How Mike Adenuga Was Dethroned As Nigeria’s Second Richest Man

Nigerian billionaire Abdul Rabiu Samad, the CEO/Chairman of BUA Group, has claimed the title of the second-richest person in Nigeria, surpassing Mike Adenuga, as reported by Forbes’ list of global billionaires. Rabiu’s fortune has seen a remarkable surge, now estimated at $7.2 billion, securing him the 343rd position on the list.

This significant increase in the net worth of Abdul Rabiu Samad, a staggering addition of nearly $1.9 billion in the past week for a single Nigerian, is predominantly attributed to the valuation of BUA Foods. BUA Foods’ shares experienced substantial growth, rising over 10% from N40 ($0.0968) to N44 ($0.1065) in early January 2024. This surge contributed to the market capitalization reaching N792 billion ($1.92 billion), propelling Samad ahead of Adenuga, whose net worth currently stands at $6.6 billion.

The recent reassessment of Adenuga’s mobile phone network, Globacom, by Forbes led to a temporary shift in rankings earlier in January. However, Adenuga’s wealth has since seen a decline, dropping by $400 million to $7 billion.

Samad’s ascent to the position of the second-richest individual in Nigeria highlights the dynamic nature of wealth rankings and the impact of market fluctuations. It underscores how the fortunes of billionaires can experience rapid changes based on various factors, including stock performance and market valuations.

While Abdul Rabiu Samad celebrates this achievement as second richest Nigerian, Aliko Dangote continues to maintain his status as the wealthiest individual in Nigeria. The fluidity of these rankings emphasizes the ever-evolving nature of the business landscape and the financial dynamics that shape the fortunes of the country’s wealthiest individuals.

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