Nigerian billionaire Abdul Samad Rabiu encountered a significant setback in 2023, as his net worth declined by $1.8 billion, culminating in a year-end valuation of $5.7 billion. Although maintaining his position as Nigeria’s second-richest individual on Forbes’ list, Rabiu faced this setback primarily due to the Central Bank of Nigeria’s (CBN) free float policy.
Starting 2023 with a net worth of $7.5 billion, Rabiu faced a $1.8-billion wealth decline due to the Central Bank’s implementation of a free float policy. This policy impacted Rabiu’s fortune, leading his net worth to drop to $5.7 billion.
Despite retaining his position as the second-richest person in Nigeria behind billionaire businessman and industrialist Aliko Dangote, Rabiu exited the Bloomberg Billionaires Index, reflecting the impact of the naira devaluation policy by the current administration.
In 2023, the Nigerian naira witnessed a substantial fall against the U.S. dollar, marking one of its worst depreciation since the country’s return to democracy in 1999. The CBN merged all segments of the foreign exchange market into the Investors and Exporters window, adopting the willing buyer, willing seller model. Bloomberg projects a further decline in naira’s value in 2024.
Bloomberg’s data indicated a 55-percent depreciation of the naira in 2023, reaching its lowest point on the official NAFEM market at N1,099.05/$ on Dec. 8, 2023. The currency closed the year at N907.11/$, as the worst-performing currency in Africa.
Rabiu faced a loss amounting to one-third of his wealth three months into the naira devaluation policy in June 2023. However, thanks to the surge in the share price of his unified food business, BUA Foods, he managed to pare his wealth loss during the year down to $1.8 billion.
