Nigeria’s third-richest person and leading philanthropist, Abdulsamad Rabiu earned N90.868 billion in the last 24 hours.
Rabiu, 62, owns 16.173 billion or 89.85% direct shares in BUA Foods Plc and another 500.485 million or 2.78% in indirect shares in the company.
Together, the billionaire philanthropist owned a combined 16.673 billion or 92.63% shares in BUA Foods Plc.
On Friday, the stock of BUA Foods appreciated by N5.45 or 10% from N54.50 it closed on Thursday to N59.95 a unit on Friday.
Meaning, Rabiu’s holdings in the company grew by N90.868 billion in the last 24 hours if his total shareholdings of 16.673 billion is multiplied by the N5.45 gain realised on Friday.
BUA Food reported a N168.855 billion turnover in the first half (H1) of 2022, representing an increase of 11.29% from N151.731 billion recorded in the same period of 2021.
The company’s gross profit rose by 1.79% to N52.066 billion, up from N51.151 billion achieved in the corresponding period of 2021.
Therefore, BUA Foods realised 10.78% in profit after tax to declare N42.702 billion for the period under review.
Presently ranked 5th richest person in Africa and 350th in the world, Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
The billionaire owns about 96% of BUA Cement Plc, one of Nigeria’s leading cement manufacturing companies, estimated at N1.79 trillion.
Explaining how he grew BUA Cement to the point of listing, Rabiu said “Two years ago, we listed our cement businesses. We had endorsement and Sokoto cement and those businesses were listed, we consolidated the business and we now have BUA Cement PLC with a combined capacity of 11 million tonnes as it is, we are set to rise to 17 million tonnes per annum by the middle of next year with the commissioning of new plants next year.
“And also, we consolidated our foods businesses across all our divisions: the flour milling; the sugar refinery; the oil milling and what have you. I listed that in January 2022 with that, we have a market capitalisation of over N1trn.”
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.
Aliko Dangote Retains Title as Africa’s Richest for the 12th Year Running – Forbes
Dangote Cement founder’s enduring success defies economic challenges, solidifies position as Africa’s leading billionaire
Aliko Dangote, the President of the Dangote Group, has once again secured his position as the wealthiest person in Africa for the 12th consecutive year, according to the latest rankings released by Forbes.
Despite economic headwinds affecting billionaires worldwide, Dangote’s unwavering success and strategic investments have solidified his status as a true titan of African wealth. This news reinforces his exceptional business acumen and his unrelenting commitment to success.
A Streak of Unparalleled Success:
With an estimated net worth of $14.2 billion, Aliko Dangote is the only Nigerian entrepreneur to feature in the top 200 richest individuals globally.
His journey to success began with the establishment of Dangote Cement, which has revolutionized the construction industry in Africa.
Today, Dangote Cement stands as the continent’s largest cement producer, with a significant presence across ten Sub-Saharan African countries.
Diversification and Influence:
Dangote’s business ventures extend beyond cement production. He has strategically diversified his portfolio, acquiring stakes in Dangote Salt (NASCON) and Dangote Sugar, further expanding his influence in key industries.
Also, his latest venture, the Dangote Petroleum Refinery, is poised to reshape the oil and gas landscape, solidifying Dangote’s reputation as an influential player in the sector.
Philanthropy at the Core:
Beyond his entrepreneurial success, Aliko Dangote is renowned for his commitment to philanthropy.
The Aliko Dangote Foundation has become a beacon of hope, addressing critical social issues and transforming communities across Africa.
From healthcare and education to poverty alleviation, the foundation’s initiatives have left an indelible mark on the lives of countless individuals.
Dangote’s remarkable achievements have garnered global recognition. Fortune Magazine, a prestigious American business publication, previously acknowledged him as one of the world’s 50 greatest men and women of all time.
This honor highlights Dangote’s ability to leverage his wealth for the greater good and underscores his dedication to creating positive change on a global scale.
As Aliko Dangote celebrates yet another year at the helm of Africa’s wealth pyramid, his vision and ambition show no signs of slowing down. With ongoing projects, such as the Dangote Petroleum Refinery, nearing completion, his legacy continues to unfold, promising further economic growth and transformative philanthropy. Dangote’s unwavering commitment to entrepreneurship, combined with his passion for uplifting communities, ensures that his impact will reverberate for generations to come.
Nigerian Bank Tycoon Dr. Herbert Wigwe’s Wealth Skyrockets with N11.3 Billion Gain in 12 Days
Access Holdings’ CEO Witnesses Surge in Fortune Amidst Growing Interest from Investors
Dr. Herbert Wigwe, the Group Managing Director and co-founder of Access Holdings, Nigeria’s largest bank holding company, has seen his wealth surge by an estimated N11.3 billion within a mere 12 days.
This meteoric rise in fortunes can be attributed to the burgeoning interest of both local and foreign investors, propelling the market value of the company to new heights.
Analyzing the substantial gains, Dr. Wigwe’s stake in Access Holdings currently stands at an impressive 9.09%, which amounts to a whopping 3,230,789,014 ordinary shares. With Access Holding’s shares closing at N18.75 in the market, the value of Dr. Wigwe’s shares has skyrocketed to approximately N60.6 billion.
This significant increase highlights a remarkable upswing from his initial share value of N49.3 billion when the market price stood at N15.25 on June 26, translating to a staggering gain of N11.3 billion within this relatively short period.
The recent months have witnessed Dr. Wigwe actively acquiring shares, further reinforcing his position in the banking group.
A statement signed by Sunday Ekwochi, the Company Secretary, revealed that Tengen Holdings, one of Dr. Wigwe’s entities, recently purchased 50,000,000 units of Access Holdings Plc at N15.25 per share, amounting to a significant N762.5 million.
This acquisition accounts for 0.14% of the company’s total outstanding shares, bringing Tengen Holdings’ total shareholdings to 1.8 billion and Dr. Wigwe’s combined direct and indirect stake to 3.1 billion shares.
With a market capitalization now exceeding N650 billion, Access Holdings has soared to become the thirteenth most valuable company on the Nigerian Exchange, solidifying its stature in the financial industry.
It is worth noting that the company commenced the year with a share price of N8.50 and has since experienced an extraordinary 120.59% increase in valuation, underlining its remarkable performance.
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