Forbes Ranks BUA Chairman, Rabiu 5th Richest African

Abdulsamad Rabiu, Chairman of BUA Group, has emerged as the fifth richest man in Africa out of the 18 billionaires listed in Forbes latest richest Africans ranking.

This is contained in a post on Forbes’ verified Twitter account @Forbes.

The Nigerian cement tycoon is $1.5 billion richer after taking another of his companies public.

In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange.

He and his son retained a 96 per cent stake in the company, which recently had a market capitalisation of nearly $2.8 billion. (Forbes discounts the values of stakes when the public float is less than five per cent).

BUA Cement, in which he and his son had a 96 per cent stake, listed in January 2020.

Globacom owner Mike Adenuga ranked as the sixth richest African.

Dangote Group Chairman Aliko Dangote holds the top spot. He retained the spot as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.

According to the report, for the 11th year in a row, Dangote is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion in 2021. It followed a 30 per cent increase in the stock price of Dangote Cement.

A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.

The report added that Africa’s billionaires were richer than they had been in years, despite the global pandemic.

As a group, the continent’s 18 billionaires were worth an estimated $84.9 billion – a 15 per cent increase from twelve months ago and the most since 2014, when a larger number of billionaires – 28 – were worth a combined $96.5 billion.

On average, the continent’s billionaires were worth $4.7 billion now, worth $3.4 billion in 2014 with soaring stock prices from Nigeria to Zimbabwe lifted the fortunes of these tycoons, as demand for products from cement to luxury goods ticked up.

Jumping into the number two from the list, spot–up from number four last year–was luxury goods magnate Johann Rupert of South Africa.

More than 60 per cent surge in the share price of his Compagnie Financiere Richemont–maker of Cartier watches and Montblanc pens–pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list.

South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranked number three, worth an estimated $8.7 billion.

The biggest gainer in percentage terms – up 125 per cent was Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year.

Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750 per cent in the past year, helping to drive up the size of his fortune.

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