Nigerians React As BUA Cement Founder Experiences $2.5 Billion Net Worth-Lost In 2023

Nigerian billionaire Abdulsamad Rabiu, the founder of BUA Cement, faced a substantial setback in 2023 as his net worth plummeted by $2.5 billion….CONTINUE READING

Despite maintaining his position as the second richest person in Nigeria and ranking fourth on Forbes’ list of African billionaires, Rabiu’s net worth saw a decline from $8.3 billion to $5.7 billion at the beginning of the year, according to Forbes Billionaires rankings.

The primary reason for this significant drop in wealth is attributed to the Central Bank of Nigeria’s free float policy. The implementation of the naira devaluation strategy reportedly resulted in Rabiu losing one-third of his wealth within three months in 2023.

Additionally, BUA Cement, a major contributor to Rabiu’s wealth, experienced a slight decrease in market valuation, declining from N3.31 trillion in 2022 to N3.28 trillion.