Chairman of the BUA Group, an industrial and manufacturing giant in Africa, and the second-richest person in Nigeria, Abdul Samad Rabiu, has seen a rise in his wealth, achieving an astonishing net worth of $7 billion.
According to data from Forbes, Rabiu’s net worth has dramatically improved over the last three months, rising by $1.3 billion from $5.7 billion in July to the current $7 billion as of October.
According to the data, Rabiu is 81% away from his $8.6 billion valuation from April 2023.
The impressive success of Rabiu’s 96.29% ownership in BUA Cement, the flagship business of the BUA Group, is the main driver behind this huge increase in wealth.
The company’s strategic decision to lower ex-factory cement pricing was closely followed by this significant gain in BUA Cement’s share price.
This change in pricing approach is anticipated to have significant effects on the industry’s competitive environment, benefiting customers and perhaps changing market dynamics.
A bag of BUA Cement’s ex-factory cement now costs N3,500, demonstrating the company’s dedication to offering reasonable prices.
Abdulsamad Rabiu saw a major loss of $3 billion in just 60 days, which resulted in a considerable fall in his net worth in July.
His net worth declined as a result of the June Naira devaluation and the unification of the currency rate system, which also affected other well-known Nigerian billionaires including Aliko Dangote and Mike Adenuga.
According to reports, Rabiu lost $2.73 billion as a result of the Naira unification in just June.
