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Rabiu Abdulsamad’s fortune adds $3.9 billion in 7years, as Aliko Dangote networth drops



Amid inflation and naira devaluation, the last six years have had different impact on two Nigerian billionaires, Aliko Dangote and Rabiu Abdulsamad, both of whom mostly compete in the same industry.

Dangote is the founder of Dangote Industries, while Abdulsamad is the owner of BUA Group, two companies whose rivalry cut across cement, salt, and sugar business.

Now, the Kano billionaires are extending their contention to the oil industry.where Dangote is building a 300,000 barrel per day refinery, and BUA is constructing a 200,000 bpd refiner.

On Friday, Dangote and Abdulsamad made a whooping $122 million from their business at the end of trading, but the BUA founder accounted for the largest chunk of $121 million, while Africa’s richest man settled with $1 million.

Abdulsamad gains highest against Dangote in seven years

The gains of Abdulsamad didn’t start yesterday, as Ripples Nigeria traced it down to the last seven years, noting Dangote had lost where his rival had gained.

It was discovered that since 2015, Abdulsamad has gained $3.9 billion, as his wealth rose from $1 billion in 2015, to $4.9 billion as at October 15, 2021.

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In 2016, Abdulsamad’s fortune hit $1.1 billion, in 2019, it climbed to $1.6 billion, and the next year in April,, the BUA founder was worth $2.9 billion, and now estimated at $4.9 billion by Forbes – 2017/2018 networth not captured by Forbes billionaire index.

Aliko Dangote’s seven years networth journey

However, the story was different for Dangote, whose net worth dropped by $1.1 billion in the last seven years, as calculated by Ripples Nigeria.

His highest networth in the last seven years was recorded in 2016, as his wealth climbed from $14.7 billion in 2015, to $15.4 billion the next year, but it declined to $12.2 billion in 2017, before rising again in the following year to settle at $14.1 billion.

But it dropped again to $10.4 billion and $8.3 billion respectively in 2019 and 2020, but his net worth is now put at $13.6 billion as of Friday.

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