In a notable shift in the wealth rankings, Abdul Rabiu Samad, the Nigerian billionaire and CEO/Chairman of BUA Group, has surpassed Mike Adenuga to claim the position of the second-richest person in Nigeria. This development is attributed to a significant surge in Rabiu’s fortune, now estimated at $7.2 billion, according to Forbes’ list of global billionaires, where he holds the 343rd position.
Rabiu’s net worth has experienced a remarkable increase of nearly $1.9 billion in the past week, primarily associated with the valuation of BUA Foods. The shares of BUA Foods witnessed substantial growth, surging over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024. This contributed to the surge in market capitalization to N792 billion ($1.92 billion), propelling Samad ahead of Adenuga, whose net worth currently stands at $6.6 billion.
The recent reassessment of Adenuga’s mobile phone network, Globacom, by Forbes resulted in a temporary shift in rankings earlier in January. However, Adenuga’s wealth has seen a decline since then, dropping by $400 million to $7 billion.
Samad’s rise to the second-richest position in Nigeria underscores the dynamic nature of wealth rankings and the influence of market fluctuations. While Rabiu claims the second spot, Aliko Dangote retains his status as the wealthiest individual in Nigeria.