Nigerian billionaire and businessman, Abdulsamad Rabiu, has suffered a significant blow in 2023 with his net worth dropping by $2.5 billion in 2023.
Rabiu remained the second richest man in Nigeria and ranked second on Forbes’ list of African billionaires, his net worth decreased to $5.7 billion from $8.3 billion at the start of the year on the Forbes Billionaires rankings. The free float policy of the Central Bank of Nigeria is principally to blame for this decrease.
In addition, Rabiu, the BUA conglomerate’s founder, lost his position on Bloomberg’s billionaire index as a result of the devaluation of the naira. In 2023, three months after the naira devaluation strategy went into effect, Rabiu lost one-third of his wealth.
Simultaneously, BUA Cement—a significant source of Rabiu’s wealth—saw a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion.
Abdulsamad Rabiu, at 24, after completing his studies in economics at Capital University in Ohio, returned to Nigeria to oversee the family business which he took over from his father.
In 1988, he established the BUA Group, specializing in steel and food imports at first.
Early in January 2020, Rabiu combined his listed company, Cement Co. of Northern Nigeria, which he controlled, with his privately held Obu Cement company.
Rabiu owns 98.2% of the combined company, BUA Cement Plc, which is traded on the Nigerian stock exchange.
