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Abdul Samad Rabiu becomes Nigeria’s second-richest man, net worth surges above $7 billion

Rabiu’s stake in the newly-listed BUA Foods has catapulted his net worth above $7 billion.



Abdul Samad Rabiu. ©Billionaires.Africa

BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.

Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods.

His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.

The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).

As of press time, Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).

The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.

His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion. The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.

Upon the listing of BUA Foods’ shares, the newly formed entity became the largest consumer goods company by market capitalization after Nestle Nigeria Plc, the Nigerian subsidiary of the Switzerland-based consumer goods giant, Nestle S.A.

The successful listing of its shares comes nearly a month after BUA Group spun off its five food businesses, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited.

The group confirmed that the merging of its food businesses into a newly consolidated food company known as BUA Foods will help the conglomerate maintain its leadership status in the agribusiness and food-processing sectors.

While speaking about his food business, Rabiu noted that listing the shares would help people realize the true value chain of the business and assist in dealing with Nigeria’s food crisis.

“A lot of people do not know the size of this business, that is why we decided to merge all the food businesses into one entity. Now that we have done that, people will understand and appreciate the business,” he said.

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Ghanaian tycoon Daniel McKorley’s McDan Group to donate land to students for soya bean cultivation

McKorley is a well-known businessman and the founder and CEO of the McDan Group.



Ghanaian tycoon Daniel McKorley.

Ghanaian tycoon Daniel McKorley has announced plans to donate three to five acres of land to students for soya bean cultivation as part of the efforts to increase food sufficiency in Ghana, as food prices continue to rise due to supply constraints exacerbated by the war in Ukraine.

According to GhanaWeb, the leading business mogul announced the decision at the third edition of the McDanYouthConnect series of events, explaining that the move is part of a concerted effort to improve agriculture and promote food sufficiency in the country. He added that students will be given the opportunity to cultivate one or two products and create value for the nation.

His decision, which was applauded by all dignitaries and persons who attended the event, resulted in the release of 100 acres of land for the block farming project.

McKorley went on to advise students to continue engaging with the “right” people to increase their knowledge base, to network, and to ask for help when trying out something new, as such an attitude in life will allow them to unlock their future potential and grow.

McKorley is a well-known businessman and the founder and CEO of the McDan Group of Companies, an Accra-based transportation and logistics group with three divisions: McDan Shipping, McDan Aviation, and McDan Logistics.

Aside from its core operations in Ghana, the group maintains active operations and an extensive presence in West African countries such as Sierra Leone, Liberia, and Equatorial Guinea through its broad interests in shipping, logistics, and aviation.

McDan Group, led by McKorley, opened its first private jet terminal at an international airport in Accra, Ghana’s capital city, earlier this year, with three planes and one helicopter operating under the McDan Aviation brand.

The jet terminal will serve high-end clients seeking to maximize luxury clients and corporate executives seeking a quick and efficient commute for business purposes.

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Johannesburg-based entrepreneur Tasoulla Hadjigeorgiou’s LottoStar secures investment from UK bookmaker

LottoStar was founded in 2014 as a family-led business.



Johannesburg-based entrepreneur Tasoulla Hadjigeorgiou.

LottoStar, a South African online betting platform led by Johannesburg-based businesswoman Tasoulla Hadjigeorgiou, has received a significant investment from UK bookmaker Betfred as part of a move to expand operations in the local market and throughout the region.

The investment is part of a strategic partnership in which Betfred will acquire a majority stake in the Johannesburg-based online betting company for an undisclosed sum.

It comes nearly a year after the UK bookmaker made its first investment in the region with the acquisition of Sepels Sports Bet and the Betting World, both owned by Phumelela Leisure.

With the recent agreement, Betfred, which operates 1,500 high street betting shops in the UK and over 50 shops in South Africa, will now be able to deliver value across LottoStar’s 70 locations in South Africa.

The strategic partnership, which has been dubbed “transformative” for the South African sports betting market, will expand LottoStar’s online betting offering and position the company as a dominant player in the region.

Hadjigeorgiou, LottoStar founder and CEO, stated that the partnership with Betfred will not only expand its offerings and reach, but will also provide quality services to its customers.

“We are confident that this partnership will expand our offering and provide our customers with the highest quality services. Our partnership also paves the way for greater collaboration and expansion,” she said.

LottoStar was founded in 2014 by Hadjigeorgiou and her business partner – her husband – as a family-led business with an innovative model to offer an online fixed-money betting platform in South Africa.

It has grown into South Africa’s leading brand for fixed-odds numbers betting and Live Games since its inception more than eight years ago, thanks to high-profile marketing campaigns and ongoing efforts to better its communities through key corporate social responsibility initiatives across the country.

LottoStar took in a total of €1.7 billion ($2.06 billion) in bets in 2020, as it provided users with a variety of services such as lucrative payouts on games that ran multiple times a day and paid out winners almost instantly, as well as bets on the live outcomes of traditional casino games such as blackjack, poker, and roulette.

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Egyptian tycoon Ahmed El Sewedy’s electric company secures $150-million loan from IFC

Elsewedy Electric, an Egyptian international electrical corporation, was founded in 1938 by the El Sewedy family.



Ahmed El Sewedy.

El Sewedy Electric, a multinational cable and electrical products manufacturer led by Egyptian multimillionaire businessman Ahmed El Sewedy, has received a $150-million loan from the International Finance Corporation, a sister organization of the World Bank and a member of the World Bank Group.

The $150-million loan facility will support the group’s expansion and the modernization of its manufacturing operations. Presently, the company is making efforts to increase access to renewable energy in several African countries, which aligns with the IFC’s strategy to deliver energy solutions in various regions of Africa where access to power remains limited.

“The IFC’s $150-million loan, alongside First Abu Dhabi Bank and European Arab Bank as participants, will support El Sewedy Electric in financing new solar energy facilities in Africa, improving its energy efficiencies at existing manufacturing facilities, and building and acquiring new plants globally, as and when needed, to increase its competitive edge on a global scale,” the multinational electric company said.

El Sewedy, president and CEO of El Sewedy Electric, said the company is excited about the opportunity to collaborate with the IFC to make a significant impact on sustainable infrastructure development for everyone on the continent.

He added that, with the funding, El Sewedy Electric will assist its customers in addressing the transition to a low-carbon economy through renewable projects and energy-efficient products.

The latest funding solidifies the IFC’s commitment to reducing greenhouse gas emissions in Egypt and Africa as a whole through strategic investments in climate projects.

Since 2016, the Washington, D.C.-based financial institution has invested a total of $1 billion in climate projects in the North African country, including a $100-million loan to the Commercial International Bank for the issuance of Egypt’s first private sector green bond in 2021.

In addition to plans to provide energy solutions in regions of Africa where access to power is limited, the investment will reduce greenhouse gas emissions by the equivalent of more than 60,000 tonnes of CO2 per year through solar plants and El Sewedy Electric’s own increased efficiencies in its manufacturing facilities across the countries in which it operates.

El Sewedy Electric, an Egyptian electrical corporation, was founded in 1938 by the El Sewedy family. The family, represented by Sadek, Ahmed, and Mohammed El Sewedy, owns 68 percent of the corporation, a stake worth EGP9 billion ($479 million) at the time of writing.

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