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Abdul Samad Isyaka Rabiu Rises To Africa’s Second-Richest Spot As Networth Hits $15.8 Billion


Abdul Samad Rabiu, chairman of BUA Group, has emerged as Africa’s second-richest individual after his net worth climbed to $15.8 billion, according to Forbes.

The Nigerian billionaire’s fortune reportedly surged by $1.8 billion within a week, largely fueled by a significant rally in BUA Cement shares, following stronger first-quarter earnings and heightened investor confidence.

BUA Cement shares rose by nearly 25 percent after the company posted improved financial results, with profits more than doubling year-on-year due to increased revenue from both bagged and bulk cement sales.

Rabiu’s combined stakes in BUA Cement and BUA Foods are now estimated at $19.1 billion, reflecting robust performance in Nigeria’s equity market.

The latest valuation firmly positions Rabiu behind fellow Nigerian industrialist Aliko Dangote in Africa’s billionaire rankings, further underscoring Nigeria’s dominance among the continent’s wealthiest business figures.

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