Nigeria's Abdul Samad Rabiu is now the third richest person in Africa, surpassing South African billionaire Nicky Oppenheimer, with a net worth of over $8.6 billion. Rabiu's fortune came from his manufacturing company, BUA Group, which became a publicly traded company in 2022.
He holds a majority stake in BUA Foods and BUA Cement, which reported a pre-tax profit of N120 billion in 2022. The revenue from bagged cement products accounted for 99.46% of the total revenue achieved by the company during the period under revenue, despite inflationary pressure and the depreciation of the naira.
Rabiu's net worth has increased by over $3.7 billion in the past year, elevating him to the third-richest person in Africa, behind Aliko Dangote and Johann Rupert.
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