Founder of BUA Group, one of Africa’s industrial conglomerates, Abdul Samad Rabiu, has secured the 282nd position on Bloomberg’s Billionaires Index with a net worth of more than $7.63B. His surge in wealth can be linked to the increasing valuations of his publicly listed businesses, BUA Cement and BUA Foods, all of which are under BUA Group, according to Billionaires Africa.
Forbes on the other hand, has rated the Nigerian entrepreneur as the 249th wealthiest person in the world, with a net value of over $8 billion.
In their evaluations, Bloomberg values privately held businesses or groups by making comparisons of business value-to-pretax earnings or price-to-earnings ratio of similar public companies, or by using similar transactions.
Forbes integrates revenue or profit estimates alongside prevailing price-to-sales, price-to-earnings, or similar ratios for similar public companies, while applying a 10% liquidity discount for private businesses. Billionaires Africa explains this as the cause of disparities in the ratings of the two organizations.
In Africa, Rabiu is ranked as the number 3 richest billionaire on the continent, taking the place of Egypt’s wealthiest man Nassef Sawiris, according to The Ghana Report.
Rabiu established his company, BUA International Limited, in 1988 with the intent of going into commodity trading. The business initially imported rice, edible oil, flour, iron, and steel. After some years, BUA gained Nigerian Oil Mills Limited, the largest edible oil processing enterprise. He also launched two flour-milling plants in 2005.
Rabiu commissioned the second-largest sugar refinery in sub-Saharan Africa in 2008, breaking the eight-year monopoly in the Nigerian sugar industry. Years later, the company went on to build a $900 million cement plant in Edo State in 2009, which was completed by 2015.
In the name of BUA Foundation, Rabiu built a 7,000-square-meter pediatric ward at the Aminu Kano Teaching Hospital, as well as a Center for Islamic Studies at Bayero University also in Kano, among others.
The 62-year-old was conferred the Nigerian national honor of Commander of the Order of the Federal Republic (CFR) by President Muhammadu Buhari in 2022.
Abdul Samad Rabiu continues to climb up in status. His feats reinforce the notion that the African continent is truly capable of making it in the global field of business.
Disturbing footage from Rio de Janeiro has revealed a bizarre occasion where a Brazilian woman…
Beyoncé’s latest album is influencing almost every facet of the economy. Levi’s stock rose 20%…
Wahu Mobility, a producer of electric bikes, recently unveiled its first EV assembly plant in…
Naya Ellis' revolutionary idea is garnering headlines. Inspired by her family's experiences, Ellis, who is…
Deryl McKissack is the President and CEO of McKissack & McKissack, a Washington, D.C.-based construction…
It may come across as daring and perhaps unconventional, but, that was the approach an…
Amira Rasool is the founder of The Folklore Group, a business-to-business platform that connects retailers with brands…
The Songwriters Hall of Fame is going to present Solána Imani Rowe, better known by…
During a recent interview on Call Her Daddy With Alex Cooper, gymnast and Olympic champion…
The NBA on Wednesday announced it has banned Toronto Raptors player Jontay Porter after an…
Authorities in Nigeria have brought charges against Cubana Chief Priest - a popular businessman and…
The 2014 Boston Marathon's true winner, Buzunesh Deba, has yet to receive her $100,000 prize.…
Keishall Barrow was unprepared for the extent of the destruction caused by Hurricane Katrina in…
Duke University has ended its full-ride scholarship program for Black students following the 2023 Supreme…
Will Drewery is the co-founder of Diagon, a startup that helps manufacturers procure equipment. After…