Abdul Rabiu's net worth surpasses $8 billion with single-day gain of $501 million

Abdul Samad Rabiu, the Nigerian billionaire businessman and founder of BUA Group, has witnessed a remarkable surge in his net worth, surpassing the $8 billion mark fueled by an impressive single-day gain of $501 million.

Following in the footsteps of Africa’s richest man, Aliko Dangote, and Nigeria’s wealthiest banker, Jim Ovia, Rabiu’s fortune soared to unprecedented heights in the past

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According to the Bloomberg Billionaires Index, which tracks the wealth of the world’s top 500 billionaires, Rabiu’s net worth shot up by $501 million within 24 hours, rising from $7.5 billion at the opening of business on May 30 to an impressive $8 billion at the close of the same day.

The Nigerian Exchange experienced a remarkable rally on May 30, with stocks surging by a remarkable N1.5 trillion ($3.2 billion) in a single day.

This surge was primarily driven by President Bola Ahmed Tinubu’s promising inaugural speech, which unveiled a series of policies designed to address critical issues within the Nigerian economy.

Investors responded favorably to these proposed measures, resulting in a significant increase in the share prices of BUA Cement and BUA Foods—companies owned by Rabiu.

As a consequence of this latest $501 million boost, Rabiu’s year-to-date wealth gains now stand at an impressive $1.53 billion, firmly establishing him as one of the few African billionaires to witness a net worth increase exceeding $1.5 billion this year.

Investors responded favorably to the proposed measures, leading to a remarkable increase in the share prices of Rabiu’s companies. The Nigerian Exchange witnessed a staggering rally, with stocks surging by an impressive N1.5 trillion ($3.2 billion) in a single day.

With the latest surge of $501 million in his net worth, Abdul Samad Rabiu’s year-to-date wealth gains have now reached $1.53 billion. This places him among the select few African billionaires who have experienced net worth increases exceeding $1.5 billion in 2023.

Joining Rabiu in this exclusive league are Nigerian business magnate Aliko Dangote and South African luxury tycoon Johann Rupert. Dangote’s net worth has skyrocketed by $2.49 billion this year, while Rupert has witnessed a significant increase of $2.27 billion.

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