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Nigerian billionaire Abdul Samad Rabiu has regained $400 million in wealth after a brief setback last week that cut his fortune to $7.5 billion.
The rebound, which brings his net worth closer to the $8 billion mark he last reached in 2023, follows a revaluation of his assets as the naira continues to strengthen against the U.S. dollar.
Rabiu’s net worth jumps to $7.9 billion
According to Forbes, which tracks the world’s richest individuals, Rabiu’s wealth has climbed from $7.5 billion on Oct. 3 to $7.9 billion.
The increase reflects gains across his diverse holdings under BUA Group, one of Africa’s leading industrial companies with operations in cement, food processing and agriculture.
Just a week earlier, Forbes reported that Rabiu’s fortune had decreased by $301 million due to the reassessment of his debt obligations.
Bloomberg, in October 2023, estimated his miscellaneous liabilities at $2.98 billion. This shows how big his financial obligations are as his business empire grows at an unprecedented rate.
Stronger naira, market rally power Rabiu’s gains
The surge in Abdul Samad Rabiu's net worth shows how much Nigeria's economy has changed since President Bola Ahmed Tinubu began his economic reforms.
Stronger investor confidence, tighter monetary policies from the CBN, and improved currency management supported by fintech integration have all contributed to the strengthening of naira.
The currency's recovery has been supported by higher oil production, more foreign portfolio investments, and lower U.S. interest rates.
As a result, the revaluation of Rabiu’s assets—particularly his holdings in publicly traded firms—has lifted his fortune.
His 97.66 percent stake in BUA Cement, Nigeria’s second-largest cement producer, is now valued at $3.6 billion, reflecting a 72 percent increase in BUA Cement’s share price this year.
The rise in BUA Foods shares this year has also propelled his 92.63 percent stake in the company to $7.15 billion. BUA Foods makes sugar, flour, rice, pasta, and edible oils.
Rabiu gains $2.8 billion year-to-date as naira steadies
Overall, Rabiu has added about $2.8 billion to his fortune so far this year, supported by rising share prices in his listed companies and the naira’s stabilization.
The surge in his net worth this year shows how Nigeria's currency and capital market reforms are affecting the wealth of its most important businesspeople.
