The company, which is synonymous with adapting to Nigeria’s economic climate, be it in the form of increasing the salaries of its employees in response to rising cost of living or adjusting prices of products, recently recorded significant revenue growth.
One of the group’s primary companies, BUA Foods, posted a profit of ₦260.07 billion, making it Nigeria’s most lucrative listed consumer goods company.
The company recorded ₦912.5 billion in revenue for the half-year (up 36%) and PBT of ₦276.1 billion (a 101% rise year on year), driven by strong volume and margin gains in sugar, wheat, and pasta, according to Nairametrics.
Earlier reports in September by the aforementioned publication also showed that Abdulsamad Rabiu was set to receive a record N216.7 billion in dividends as a result of resolutions adopted at BUA Foods Plc’s fourth annual general meeting.
All of these have culminated in a $1.6 billion growth of Abdulsamad Rabiu’s net worth.
As per Forbes’s recent updates, Abdulsamad Rabiu is now worth $7.6 billion, a 21.05% increase from his net worth mid-way into the year.
This growth puts him firmly in second place atop Nigeria’s list of richest men, following Africa’s richest man, Aliko Dangote, close behind.
Prior to this growth, industrialist Wale Adenuga was Africa’s richest man, with a net worth of $6.3 billion, which has been at the figure since June, but declined from $6.8 billion at the start of the year.
In contrast, Abdulsamad Rabiu began the year with a net worth of $4.7 billion, which jumped to $6 billion in June, and now, as of the 10th of October, at $7.6 billion.
As for Africa’s richest man, he began the year with a net worth of $10.9 billion, according to Forbes, which is now $25.1 billion, nearing the almost elusive $30 billion mark.
