BUA CEO, AbdulSamad Climbs To Nigeria’s Second Richest Person, Overtakes Adenuga

The CEO/Chairman of BUA Group and a Nigerian billionaire, Abdulsamad Rabiu, 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.

BUA Foods’ shares witnessed substantial growth, soaring over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024, contributing to the surge in market capitalization to N792 billion ($1.92 billion). This propelled Samad ahead of Adenuga, whose net worth currently stands at $6.6 billion.

The recent reassessment of Adenuga’s mobile phone network, Globacom, by Forbes resulted in a temporary shift in rankings earlier in January. However, Adenuga’s wealth has seen a decline since then, dropping by $400 million to $7 billion.

Samad’s rise to the second-richest position in Nigeria underscores the dynamic nature of wealth rankings and the influence of market fluctuations.

As Rabiu takes this prominent position, Aliko Dangote retains his status as the wealthiest individual in Nigeria