The volatility of Nigeria’s currency has once again hit the country’s wealthiest individuals, with Abdul Samad Rabiu, Nigeria’s third-richest man and the billionaire founder of BUA Group, losing $500 million in a single day due to the sharp depreciation of the naira.
According to Forbes, Rabiu’s net worth dropped from $5.1 billion to $4.6 billion, driven by movements in the Nigerian Foreign Exchange Market (NFEM). The parallel market saw the naira weaken from N1,560 to N1,585 per dollar, while the official exchange rate fell from N1,528 to N1,537 per dollar. The combined impact of these fluctuations, along with a fresh revaluation of his assets by Forbes, erased half a billion dollars from his fortune overnight.
Rabiu’s Wealth Declines Amid Currency Depreciation
Rabiu, ranked among Africa’s ten richest individuals, derives most of his wealth from his controlling stakes in BUA Cement and BUA Foods, two of Nigeria’s largest publicly listed companies.
•BUA Cement: He holds a 96.3% stake in Nigeria’s second-largest cement producer.
•BUA Foods: His 99.8% stake makes him the dominant shareholder in one of the country’s top food manufacturing firms.
Although the market capitalization of both companies remained stable, Forbes’ reassessment of his net worth factored in the latest hit from the weakening naira.
Rabiu wasn’t alone in this financial setback. Africa’s richest man, Aliko Dangote, saw his fortune shrink by $500 million in the same period, dropping from $23.9 billion to $23.4 billion. These declines reflect how fluctuations in Nigeria’s foreign exchange market directly impact the fortunes of the country’s top business moguls.
Business Expansion Continues Despite Currency Challenges
Despite the currency crisis, Rabiu’s businesses have remained strong, with BUA Cement and BUA Foods delivering impressive financial results in 2024.
•BUA Cement: Revenue surged from N460 billion ($330 million) in 2023 to N876.5 billion ($570.5 million) in 2024, while profits rose from N69.4 billion ($45.2 million) to N73.9 billion ($49 million).
•BUA Foods: Revenue more than doubled from N728.44 billion ($474 million) to N1.53 trillion ($1 billion), with profits soaring from N112.1 billion ($73 million) to N275 billion ($180 million).
This isn’t the first time Rabiu has seen a major swing in his fortune. In 2024, his net worth declined by $700 million, dropping from $5.7 billion at the start of the year to $5 billion by year-end. By February 2025, he had partially recovered to $5.1 billion, only to see those gains erased within hours due to the latest currency slump.
The Link Between Wealth and the Naira’s Performance
The recent decline in net worth for Nigeria’s billionaires highlights the risks posed by foreign exchange volatility. With the naira’s continued weakness, investors and business leaders are closely watching its impact on asset valuations and financial markets.
For Rabiu, however, his business empire remains resilient—BUA Group’s ongoing expansion and revenue growth indicate that long-term fundamentals remain strong, even as short-term currency fluctuations affect valuations.
