Despite losing $255 million in the first 12 days of 2023, billionaire cement tycoon Abdul Samad Rabiu of Nigeria is still the second-richest person in that country.
His net worth has decreased by $255 million to $7.8 billion, according to Forbes, as a result of the reassessment of several of his unlisted companies that are part of the rapidly expanding manufacturing and industrial conglomerate, BUA Group.
Despite this setback, Rabiu has managed to hold onto his position as one of the wealthiest people in Nigeria because to his business empire, which includes stakes in cement production, real estate, and infrastructure construction.
His rise to the top of the country’s financial elite is a testament to his savvy business acumen and ability to navigate the often-challenging Nigerian business landscape. With a net worth of more than $7.8 billion, Rabiu is one of the top four richest billionaires in Africa and is now richer than Egypt’s richest man Nassef Sawiris, who is worth $7.1 billion, according to Forbes.
Since the shares of his unified food business BUA Foods Plc were listed a year ago, Rabiu’s net worth has risen from $4.9 billion to $8.1 billion before declining to $7.6 billion at the time of this report.
In the past year, the sustained increase in his net worth can also be attributed to the surge in the market value of his 92-percent stake in BUA Cement. Shares in the leading cement company have increased from less than N70 ($0.15) a year ago to N99.45 ($0.22) at the time of this report.
The price surge can be linked to the financial success of the cement company, as it reported a 12.3-percent increase in its profit in the first nine months of 2022, rising from N65.9 billion ($145 million) in the same period of 2021 to N74 billion ($168.4 million).
The double-digit increase in earnings can be attributed to the sustained growth in cement sales, thanks to the enhanced capacity that came with the opening of a 3-million-metric-ton cement factory. This was part of a concerted effort to meet the country’s growing cement demand and to export to other countries.
Aside from his business interests and investments, the Nigerian billionaire is also known for his philanthropic work. He has been actively involved in various charitable initiatives, including education and healthcare.
In 2022, his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa), unveiled a N10-billion ($23.8 million) Nigeria Security Support Fund to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast and to strengthen local infrastructure.
This contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman and follows the $3-million development initiative he launched in Niger.