Nigerian billionaire Abdul Samad Rabiu lost $255 million in the first 12 days of 2023, causing his net worth to decline to $7.8 billion.
Despite Abdul Samad Rabiu losing $255 million in the first 12 days of 2023, he is still the second richest person in Nigeria. The billionaire has shares in cement production, real estate, and infrastructure construction.
Forbes reported the decline was due to the reassessment of several of his unlisted companies that are part of the rapidly expanding manufacturing and industrial conglomerate, BUA Group.
Rabi’u is one of the top four wealthiest billionaires in Africa with a net worth of more than $7.8 billion. He recently overtook Nassef Sawiris, the richest person in Egypt, who has a net worth of $7.1 billion.