All posts tagged "Abdul Samad Rabiu"

In the first six months of 2023, the Nigerian stock market has experienced a remarkable surge, leading to the NGX All-Share Index reaching its highest point in 15 years. During the month of June, there was a notable upswing in the All-Share Index, recording a substantial increase of 9.32%. This breakthrough marked the end of a four-year period of losses for stocks during this particular month. Additionally, it signifies the stock market's most outstanding monthly performance in approximately two and a half years. The Nigerian Exchange Limited (NGX) wrapped up the first half of the year on a positive note, as equity trading resulted in an 18.9% gain for the NGX All-Share Index, culminating in a closing figure of 60,968.27 index points. Furthermore, the impressive market performance has had a positive impact on the wealth of some of Nigeria's richest entrepreneurs. These individuals have witnessed a significant increase in their net worth as a result of their holdings in various listed companies. As reported by Nairametrics, the stock market in Nigeria has proven to be highly lucrative for three prominent billionaires in the country, namely Aliko Dangote, Abdul Samad Rabiu, and Femi Otedola. These individuals amassed a collective sum of $2.28 billion from their stock market investments during the initial half of 2023. This represents an increase of 18.9%, from their combined investment in their respective companies quoted on the stock market valued at $11.1 billion as of December 31, 2022. When considering the official currency for stocks, the Nigerian Naira (using an exchange rate of N765/$1), the combined stake of the three billionaires amounted to N10.6 trillion, a significant increase from N8.7 trillion as of December 2022. It is worth noting, however, that for the purpose of providing context, we will refer to the values in dollars. It is noteworthy that the three billionaires possess the largest stake in any publicly traded company on the exchange, amounting to a staggering one billion dollars. The breakdown of their gains is as follows: Abdul Samad Rabiu, the founder and chairman of BUA Group, a conglomerate with interests in cement, sugar, oil, and gas, among others, was the biggest gainer among the trio. - He added $1.3 billion to his net worth, which rose from $5.67 billion as of December 31, 2022, to $6.97 billion as of June 30, 2023. - This was largely due to the appreciation of his shares in BUA Cement Plc, which increased by 23% in the first half of the year. - The analysis includes his stake in BUA Foods and BUA Cement. Aliko Dangote, Africa’s richest man and the founder and chairman of Dangote Group, a diversified conglomerate with interests in cement, sugar, salt, flour, oil, and gas, among others, gained $504 million from the stock market in the first half of 2023. - His net worth increased from $4.9 billion as of December 31, 2022, to $5.4 billion as of June 30, 2023. - This was mainly driven by the growth of his shares in Dangote Cement Plc, which rose by 10% in the first half of the year. - The analysis includes his stake in Dangote Cement, Dangote Sugar, and NASCON. Femi Otedola, the chairman of Geregu Power Plc and a former chairman of Forte Oil Plc (now Ardova Plc), a downstream oil and gas company, gained $488 million from the stock market in the first half of 2023. - His net worth jumped from $491 million as of December 31, 2022, to $975 million as of June 30, 2023. - This was largely due to the surge of his shares in Geregu Power Plc, which soared by 99% in the first half of the year. - The analysis includes his stake in FBN Holdings and Geregu Power.

Oriental Times

All posts tagged "Abdul Samad Rabiu"

Dangote, Samad and Otedola Gain $2.2bn from Nigerian Stock Market in 6 Months