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BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Person

January 21, 2024
in Business
BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Person
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http://economicconfidential.com/

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BUA Boss Rabiu Overtakes Adenuga, Now Nigeria’s Second Richest Person

AbdulSamad Rabiu, 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 shift in rankings is attributed to the significant surge in Rabiu’s fortune, now estimated at $7.2 billion, according to Forbes’ list of global billionaires, where he ranks 343rd.

The remarkable increase in Rabiu’s net worth, with an addition of nearly $1.9 billion in the past week, is primarily associated with the valuation of BUA Foods.

BUA Foods’ shares witnessed substantial growth, soaring over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024, contributing to the surge in market capitalization to N792 billion ($1.92 billion). This propelled 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.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/01/rabiu-richest-person/

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