Abdul Samad Rabiu, the founder of BUA Group, one of Africa’s industrial conglomerates, is now ranked 282 on Bloomberg’s Billionaires Index with a net worth of more than $7.63 billion. According to Billionaires Africa, his sudden increase in fortune can be attributed to the rising values of his publicly traded companies, BUA Cement and BUA Foods, which are all part of BUA Group.
The Nigerian businessman is ranked as the 249th wealthiest person in the world by Forbes, with a net worth of nearly $8 billion.
Bloomberg evaluates privately held companies or groups by comparing the price-to-earnings ratio or company value-to-pretax earnings of comparable public companies, or by utilizing analogous transactions.
In addition to integrating revenue or profit projections with current price-to-sales, price-to-earnings, or comparable ratios for comparable public companies, Forbes also applies a 10% liquidity discount to private companies.This is cited by Billionaires Africa as the reason why the two organizations’ evaluations differ from one another.
In Africa, Rabiu has replaced Nassef Sawiris, the richest individual in Egypt, as the third-richest billionaire on the continent.
In order to engage in commodities dealing, Rabiu founded his business, BUA International Limited, in 1988. At first, the company imported rice, cooking oil, flour, steel, and iron. After a while, BUA acquired Nigerian Oil Mills Limited, the biggest company that processes edible oils. In 2005, he also opened two mills that produce flour.
In order to end the eight-year monopoly in the Nigerian sugar sector, Rabiu inaugurated the second-largest sugar refinery in sub-Saharan Africa in 2008. Later on, the business built a $900 million cement facility in Edo State, which was finished in 2015.
In the name of the BUA Foundation, Rabiu constructed a Center for Islamic Studies at Bayero University in Kano as well as a 7,000 square meter pediatric unit at the Aminu Kano Teaching Hospital.
In 2022, President Muhammadu Buhari bestowed upon the 62-year-old the national title of Commander of the Order of the Federal Republic (CFR).
The status of Abdul Samad Rabiu is still improving. His accomplishments support the idea that the African continent can succeed in the global economy.