BUA CEO Samad Overtakes Adenuga As Nigeria’s Second Richest Person

Abdul Rabiu Samad, 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.

As Rabiu takes this prominent position, Aliko Dangote retains his status as the wealthiest individual in Nigeria.