billion to $400 million.
Samad’s ascent to the second-richest spot in Nigeria highlights how dynamic wealth rankings are and how much market volatility affects them.
Aliko Dangote continues to be the richest person in Nigeria as Rabiu assumes this important role.