Rabiu, Alakija, others in Forbes ‘Black Billionaires’ list

Abdulsamad Rabiu
Abdulsamad Rabiu. [PHOTO CREDIT: Youth Village Nigeria]

BUA Group chairman, Abdulsamad Rabiu, is among 13 black persons from around the world who made it to the 2019 List of World Billionaires released by the financial magazine, Forbes.

Four Nigerians were listed among the 2,153 world’s richest, which recorded an increase in the number of blacks from 11, last year, to 13.

Aliko Dangote leads the pack with an estimated fortune of $10.9 billion, followed by Mike Adenuga whose worth is put at $9.1 billion.

Mr Rabiu’s worth of $1.6 makes him the third richest Nigerian, after Messrs Dangote and Adenuga.

Oil mogul, Folorunsho Alakija trails behind Mr Rabiu with a net worth of $1.1 billion.

Mr Rabiu’s key sources of wealth, according to Forbes, is from cement and sugar industries.

Other investment sectors for the BUA conglomerate include real estate, steel, port concessions, manufacturing, oil gas and shipping.

“BUA Group’s annual revenues are estimated at over $2 billion,” according to the magazine.

“Abdulsamad got his start in business working for his father, Isyaku Rabiu, a successful businessman from Nigeria’s Northern region. He struck out on his own in 1988, importing rice, sugar, edible oils as well as steel and iron rods.”

Ms Alakija, who is Nigeria’s first female billionaire, is the founder of Famfa Oil, a company with substantial interest in OML 127, a lucrative oil block on the Agbami deep-water oilfield.

“Alakija started off as a secretary in a Nigerian merchant bank in the 1970s, then quit her job to study fashion design in England. Upon her return, she founded a Nigerian fashion label that catered to upscale clientele, including Maryam Babangida, wife to Nigeria’s former military president Ibrahim Babangida,” Forbes wrote in an article announcing the list.

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: This space is available for a Text_Ad.. Call Willie on +2347088095401 for more information


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.