Nigerian billionaire, Abdul Samad Rabiu, has seen his net worth drop by $511 million in just 24 hours due to a recent revaluation of his conglomerate, BUA Group.
His net worth has dropped by $511 million in the last 24 hours, from more than $7.6 billion to $7.1 billion, according to Forbes.
Following a $511 million decline in his wealth figures, Egyptian billionaire Nassef Sawiris might well reclaim his position as Africa’s fourth-richest man, having been deposed on January 14 by the Nigerian businessman who leads BUA Group, one of Africa’s fastest growing conglomerates.
What attributed to the decline: Although the share prices of his publicly listed businesses, including BUA Cement and BUA Foods, have remained constant, the recent decrease in his net worth can be attributed to the revaluation of his privately held businesses under BUA Group.
- The group’s diverse investments span various significant sectors of the African economy.
- Since the start of the year, his net worth, according to Forbes, has declined from $8 billion to $7.1 billion, placing him as Africa’s fifth-richest man.
- Despite this setback, Rabiu still retains his position as Nigeria’s second-richest man, ahead of telecom and oil billionaire Mike Adenuga.
According to Forbes, his net wealth has dropped from $8 billion to $7.1 billion since the beginning of the year, making him Africa’s fifth-richest man.
- Despite this setback, Rabiu remains Nigeria’s second-richest individual, trailing only telecom and oil billionaire Mike Adenuga.
- The Nigerian billionaire now trails Egypt’s richest man, Nassef Sawiris, on Africa’s richest list, South African billionaires Nicky Oppenheimer and Johann Rupert, and Nigerian billionaire industrialist Aliko Dangote.