AbdulSamad Rabiu Becomes Richest Investor On Nigerian Exchange With Fortune Hit $ 6.1bn

Billionaire industrialist AbdulSamad Rabiu is now the richest investor on the Nigerian Exchange, recent report by Billionaires.Africa has revealed.

The new status of Rabiu, founder and chairman of BUA Group, is courtesy of a rise in his investment portfolio on the exchange with his fortune hit $ 6.1 billion.

The turn of events sees Rabiu displacing his fellow Kano-born billionaire Aliko Dangote whose worth on the exchange stands at $5.8 billion.

Dangote, until the latest development, was the richest individual on the exchange.

Report has it that the surge in Rabiu’s wealth is attributed to the remarkable growth in the market value of his stake in his food business conglomerate, BUA Foods.

His stake in BUA Foods has, in the recent time, witnessed a staggering 109 percent rise occasioned by the strong buying interest in the foods company remarkably ranking fifth most valuable on the Nigerian Exchange.

A breakdown of Rabiu’s fortune on the exchange reveals he holds a 96.29 percent stake in his flagship company, BUA Cement. With the value of the stake standing at $3.008 billion.

Rabiu also owns a 92.6 percent – worth $3 billion – stake in BUA Foods, bringing the total value of his holdings to $6.01 billion.

Meanwhile, Aliko Dangote’s investment portfolio, which includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, stands at $5.8 billion.

Interestingly, the shake-up in the ranking of richest investor on the Nigerian exchange came at a time Dangote lost his place as Africa’s richest on Forbes Billionaires Ranking to wealthy South African, Johann Rupert.