Table of Contents
Key Points
- Nigeria’s Abdul Samad Rabiu saw his fortune drop from $5.1 billion to $4.6 billion as the naira’s weakness eroded asset valuations.
- Despite the naira slump, Rabiu’s businesses maintained stability, with BUA Cement and BUA Foods delivering strong revenue and profit growth in 2024.
- Africa’s richest man, Aliko Dangote, faced a similar $500 million decline, underscoring the impact of Nigeria’s forex fluctuations on billionaire fortunes.
Abdul Samad Rabiu, Nigeria’s third-richest man and the billionaire founder of BUA Group, lost $500 million in just 24 hours as fresh weakness in the Nigerian naira eroded asset valuations. The sharp decline highlights the volatility of Nigeria’s currency and its direct impact on the fortunes of the country’s wealthiest individuals.
According to Forbes, Rabiu’s net worth fell from $5.1 billion to $4.6 billion, driven by the naira’s depreciation on the Nigerian Foreign Exchange Market (NFEM). While the currency weakened slightly in the parallel market, slipping from N1,560 to N1,585 per dollar, the official exchange rate dropped from N1,528 to N1,537 per dollar. The combined effect of these shifts, along with a fresh revaluation of his assets by Forbes, erased half a billion dollars from his fortune overnight.
Rabiu’s wealth drops amid naira weakness
Rabiu, one of Africa’s top ten richest individuals, derives most of his wealth from controlling stakes in two publicly listed companies—BUA Cement and BUA Foods.
He holds a 96.3 percent stake in BUA Cement, Nigeria’s second-largest cement producer, and a 99.8 percent stake in BUA Foods, a key player in the country’s food manufacturing industry. While the market capitalization of these companies remained stable, Forbes’ reassessment of his net worth reflected the latest hit from the weakening naira.
He’s not alone in this financial setback. Africa’s richest man, Aliko Dangote, also saw his fortune shrink by $500 million in the same 24-hour period, dropping from $23.9 billion to $23.4 billion. The link between Nigeria’s currency movements and the fortunes of its top business magnates underscores the broader economic challenges posed by foreign exchange volatility.
Business growth holds amid currency woes
This isn’t the first time Rabiu has seen a major swing in his wealth. In 2024, his net worth dropped by $700 million, falling from $5.7 billion at the start of the year to $5 billion by year-end. He had partially recovered, reaching $5.1 billion in February 2025—only to see those gains erased within hours due to the latest currency slump.
Despite the currency woes, his businesses are holding firm. Both BUA Cement and BUA Foods delivered strong results in 2024, navigating a weaker naira and rising costs. BUA Cement’s revenue nearly doubled, climbing from N460 billion ($330 million) in 2023 to N876.5 billion ($570.5 million) in 2024, with profits rising from N69.4 billion ($45.2 million) to N73.9 billion ($49 million).
BUA Foods outpaced expectations, more than doubling its revenue from N728.44 billion ($474 million) to N1.53 trillion ($1 billion), while profits soared from N112.1 billion ($73 million) to N275 billion ($180 million).
