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Bloomberg Finally Lists Abdulsamad Rabiu on Billionaire Index, Ranked 287th Richest Man

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BUA Cement Chairman - Investors King

One of Nigeria’s richest entrepreneurs, investors and philanthropists, Abdulsamad Rabiu, has made it to Bloomberg Billionaire Index for the first time.

The global leading business platform ranked Rabiu as the 287th richest man alive and the second richest Nigerian after Alhaji Aliko Dangote with a $7.63 billion net worth.

In the last 24 hours, Rabiu lost $40 million to stock swing but has gained $1.16 billion in net worth year to date, according to the data available on Bloomberg.

Rabiu, 62, is the founder and chairman of BUA Group, a leading conglomerate based in Lagos, Nigeria. The group owns Bua Cement, Nigeria’s second-largest cement producer after Dangote Cement and had revenue of $847 million or N361 billion in the 2022 financial year.

Bua Group is also the proud owner of the largest pasta and flour plant, BUA Foods, listed on Nigeria’s exchange in 2022.

The majority of Rabiu’s fortune is derived from his stake in BUA Cement, the second-largest cement producer in Nigeria, according to the company website. He owns about 98% of the company directly and through three other companies, according to its 2023 first-quarter report and the 2022 annual report.

He also controls a 93% stake in BUA Foods, which owns the largest pasta and flour plant in Nigeria, according to the company’s 2023 first-quarter report and the 2022 annual report.

Other businesses within the BUA Group are not included in the valuation because requisite details are not known.

A liability is included based on an analysis of costs for acquisitions, insider transactions, taxes, market performance and charitable contributions.

Rabiu was born in 1960 in Kano, a city in northern Nigeria. His late father, Isyaku Rabiu, founded Isyaku Rabiu & Sons which spanned manufacturing, finance and real estate.

After studying Economics in Capital University in Ohio, he returned to Nigeria at the age of 24 and oversaw the family business.

Rabiu founded BUA Group in 1988, importing food, iron and steel. The company became a manufacturer of cement and sugar through series of mergers, including the acquisition of Cement Company of Nothern Nigeria (CCNN) in 2009.

BUA Cement began trading publicly in Nigeria in January 2020. BUA Foods went public two years later in January 2022.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Billionaire Femi Otedola Bolsters Stake in FBN Holdings, Becomes Largest Shareholder

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Femi Otedola

Billionaire businessman Femi Otedola has solidified his position as the largest shareholder of FBN Holdings after acquiring a substantial number of shares through both direct and indirect investments.

The transaction, which took place on June 20, 2024, saw Mr. Otedola’s personal investment vehicle, Calvados Global Services Limited, and himself collectively purchase a total of 863,180,810 ordinary shares of FBN Holdings.

This acquisition amounted to 546,674,034 shares purchased by Calvados Global Services Limited at a price of N21.97 per share, and 316,506,776 shares bought directly by Mr. Otedola at N21.91 per share.

The combined investment value of these acquisitions totals N18,950,313,232.34, a significant financial commitment by Mr. Otedola to bolster his influence within one of Nigeria’s foremost financial institutions.

In February 2024, Femi Otedola owned 1,989,342,376 indirect units, constituting 5.54% of FBN Holdings’ total shareholding, alongside 40,033,982 direct shares, amounting to 0.11%.

Combined, his holdings stood at 2,029,376,358 shares, equivalent to about 5.65% of the company’s shares.

At that time, Oba Otudeko’s Barbican Capital Limited held the largest stake in the bank.

However, following his acquisition of an additional 863,180,810 shares valued at N18,950,313,232.34 on June 20, 2024, Otedola has now emerged as FBN Holdings’ largest shareholder.

Otedola has now emerged as FBN Holdings’ largest shareholder.

The billionaire’s decision to augment his stake in FBN Holdings aligns with his broader investment strategy in Nigeria’s financial sector.

It also reflects his confidence in the long-term growth and stability of the banking industry amidst evolving economic conditions.

Industry analysts have noted that Mr. Otedola’s move not only strengthens his position within FBN Holdings but also signals a vote of confidence in the leadership and strategic direction of the bank under current market conditions.

As the largest shareholder, Mr. Otedola’s increased influence is expected to have implications for the governance and operational decisions of FBN Holdings, potentially shaping its future trajectory in Nigeria’s banking landscape.

The acquisition comes at a time when the Nigerian economy is navigating various challenges, including inflationary pressures and regulatory changes.

Mr. Otedola’s expanded stake in FBN Holdings positions him uniquely to influence and contribute to the resilience and growth of the institution amid these dynamics.

With this latest development, all eyes are on how Mr. Otedola’s enhanced role will impact FBN Holdings’ strategic initiatives, shareholder relations, and overall performance in the coming quarters.

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Elon Musk Reclaims World’s Richest Title with $6 Billion AI Startup Boost

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Elon Musk X

Elon Musk has once again ascended to the top of the global wealth rankings, surpassing Bernard Arnault, after his new artificial intelligence startup, xAI, secured $6 billion in funding.

This latest financial windfall has catapulted Musk’s net worth to an astonishing $209.2 billion, outstripping Arnault’s $199.3 billion and placing Jeff Bezos in second place with an estimated $199.9 billion as of May 30, 2024.

The announcement, made during the Memorial Day weekend, highlighted the significant investment in xAI, which now boasts a pre-money valuation of $18 billion.

Musk’s 60% stake in the startup is estimated to be worth $14.4 billion, further solidifying his financial dominance.

This valuation surge is particularly noteworthy considering the involvement of investors from Musk’s $44 billion acquisition of Twitter, now rebranded.

Musk’s wealth is predominantly derived from his substantial holdings in Tesla and SpaceX. His nearly 12% stake in Tesla and 42% stake in SpaceX are each valued at approximately $75 billion.

Despite Tesla’s fluctuating stock prices and the rising valuation of SpaceX, Musk’s financial prowess remains robust.

Also, Forbes estimates that the value of Musk’s 74% stake in his social media company has decreased to around $7 billion, nearly 70% less than its purchase price in 2022.

In a significant legal development, a Delaware judge invalidated nearly $50 billion in performance-based Tesla stock options granted to Musk in 2018, citing unfair award processes.

Tesla shareholders are set to vote on reapproving these options on June 13, which could further impact Musk’s financial status.

Meanwhile, SpaceX is reportedly aiming for a valuation of $200 billion, up from $180 billion last December, indicating a continued upward trajectory for Musk’s ventures.

The Forbes Real Time Billionaire Index, as of May 30, reflects the shifting fortunes of the world’s wealthiest individuals.

Musk now leads with $209.2 billion, followed by Bezos at $199.9 billion, and Arnault at $199.3 billion.

Other notable figures in the top ten include Mark Zuckerberg, Larry Ellison, Larry Page, Sergey Brin, Warren Buffett, Bill Gates, and Steve Ballmer.

Musk’s remarkable financial rebound underscores the volatile nature of the global wealth rankings and the significant impact of strategic investments in emerging technologies.

As xAI continues to develop, it will be intriguing to observe how Musk leverages this new venture to maintain his position as the world’s richest person.

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Vietnam Court Sentences Real Estate Tycoon to Death Over $12.46 Billion Fraud Case

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Truong My Lan

A court in Vietnam has sentenced real estate tycoon Truong My Lan to death for her involvement in a $12.46 billion financial fraud case.

The verdict delivered on Thursday comes after a trial that began on March 5 and ended earlier than anticipated, drawing attention both domestically and internationally.

Truong My Lan, the chairwoman of real estate developer Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery, and violations of banking regulations in the bustling business hub of Ho Chi Minh City.

Despite pleading not guilty to the charges of embezzlement and bribery, the court handed down a death sentence for the embezzlement charge and 20 years each for the other two offenses.

The trial and subsequent verdict are part of a broader crackdown on corruption spearheaded by Vietnam’s ruling Communist Party, led by Nguyen Phu Trong, who has long vowed to eradicate corruption from the country’s political and economic landscape.

The case revolves around allegations of massive embezzlement and financial mismanagement within Saigon Joint Stock Commercial Bank (SCB), which Truong My Lan effectively controlled through a network of proxies.

Prosecutors accused her of siphoning off over 304 trillion dong from the bank through illicit loans to shell companies and other unlawful practices.

Truong My Lan’s rise from a cosmetics trader to a prominent figure in Vietnam’s financial world adds a layer of intrigue to the case. Starting her career in the central market of Ho Chi Minh City, she founded Van Thinh Phat in 1992 and quickly ascended to prominence in the real estate sector.

However, her fall from grace has been swift and dramatic, culminating in the unprecedented death sentence.

The trial also implicated several others, including Lan’s husband, Eric Chu, and her niece, who received lengthy prison terms for their roles in the fraud scheme.

The court’s decision reflects the severity with which Vietnam is addressing corruption within its borders, with the government keen to demonstrate its commitment to accountability and transparency.

Despite the verdict, some remain skeptical about the effectiveness of Vietnam’s anti-corruption efforts, pointing to widespread bribery and graft across various sectors.

However, the sentencing of Truong My Lan sends a strong message that no one, regardless of their status or influence, is above the law in Vietnam’s pursuit of justice and integrity.

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