Nigeria’s biggest stock market selloff this year wiped more than $1 billion from the fortune of industrialist Abdul Samad Rabiu, underscoring how sharp swings in the country’s equity market can rapidly reshape the wealth of Africa’s richest business leaders.
The billionaire, who owns 95.78% of BUA Cement, saw the value of his stake fall to about $8.02 billion as the company’s market capitalisation slipped below $8.4 billion.
Market records biggest correction of 2026
The decline came during the Nigerian Exchange’s sharpest single-day correction of the year.
The NGX All-Share Index fell 2.35% to 235,074.54 points from 240,743.19, while total market capitalisation declined by N3.64 trillion ($2.64 billion) to N150.85 trillion ($110 billion).
