In a recent development on the Forbes list of Africa’s wealthiest individuals, Nigerian billionaire Abdulsamad Rabiu, the founder of the BUA Group, has overtaken his fellow countryman, Mike Adenuga, to become the second richest man in Nigeria. He currently stands as the fourth richest person on the continent with a net worth of $8.2 billion. Aliko Dangote and Johann Rupert continue to hold on firmly to the first and second positions respectively.

Rabiu’s remarkable ascent in wealth is attributed to the outstanding performance of his conglomerate, the BUA Group, which operates across diverse sectors such as cement, sugar, and real estate.

As seen in the Forbes real-time billionaire index, the Nigerian businessman, Abdulsamad Rabiu’s net worth has soared to an impressive $8.2 billion from $5.9 billion which he began the year with.

On the other hand, the telecoms and oil magnate Mike Adenuga experienced a decline in his net worth, with respect to the news that was reported a few weeks back.

Adenuga, who had jumped Rabiu to become Nigeria’s second richest man with a then net worth of $7.4 billion, now finds his net worth valued at $6.1 billion.

Adenuga made headlines when Forbes reported that his net worth had made an astronomical jump from $3.1 billion at the start of the year, when he was the continent’s 10th richest man, to $7.4 billion in January 11th, when he then ranked in the top five of Africa’s wealthiest people.

However, with a net worth of $14.2 billion, Dangote continues to dominate the continent’s wealth rankings.

See here the list of the top 10 richest people in Africa at the start of 2024

Overall, Aliko Dangote, the philanthropist and owner of the Dangote Group, remains securely positioned as Africa’s richest man, w

Source: BI