{"id":91190,"date":"2022-01-26T10:01:14","date_gmt":"2022-01-26T09:01:14","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=91190"},"modified":"2022-01-26T10:01:14","modified_gmt":"2022-01-26T09:01:14","slug":"forbes-rabiu-displaces-adenuga-as-wealth-rises-to-7bn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/forbes-rabiu-displaces-adenuga-as-wealth-rises-to-7bn\/","title":{"rendered":"Forbes: Rabiu Displaces Adenuga, As Wealth Rises To $7bn"},"content":{"rendered":"

Cement tycoon, Abdulsamad Rabiu of BUA Group, is the fifth richest African with a net worth of $7 billion, according to the 2022 edition of the Forbes\u2019 Top 10 Africa\u2019s Billionaires List.<\/p>\n

\n

With the latest announcement, Rabiu now displaces Mike Adenuga, the chairman of Globacom, as the second richest Nigeria.<\/p>\n

Adenuga is the sixth richest African with a net worth of $6.7 billion. He is the third Nigerian on the Forbes\u2019 Top 10 Africa\u2019s Billionaires List.<\/p>\n

Rabiu is $1.5 billion richer in one year after taking one of his companies to the stock market.<\/p>\n

In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son, according to Forbes, retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, listed in January 2020.<\/p>\n

Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.<\/p>\n

He set up his own business in 1988 importing iron, steel and chemicals.<\/p>\n

For the 11th year in a row, Aliko Dangote has retained his position as the richest man in Africa. His net worth is estimated at $13.9 billion, according to Forbes.<\/p>\n

Dangote\u2019s $13.9 billion is up from $12.1 billion last year. This means the billionaire gained $1.8 billion in one year.<\/p>\n

This is following a 30% increase in the stock price of Dangote Cement, his most valuable asset.<\/p>\n

Jumping into the No. 2 spot \u2013up from No. 4 last year\u2013 is luxury goods magnate Johann Rupert of South Africa. A more than 60% surge in the share price of his Compagnie Financiere Richemont\u2013maker of Cartier watches and Montblanc pens \u2013 pushed his fortune to $11 billion, up from $7.2 billion a year ago, making him the biggest dollar gainer on the list.<\/p>\n

South African Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks No. 3, worth an estimated $8.7 billion.<\/p>\n

Nassef Sawiris, an investor and a scion of Egypt\u2019s wealthiest family, is the fourth richest African with net worth of $8.6 billion.<\/p>\n

The report added that Africa\u2019s billionaires were richer than they had been in years, despite the global pandemic.<\/p>\n

The biggest gainer in percentage terms \u2013up 125 per cent was Strive Masiyiwa of Zimbabwe, worth $2.7 billion, up from $1.2 billion last year.<\/p>\n

Shares of Econet Wireless Zimbabwe, which he founded, rose more than 750% in the past year, helping to drive up the size of his fortune.<\/p>\n

According to the release, only two of the 18 billionaires are worth less than in 2021: Koos Bekker of South Africa, who dropped to $2.7 billion from $2.8 billion as the share prices of consumer Internet firms Naspers and Prosus fell more than 20per cent each.<\/p>\n

Mohammed Dewji of Tanzania, whose fortune declined to an estimated $1.5 billion from $1.6 billion a year ago, due to lower multiples for publicly traded competitors.<\/p>\n

All of the continent\u2019s billionaires were men; the last woman to appear in the ranks, Isabel dos Santos of Angola, fell off the Forbes list in January 2021.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Cement tycoon, Abdulsamad Rabiu of BUA Group, is the fifth richest African with a net worth of $7 billion, according to the 2022 edition of the Forbes\u2019 Top 10 Africa\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":91191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-91190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nForbes: Rabiu Displaces Adenuga, As Wealth Rises To $7bn - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/forbes-rabiu-displaces-adenuga-as-wealth-rises-to-7bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forbes: Rabiu Displaces Adenuga, As Wealth Rises To $7bn - 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