Nigerian billionaire and founder of BUA Cement, Abdulsamad Rabiu, has suffered a significant blow in 2023, with his net worth dropping by $2.5 billion in 2023.
Despite remaining the second richest man in Nigeria and ranked fourth on Forbes’ list of African billionaires, Rabiu’s net worth dropped to $5.7 billion from $8.3 billion at the start of the year on the Forbes Billionaires rankings.
Naija News understands that the free float policy of the Central Bank of Nigeria is reportedly the primary reason for the decline of his wealth.
It was gathered that in 2023, three months after the naira devaluation strategy went into effect, Rabiu lost one-third of his wealth.
Simultaneously, BUA Cement—a significant source of Rabiu’s wealth—saw a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion.
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