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A recent report reveals that Abdul Samad Rabiu, Chairman of BUA Group, has surpassed Aliko Dangote, Chairman of Dangote Group, as Nigeria’s richest investor.
Rabiu’s holdings in his publicly quoted companies on the Nigerian Stock Exchange are valued at approximately $6.01 billion, making him the largest investor in Nigeria.
On the other hand, Dangote’s investment portfolio, including his majority stake in Dangote Cement, is valued at $5.8 billion, placing him in the second position.
Rabiu’s rapid wealth growth can be attributed to the remarkable market value increase of his food business, BUA Foods.
With a 109% increase in the value of his stake in BUA Foods, Rabiu’s total holdings amount to $6.01 billion.
Despite initial challenges, BUA Foods has maintained its leadership position in the Nigerian economy, recording a profit growth of 77.1% in the first quarter of 2023.
Alongside Dangote and Rabiu, Femi Otedola also ranks among the top investors in the Nigerian Stock Exchange, collectively gaining $2.28 billion in the first half of 2023.
This article was updated 10 months ago
