Abdulsamad Rabiu is a business mogul and Nigeria’s third richest man, who cemented his return to Forbes’ African Billionaires List this year since dropping off it in 2015. He says he owes his $1.6 billion net worth to being a disruptor – and to being stubborn. A firm believer in strategy, the cement and sugar tycoon boosted his fortunes by a whopping $650 million this year when he merged Kalambaina Cement, a subsidiary company of his BUA Cement, with the publicly traded Cement Company of Northern Nigeria (CCNN), where he was a controlling shareholder. He says his fall from the coveted list was due to the devaluation of the Naira, which meant that the exchange rate went from N190 against the dollar, to N300. “That was the main reason I dropped off the rich list. Also, most of our other assets were not being considered because once you are not listed, it becomes more challenging to get an accurate valuation. His return to the billionaire boys’ club is due to five years of strategic expansion and a much more stable Nigerian economy.
SOURCES: FORBES AFRICA