When Aliko Dangote, Africa’s richest man and foremost businessman, came out publicly to lament over the current situation in the country, many people thought it a joke, but now, AbdulSamad Rabiu, Nigeria’s second richest man is experiencing something worse.
Until now, Rabiu is yet to fathom how he lost $1.1 billion over the past 90 days.
But many people know what happened.
To these persons, Nigeria has happened to AbdulSamad Rabiu.
On May 6, 2024, the Forbes Real-Time Billionaire Index recorded Rabiu’s net worth at $5.9 billion.
However, fast forward to August 16, 2024, just 90 days later, Rabiu’s net worth stood at $4.8 billion.
Trouble For AbdulSamad Rabiu
This decline follows an earlier increase from $5.7 billion at the beginning of the year, which was driven by stock market movements.
Rabiu’s wealth is closely tied to his substantial stake in BUA Foods, where he holds a 93% share. BUA Foods, a dominant player in Nigeria’s food sector, is the country’s largest producer of noodles and flour.
The company’s performance has a direct impact on Rabiu’s financial standing, as reflected in its recent quarterly and annual reports.
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Rabiu’s financial setback mirrors broader trends affecting Nigeria’s wealthy elite. Aliko Dangote, Africa’s richest man and the driving force behind the $20 billion Dangote Refinery in Lagos, has also seen his wealth decline by over $1 billion this year.
Now, many people are convinced more than ever that Nigeria can happen to anyone.
Not even robust businesses owned by wealthy elites are immune to the effects of the hardship rocking Nigeria.
The depreciation of the naira and fluctuations in equity values have contributed to these losses.
If big businesses like this can suffer this kind of decline, one cannot imagine what small businesses will be going through.
Special pity for people trying to establish their businesses in this economy, the Lord is your strength.
AbdulSamad Rabiu’s recent losses highlight the volatility and challenges faced by Nigeria’s business leaders amidst economic fluctuations.
