Rabiu remained the second richest man in Nigeria and ranked fourth on Forbes’ record of African billionaires, his web value decreased to $5.7 billion from $8.3 billion at the beginning of the yr on the Forbes Billionaires rankings. The free float coverage of the Central Financial institution of Nigeria is principally responsible for this lower.
As well as, Rabiu, the BUA conglomerate’s founder, misplaced his place on Bloomberg’s billionaire index on account of the devaluation of the naira. In 2023, three months after the naira devaluation technique went into impact, Rabiu misplaced one-third of his wealth.
Concurrently, BUA Cement—a big supply of Rabiu’s wealth—noticed a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion. READ MORE