Chairman of BUA Group AbdulSamad Rabiu has seen his net worth reportedly drop by $1.1 billion in the past 90 days.
The net worth of Nigeria’s second richest person fell from $5.9 billion (as of May 6, 2024) to $4.8 billion on August 16, reports Nairametrics.
This decline follows an earlier increase from $5.7 billion at the beginning of the year, which was driven by stock market movements.
Rabiu’s wealth is tied to BUA Group where he has majority shareholding.
The depreciation of the naira and fluctuations in equity values were primarily responsible for the dip in net worth.
BUA Cement, a cornerstone of Rabiu’s wealth, also felt the effects of the economic turbulence. The company’s market capitalisation dropped slightly to N3.28 trillion in 2023, down from N3.31 trillion in 2022.
Rabiu is not the only one among Nigeria’s elite facing financial setback. Chairman of Dangote Group Aliko Dangote has also seen his wealth decline by over $1 billion this year.
Despite these challenges, Dangote remains Africa’s richest man, ranking 145th on the global list of billionaires according to Bloomberg data.
Born in 1960 in Kano, Rabiu followed in the entrepreneurial footsteps of his late father, Ishak Rabiu, who founded a conglomerate with interests in manufacturing, finance, and real estate. The recent losses highlight the volatility and challenges faced by Nigeria’s business leaders amidst economic fluctuations.
