![At least 40 dead in Moscow concert hall attack, Ukraine Denies Involvement Rivers Assembly Overrides Fubara, Enacts New Law Breaking: Former Community Youth Leader, Four Others Shut Dead in Egbema, Imo State [VIDEO] Tragic Incident in Enugu: Mother of Three Commits Suicide After Abandoning Children at Police Station BREAKING: Three-storey building collapses as Ebute Metta, Lagos Akwa Ibom pastor Solid Rock Church, Apostle John Okoriko abia uturu student gunmen Asuu suspends strike bonny lga chairman Hon. David Rogers Irimagha Another Kidnapped Victim, Suleiman Sabo rescued by Police In Abuja](https://reportafrique.com/wp-content/uploads/2020/12/report-afrique-breaking-news-110x110.jpg "Breaking: Four Died As Fire Outbreak Engulfs Dozens Of Vehicles in Eleme, Rivers State 1")
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.
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
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.
