Nigerian billionaire Abdul Samad Rabiu has seen his fortune take a sharp hit, with a 301 million decline in just 24 hours following a revaluation of his debt obligations. The recalculation, which also factored in the value of his holdings across publicly listed companies, has trimmed his net worth to 7.5 billion from 7.8 billion, according to Forbes real-time billionaires index .
The adjustment reflects the pressures facing some of Africas billionaires as rising borrowing costs weigh on their balance sheets. For Rabiu who has relied on financing to scale his business empire, the recalculation is a reminder that wealth gains can be tempered by the burden of debt. Bloomberg estimated his miscellaneous liabilities at 2.98 billion in October 2023 highlighting the scale of his financial obligations even as his businesses expand.
Rabiu gains 2.4 billion on cement, food