Billionaire industrialist and philanthropist, Abdulsamadu Isyaku Rabiu has realised N420.5 billion in profit since listing BUA Foods Plc on the Nigerian Exchange Limited (NGX) on Wednesday 5, January 2022.
BUA Foods Plc, an arm of BUA Group of companies, listed 18 billion ordinary shares at N40 a unit. As at the time of listing last week Wednesday, the company’s market capitalisation was N720 billion.
According to the company’s listing memorandum, Abdulsamadu Isyaku Rabiu’s stake in BUA Foods stood at 89.85 percent or 16,172,851,967 shares. Meaning, Mr Rabiu’s shares were worth N646,914,078,680 on January 5, 2022, when the company’s total valuation was N720 billion.
However, exactly a week later on Wednesday, January 12, 2022, the value of a unit share of BUA Foods rose by 65 percent from N40 to N66. This bolstered the market capitalisation of the newly listed company to N1.188 trillion.
While the value of Mr. Rabiu 16,172,851,967 shares or 89.85 percent stake in the company rose from N646,914,078,680 last week to N1,067,408,229,822 on Wednesday 12, January 2022. This represents a gain of N420,494,151,142 or 65 percent in one week.
Forbes estimated Mr. Rabiu to worth $4.5 billion and ranked him as the 574th wealthiest man alive. However, with BUA Foods listing and Mr. Rabiu’s 98 percent stake in BUA Cement with a market capitalisation of N2,319,708,253,110 or $5,616,727,005, using CBN N413 forex exchange rate. Mr. Rabiu’s 98 percent stake in BUA Cement is $5,504,392,465, and using the same CBN rate, his holding in BUA Foods is presently estimated at $2,584,523,559. Meaning, Abdulsamadu Isyaku Rabiu is now worth an estimated $8,088,916,024, making him the second richest man in Nigeria just after Alhaji Aliko Dangote and toppling Mike Adenuga, the founder of Globacom.
The other six shareholders, as of the day of listing, also gained 65 percent each. According to the shareholding structure of BUA Foods, Alhaji Abdulsamadu Isyaku Rabiu (Jnr) held 1,792,096,099 shares or 9.956 percent in the company. CardinalStone Trustees Limited and Kabiru Isyaku Rabiu hold 31,910,000 and 1,101,654 shares or 0.177 percent and 0.006 percent, respectively.
BUA Group Limited, BUA International Limited and BUA Industries Limited owned 971,475 or 0.005 percent, 583,372 or 0.003 percent and 485,433 or 0.003 percent, respectively.
BUA Foods Plc focuses on cultivating, processing, manufacturing, producing, mixing, packing, preserving, extracting, refining, importing, exporting, buying, selling, trading, and dealing in all kinds of foods, consumables, food materials or derivatives as well as raw materials for making all kinds of foods, food products and ingredients for making any kind of foods and consumables.
As at the day of listing, the capacity utilisation of the Company’s business divisions are as follows: Sugar Division 75 percent, Flour Division 84 percent, and Pasta Division 54 percent.
Dangote Tops Forbes’ List Again As Africa’s Richest Man With Net Worth Of $13.9 Billion
For the 11th year in a row, Nigeria’s Aliko Dangote has emerged as the continent’s richest person, with an estimated net worth of $13.9 billion.
This was contained in the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List.
Investors King learnt that this is higher than last year’s record of $12.1 billion, largely due to a 30% increase in the stock price of Dangote Cement, his most valuable asset.
Recall that Investors King had earlier reported that the market value of the cement company stands at N4.7 trillion with Aliko Dangote as the majority owner. The company, alongside MTN, emerged as the leading dividend payers in 2021, with the companies paying N272 billion and N212.7 billion, respectively.
With his new refinery set to commence operations in the third quarter of 2022, his net worth is expected to surge by the end of the year. The refinery which is under construction at the Lekki Free Zone in Lagos is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility.
Its output is expected to be more than enough to meet Nigeria’s fuel demands and turn Africa’s largest crude producer into an exporter of refined crude.
According to Forbes, Africa’s wealthiest are richer than they have been in eight years, despite the global coronavirus pandemic.
Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths. Billionaires from seven African countries made the list. South Africa and Egypt have the most, with five each, followed by Nigeria with three billionaires.
Jumping into the No. 2 spot, up from No. 4 in 2021 is luxury goods magnate, Johann Rupert of South Africa.
Two other Nigerians made the list; Abdulsamad Rabiu (5th) and Mike Adenuga (6th).
According to Forbes, Rabiu became $1.5 billion richer after taking yet another of his companies public. In early January 2022, Rabiu listed his sugar and food firm BUA Foods on the Nigerian stock exchange. He and his son retained a 96% stake in the company, which recently had a market capitalization of nearly $2.8 billion. BUA Cement, in which he and his son have a 96% stake, was listed in January 2020.
Group Of World’s Millionaires Offer To Pay More Tax
In an unusual turn of events, a group of more than 100 of the world’s richest people has called on governments to make them pay more tax.
The group, named ‘The Patriotic Millionaires‘, in an open letter published on Wednesday, said the ultra-wealthy were not being forced to pay their share towards the global economic recovery from the coronavirus pandemic.
“As millionaires, we know that the current tax system is not fair,” they said in the letter signed by Disney heiress Abigail Disney and Nick Hanauer.
Mr. Hanauer is a US entrepreneur and an early investor in online retail giant Amazon.
They noted that while the world has gone through an immense amount of suffering in the last two years, they have seen their wealth rise during the pandemic. They stressed that few can honestly say that they pay their fair share in taxes.
In part, the letter reads, “This injustice baked into the foundation of the international tax system has created a colossal lack of trust between the people of the world and the elites who are the architects of this system. Bridging that divide is going to take more than billionaire vanity projects or piecemeal philanthropic gestures – it’s going to take a complete overhaul of a system that up until now has been deliberately designed to make the rich richer.”
The group further stated that to restore trust following a series of issues trailing the global tax system, it is imperative that the rich are properly taxed across the globe.
“To put it simply, restoring trust requires taxing the rich. The world – every country in it – must demand the rich pay their fair share. Tax us, the rich, and tax us now.
“The truth is that ‘Davos’ doesn’t deserve the world’s trust right now. For all the countless hours spent talking about making the world a better place, the conference has produced little tangible value amidst a torrent of self-congratulations. Until participants acknowledge the simple, effective solution staring them in the face – taxing the rich – the people of the world will continue to see their so-called dedication to fixing the world’s problems as little more than a performance”, the letter added.
Research by Credit Suisse revealed that in 2020, the number of millionaires increased by 5.2 million to a total of 56.1 million globally.
Binance CEO Changpeng Zhao Net Worth Rivals Tech Giants, Amasses $96 Billion Excluding Crypto Holdings
Early cryptocurrency believers and investors are now rivaling tech giants in net worth, Changepeng Zhao, the CEO and Founder of Binance, the world’s largest cryptocurrency exchange platform now worth an estimated $96 billion excluding his private cryptocurrency holdings, according to a Bloomberg report released on Sunday.
The world’s most prominent cryptocurrency personality, Zhao is closing in on Mark Zuckerberg, Larry Page and Sergey Brin, three of the world’s leading tech billionaires. At $96 billion, Zhao is richer than Mukesh Ambani, Asia’s richest person and could worth more if private cryptocurrency holdings are factored in.
“Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called Binance Coin surged roughly 1,300% last year,” the report noted.
Zhao, 44, founded Binance in China before it was banned amid a series of regulatory probes. Presently, the U.S. Department of Justice and Internal Revenue Service are investigating whether Zhao controlled Binance Holdings Ltd., is involved in money laundering and tax evasion.
In 2021, Binance realised about $20 billion in revenue, going by Bloomberg estimates of the company’s trading volume and fees. To put things in perspective, that is triple of what Wall Street experts are projecting that the newly listed Coinbase Global Inc., valued at $50 billion will generate in 2021.
“Coinbase might appear to be the 800-pound gorilla from a U.S. perspective, but Binance is significantly bigger,” said Chris Brendler analyst with DA Davidson & Co.
At a Bloomberg New Economy Forum held in Singapore, Zhao revealed some of the company’s numbers. He said Binance, at some point, has done $170 billion in transactions in 24 hours and on a slow day, does about $40 billion.
The report assumed Zhao’s stake in Binance is about 90 percent. However, Zhao declined to comment and disputed the accuracy of Bloomberg estimates.
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