Abdulsamad Rabiu, the Chief Executive Officer of the BUA has beaten the Globacom Chairman, Adenuga to become the second richest man in Nigeria.
The BUA Group founder assumed the position on Friday evening, October 14, 2022, after his wealth increased from $5.3 billion to $5.5 billion.
This represents a $200 million(87 wealth gain after just 8 hours of trading activities on the stock exchange.
Forbes data shows that Mike Adenuga, who started the week in second, is now third with also $5.5 billion net worth to sit as the 432 richest men in the world.
While on the other hand, Mike Adenuga has been having a tough 2022 and data from Forbes shows his wealth has dropped by more than $1 billion.
Adenuga started the year with $6.6 billion. He is ranked as the third richest man in Nigeria and 433 in the world.
Meanwhile, Aliko Dangote remains the richest man in Nigeria, with a total net worth of $12.4 billion.
On Friday, he lost about $7 million of his wealth as his company continued to battle to retain ownership of his biggest cement factory in Africa.
In total, Dangote Cement has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.
When Dangote’s refinery becomes operational, it is expected that his wealth will reach another high.
