Abdulsamad Rabiu has re-entered Bloomberg’s prestigious list of billionaires following significant valuation increases in his major companies.
At 63 years old, the Nigerian billionaire now boasts assets totaling $6.56 billion, securing the 382nd spot on the global list. Rabiu has experienced a year-to-date wealth gain of $2.48 billion.
Remarkably, Rabiu and Aliko Dangote are the only Nigerian citizens featured among Bloomberg’s top 500 richest individuals. Despite their inclusion, the two billionaires are currently in a strained relationship, as Dangote accused Rabiu of attempting to initiate a probe into alleged money laundering within businesses under his control.
Notably, investor confidence in BUA Cement, one of Rabiu’s key ventures, has seen a consistent uptick, with a 12.55% increase in share price over the past week. The stock reached an all-time high of 148, contributing to a yearly surge of 65%. As of the latest report, BUA Cement holds a market valuation of N4.57 trillion on the NGX.
Rabiu, emphasizing BUA’s commitment to providing affordable and accessible cement products despite industry challenges, anticipates the forthcoming opening of the Sokoto location in January 2024 to contribute significantly to the nation’s overall market expansion.