Rabiu replaces Adenuga as Nigeria's second richest man

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The ranking of Nigeria richest billionaire has changed, as industrialist Abdul Samad Rabiu unseat telecommunication magnet Mike Adenuga to second position While Dangote is still Nigeria richest man, Rabiu aim now is to close the gap and also push higher in African billionaires ranking Just days after listing one of his companies, BUA food on Nigerian Stock Exchange, the shares value has increased by 9.92%.

Nigerian billionaire industrialist Abdul Samad Rabiu will be starting the second week of January, and 2022 as the second richest man in Nigeria after starting the new year off strong.

On Thursday, January 6 2021, the CEO and Chairman of BUA Group added nearly $1.9 billion to his net worth.

His new net worth puts him in the position of the second-richest man in Nigeria, ahead of Nigerian telecom mogul Mike Adenuga whose net worth is $6.6-billion according to Forbes billionaire list.

On Wednesday, Jan. 5th 2022, Abdul Rabiu completed the listing of his consolidated food business on the Nigerian Exchange after it obtained relevant regulatory approvals from the regulatory authorities. Immediately the company's share was listed, investors were quick to react when the market opened on Wednesday as a total of 18,000,000,000 (eighteen billion) shares at N40 ($0.0968) were admitted to trading, representing a valuation of N720 billion ($1.74 billion).

The rise in his company's shares saw Rabiu’s fortune also increased from $5.3 billion to $7.2 billion Business Insider reports.

Read 50 times Last modified on Last modified on January 10 2022

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