Nigerian billionaire and businessman, Abdulsamad Rabiu, has suffered a significant blow in 2023 with his net worth dropping by $2.5 billion in 2023.
Rabiu remained the second richest man in Nigeria and ranked fourth on Forbes’ list of African billionaires, his net worth decreased to $5.7 billion from $8.3 billion at the start of the year on the Forbes Billionaires rankings.
The free float policy of the Central Bank of Nigeria is principally to blame for this decrease.
In addition, Rabiu, the BUA conglomerate’s founder, lost his position on Bloomberg’s billionaire index as a result of the devaluation of the naira.
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.
