Dangote Loses Richest Investor Position On The Nigerian Stock Exchange

It is a game of swirling chairs at the Nigerian Stock Exchange and Billionaire businessman Alhaji Aliko Dangote has lost his richest investor first position.

It is now occupied by his kinsman, Abdul Samad Rabiu, another mega entrepreneur, according to Billionaires.Africa.

Its recent data tracking shows Rabiu’s holdings in his publicly listed businesses is a towering $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion at the time of writing, reports overviewed by Zambian Observer.

The latest ranking, shows Dangote occupying the second position on the Nigerian Exchange.

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Yet, his investments are in princely sums, and includes an 86.81-percent stake in Dangote Cement, Africa’s largest cement company and the second-largest company on the Nigerian Stock Exchange, and are valued at $5.8 billion.

On the other hand, Rabiu’s surge in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods.

The company currently ranks fifth most valuable on the Nigerian Exchange, says the report.

Recently, Abdul Samad Rabiu, had been ranked the 271st wealthiest individual in the world, going by  the Bloomberg Billionaires Index

Abdul Samad Rabiu

“ This surge can be attributed to the exceptional performance of his 93-percent stake in BUA Foods Plc, his consolidated food business that includes Nigeria’s largest pasta and flour plant.

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“Despite the initial political and economic obstacles encountered earlier in the year, BUA Foods, the consolidated food business owned by Rabiu, has successfully maintained its prominent position within the Nigerian economy”, said one report.

Now richest investor on the Nigerian Stock Exchange, Abdul Samad Rabiu was born i4 August 1960, and was raised in Kano. He attended Capital University in Columbus, Ohio before returning to Nigeria at the age of 24 to oversee the family business.

He established BUA International Limited in 1988 with interest in commodity trading. Some of its early merchandise included rice, edible oil, flour, and iron and steel.