Nigeria’s third richest man and the Founder of BUA Group, Abdulsamad Rabiu, saw his total net worth plunge by $4 billion in two weeks.
Live Update from Forbes seen by BizWatch Nigeria showed that the 60-year-old billionaire’s wealth fell to $4.5 billion on Friday, April 23, 2021, from $4.9 billion on Thursday, April 6.
Rabiu’s Billionaire ranking also fell to 643th globally from the 574th position he attained two weeks ago.
The Forbes Billionaires List, which is a ranking of the world’s 500 richest people, had ranked Rabiu as the 574th richest person in the world and the sixth in Africa.
This was after his wealth surged to $4.9 billion from $2.9 billion in 2020.
Within 24 hours, Forbes Real-Time Billionaire List stated that the wealth of Rabiu fell by $297 million or 6.13 per cent.
Rabiu leads a Nigerian conglomerate active in cement production, sugar refining and real estate.
In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.
The combined firm, called BUA Cement Plc, trades on the Nigerian Exchange Group and Rabiu owns 98.5 per cent of it.
The billionaire earned a dividend of N65 billion from his direct and indirect investment in cement business – BUA Cement Plc – in 2020.
This was after the Directors of BUA Cement Plc proposed a final dividend of N2.067 per share to its shareholders, the total payment as dividend to shareholders is put at about N70 billion.
With Rabiu’s direct stakes, the billionaire earned N39.4 billion and N25.6 billion dividend from his indirect stakes for the financial period ended December 31, 2020.