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.
Elon Musk’s Net Worth Dips Below $200 Billion as Tesla Shares Face Volatility
Elon Musk, the enigmatic CEO of Tesla, has seen his net worth dip below the $200 billion mark for the first time since early June.
As of October 31, Bloomberg’s Billionaire Index estimated his net worth at $193 billion, a significant drop from the once lofty $234 billion valuation prior to Tesla’s disappointing third-quarter results and a turbulent earnings call on October 18.
Tesla’s stock price took a nearly 10% nosedive after the earnings report, and this trend continued, closing 4.8% lower at $197.36 on October 31.
In total, the stock has declined by 21% this month, albeit with a 60% increase for the year.
The roller-coaster ride of Musk’s net worth, which soared to a peak of $340 billion in November 2021, has been closely linked to Tesla’s stock performance. Musk first crossed the $200 billion threshold in 2021 and remained the world’s wealthiest individual.
Despite the recent setback, Musk still maintains his title as the world’s richest person as he outpaces Bernard Arnault, the head of luxury retail giant LVMH Moët Hennessy Louis Vuitton, whose net worth currently stands at $156 billion.
Arnault’s wealth, too, has faced pressure due to a decline in LVMH’s stock price. Consumer spending on luxury goods, which experienced a surge during the pandemic, has shown signs of tapering off, causing a 6% drop in LVMH’s share prices this month and a 1.3% decline for the year.
While the fortunes of these billionaires may fluctuate, they remain at the helm of their respective industries.
Abdulsamad Rabiu Reclaims Elite Status on Bloomberg’s Billionaires Index with Surging Valuations
Nigerian billionaire Abdulsamad Rabiu is riding high on recent surges in the valuations of his prominent companies.
The Bloomberg Billionaires Index now places the 63-year-old business magnate’s assets at $5.98 billion, making him the 403rd richest person globally.
Rabiu, in tandem with Africa’s richest man, Aliko Dangote, now boasts a combined fortune of $16.3 billion.
The visionary entrepreneur is the founder and chairman of BUA Group, a Nigerian conglomerate with diversified interests, including the second-largest cement manufacturer in Nigeria, BUA Cement, and BUA Foods, a leading player in the Nigerian food processing industry.
In a historic milestone, BUA Cement recently scaled to new heights with investor confidence driving a 12.55% share price increase over the past week to an all-time high of N105.80.
This growth corresponds to a remarkable year-on-year change of over 107%.
BUA Foods also celebrated substantial successes in its second-quarter results, boasting a spectacular 289.61% year-on-year surge in pre-tax profits, reaching N61.81 billion.
The company’s immunity to exchange rate fluctuations has further propelled it to profitability, achieving a pre-tax profit of N109.38 billion for the first half of 2023, compared to N42.702 billion during the same period last year.
The company’s profit after tax soared to N95.2 billion by June’s end in 2023, reflecting a staggering 142.24% increase from the previous year.
Alhaji Abdul Samad Rabiu, as part of his philanthropic endeavors, pledged a generous donation of N2 billion to rebuild the Central Mosque in Zaria town, Kaduna State.
Abdulsamad Rabiu’s journey from founding BUA Group in 1988 to the resounding success of his diverse business ventures showcases his enduring commitment to excellence and economic growth.
This resurgence firmly positions him as a beacon of hope and inspiration for aspiring entrepreneurs across the African continent.
The Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest individuals, celebrates Rabiu’s remarkable journey, drawing on financial market data, economic indicators, and news reports to offer a glimpse into the lives of these financial titans and their evolving fortunes.
Serena Williams: A Tennis Icon’s Astonishing Journey to a $300 Million Net Worth
Serena Williams, an undisputed legend in the world of tennis and widely recognized as the greatest female player in the sport’s history, is on the cusp of reaching an astounding net worth of nearly $300 million.
Back in June 2023, Forbes listed Serena Williams among America’s Self-Made Women, with a net worth of $260 million. However, in the time that has since elapsed, her wealth has surged to an impressive $290 million.
At the age of 41, Serena continues to hold her status as one of the world’s highest-paid athletes, amassing approximately $300,000 in winnings.
Her financial prowess extends well beyond the tennis court, with endorsements alone valued at an astonishing $45 million.
In 2022, Serena Williams, a mother of two who recently welcomed her second child, gracefully concluded a storied tennis career during which she earned nearly $95 million in prize money. Having retired from professional sports, she has deftly redirected her wealth into venture capital investments in startups worldwide.
Serena Williams: Championing Diverse Ventures in Nigerian Startups
A year ago, Serena Williams established a $111 million venture fund through Serena Ventures, an investment firm she founded in 2014.
Serena Ventures has since thrown its support behind 30 companies spanning a diverse range of industries, including e-commerce, fashion, and social goods, aligning with its mission of promoting diverse leadership, individual empowerment, creativity, and opportunity.
Among the beneficiaries of Serena’s support is Andela, a company that epitomizes these values. Known for its diverse team of co-founders, executives, and local lead directors in the countries where it operates, Andela embodies Serena Ventures’ commitment to fostering inclusive entrepreneurship.
In addition to Andela, Serena Ventures has extended its backing to Coinbase, the San Francisco-based cryptocurrency exchange; Masterclass, the online learning platform; and Wave, a remittance service available in five African countries.
One particularly notable investment was Serena Williams’s venture capital firm injecting $3.3 million into Stears Inc., a Nigerian data and insights firm, last year.
This funding initiative, spearheaded by Serena Ventures and with support from MaC Enterprise Capital, Omidyar Group’s Luminate Fund, Melo 7 Tech Companions, and Cascador, marked Serena’s deepening interest in African companies.
Serena Williams has expressed her intent to intensify her investments in the African continent following her retirement from tennis after the 2023 US Open.
Diverse Avenues of Wealth for Serena Williams
While embarking on her second act, Serena Williams continues to maintain endorsement deals with over a dozen prominent brands, all while actively participating in the world of investments through her firm, Serena Ventures.
Also, she co-founded “Will Perform,” a startup that emerged in December 2022, dedicated to creating products for topical pain relief, muscle care, and skincare.
Expanding her horizons, Serena launched Nine Two Six Productions in April 2023, a multimedia company aimed at bolstering her role as a producer.
Additionally, Serena made a memorable cameo appearance in the 2022 film “Glass Onion.” Her contributions also extend to the literary world, with her first children’s book released in September 2022.
Serena Williams’s portfolio of achievements includes a minority stake in the Miami Dolphins, further solidifying her multifaceted and impressive legacy.
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