Abdul Samad Rabiu Beats Mike Adenuga to Emerge the second richest man in Nigeria

Nigerian billionaire business mugul and CEO and Chairman of BUA Group, Abdul Rabiu has toppled the reign of Mike Adenuga as the second richest person in Nigeria.

Rabiu’s fortune surged and is now estimated at $7.2 billion to rank 343rd on Forbes’ list of global billionaires.

BUA Group added nearly $1.9 billion to his net worth in the past week. Abdul Samad Rabiu’s fortune now stands at a whopping $7.2 billion. This is due to the valuation of BUA Foods.

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Rabiu’s current net worth has crowned him in the position of the second-richest man in Nigeria, toppling billionaire telecom mogul Mike Adenuga whose net worth stands at $6.6-billion.

Abdul Rabiu’s Fortune surged as BUA Foods Shares Grew By More Than 10% in 2024 Securing the Position of Second Richest Person In Nigeria

BUA Foods’ soared more than 10% from N40 ($0.0968) to N44 ($0.1065) in early Jan, 2024 according to a report by Billionaires Africa.

The company’s market capitalisation increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.

Mike Adenuga’s Wealth Plummeted in 2024 Given Abdul Rabiu an Easy Ride to the Second Place

Mike Adenuga's Wealth Plummeted in 2024 Given Abdul Rabiu an Easy Ride to the Second Place
Mike Adenuga

Since January 11, Mike Adenuga’s wealth has significantly plummeted, falling by $400 million to $7 billion.

A Forbes’ reassessment of Adenuga’s mobile phone network, Globacom saw him beat Rabiu to become second richest person in early January. However, his worth would witness a decrease as the year grew, ushering Rabiu to retake his position.

Rabiu now leads behind billionaire Richest Nigerian, Aliko Dangote.

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