According to Forbes, Nigerian billionaire Abdul Samad Rabiu has been ranked as Africa’s fourth richest man displacing Egypt’s richest man Nassef Sawiris.
This title was months after rising of the position of Nigeria’s second richest man by surpassing the net worth of Nigerian telecom tycoon Mike Adenuga.
Rabbi’s net worth has increased from $4.9 billion to $7.6 billion, as it has increased by more than $ 2.4 billion as of today.
Currently, he is the fourth richest man in Africa behind fellow Nigerian billionaire Aliko Dangote and two South African billionaires, Johann Rupert and Nicky Oppenheimer.
Now ranking fifth behind Rabiu, the Egyptian billionaire Nassef Sawiris’ net worth has risen from $7.3 billion to $ 7.6 billion as at the time this information was released.
Sawiris’ fortune comes from his shareholdings in Addidas and OCI.N.V making him the richest person in both the Arab world and North Africa.
His fortune comes from his manufacturing company, BUA Group which is one of the fastest growing manufacturing companies in Africa.
The company is concentrated on manufacturing, infrastructure and agriculture and produces a revenue in excess of $2.5 billion.
Rabiu is also the chairman of the Nigerian Bank of Industry.