Abdul Samad Rabiu, the Nigerian industrialist and founder of BUA Group, one of Africa’s fastest-growing industrial conglomerates, has made a remarkable entry into the prestigious Bloomberg Billionaires Index, securing the 282nd position.
With his net worth skyrocketing by over $4 billion in the past two years, Rabiu has emerged as one of the leading billionaires on the African continent.
His extraordinary wealth surge can be attributed to the soaring valuations of his publicly listed businesses, BUA Cement and BUA Foods, which are subsidiaries of his manufacturing conglomerate, BUA Group.
According to Bloomberg’s estimates, Rabiu’s net worth presently stands at $7.65 billion, firmly establishing him among the world’s elite on the Billionaires Index.
However, Forbes, the renowned U.S. business magazine known for tracking the fortunes of ultra-high-net-worth individuals, values Rabiu’s net worth at $8.3 billion, ranking him as the 249th richest person on their list.
Discrepancies in valuations between Bloomberg and Forbes can be attributed to differences in their evaluation methodologies.
Forbes incorporates revenue or profit estimates alongside prevailing price-to-sales, price-to-earnings, or similar ratios for similar public companies while applying a 10 percent liquidity discount for private businesses.
On the other hand, Bloomberg values privately held businesses or groups by comparing enterprise value-to-pretax earnings or price-to-earnings ratios of similar public companies or by utilizing comparable transactions.
In the case of Rabiu, who has a stake in the privately held BUA Group, Bloomberg did not include some of his privately held assets in the wealth estimation.
Bloomberg highlighted that the ownership of certain closely held assets within the BUA Group could not be verified.
Consequently, this omission contributes to the variance in Rabiu’s net worth figures between Bloomberg and Forbes.
Rabiu’s inclusion in the Bloomberg Billionaires Index is a testament to his entrepreneurial and business management prowess. It highlights the economic potential and growing prominence of African business leaders in the global landscape.
Rabiu’s BUA Group has been at the forefront of Nigeria’s industrial growth, contributing significantly to the nation’s economic development.
As he continues to steer BUA Group’s expansion and cement his position as a leading figure in the business world, his wealth and influence are expected to grow further.
With his remarkable ascent in the ranks of global billionaires, Abdul Samad Rabiu embodies the entrepreneurial spirit and ambition that continue to drive Africa’s business success stories.