Top Ten richest black people in the world 2024, Top 10 richest black people in the world, In search of the Black Billionaires List
Top Ten richest Black people in the world – 2024
- The Richest 10 individuals in the world own enormous fortunes in a range of industries. Learn about their remarkable achievements and wealth.
- The Root has previously identified the wealthiest Black persons in the world long before Christian Keyes made his accusations about an enigmatic billionaire.
Setting out on a global search for a list of Black billionaires, the person in question came across a startling discovery that implicated one of these wealthy individuals in sexual assault. However, our original purpose in compiling this list was to serve as a source of inspiration for people of different backgrounds. In the modern world, pursuing a side project also known as a side hustle has gained widespread popularity. The goal as a group is to reach new heights at that critical juncture when our dreams come true.
In the current environment, everyone is slaving away on initiatives that could lead to a revolutionary leap, intensely pursuing their breakthrough. Here’s a list of the richest Black people in the world to provide some motivation to your artistic pursuits. It’s critical to remember that many of these tycoons started out with a single dream, just like the one motivating your goals. The underlying message is very clear: we are fully capable of achieving that moment of victory.
Whenever you embark on your next big project, think of these amazing people as your role models. They show that big ambitions may come true if you work hard and are resilient. It may not be easy to go from thought to realization, but it is exactly because of these difficulties that the route to greatness is forged.
When one considers the paths taken by these successful people, it is clear that chasing one’s dreams is an undertaking that unites people from many backgrounds and places. Therefore, find comfort in the collective experience of individuals who have previously traversed similar routes, whether you are just starting an enterprise or navigating the complexity of its execution. Although there are many different paths to success, they are always marked by an unyielding dedication to transforming dreams into concrete reality.
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01 Jay-Z: $2.5 Billion
Jay-Z, The Richest Man in Hip-Hop
Over the past few years, Jay-Z’s music has been playing a constant background, but in that time, the rapper from Brooklyn has been deliberately improving his financial situation. Even though he still periodically surprises followers with new features, his main focus now is on profitable business ventures.
Shawn Carter is now the richest person in the rap industry with a net worth of an astounding $2.5 billion, according to the most recent Forbes survey. This puts him far ahead of P. Diddy, the closest rival with a $1 billion net worth. The important point that needs to be addressed is how Jay-Z’s net worth increased to such an extent when he hasn’t published an album since 2017 or gone on tour since 2018. Let’s examine the profitable transactions that have fueled Jay-Z’s rise to fame.
Even though Jay-Z is constantly looking into commercial ventures, one specific transaction sticks out as the main driver of his sharp rise in net worth. For those who are not aware, Jay-Z became involved in a legal battle with Bacardi, one of the biggest and most successful spirit corporations in the world. The conflict began when Jay-Z claimed that Empire Investments Inc., a subsidiary of Bacardi, was impeding his efforts to acquire detailed financial data about the worth of his cognac brand, D’Ussé.
When Jay-Z ultimately made the decision to sell his interest in the company, this disagreement was a key factor in securing just remuneration for him. Jay-Z and Bacardi shared equal co-ownership of the D’Ussé brand, 50/50. This past February, a noteworthy milestone in Jay-Z’s legal struggle with Bacardi was the successful sale of his majority interest in the D’usse cognac brand for an astounding $750 million.
Even though Jay-Z still owns a small portion of the business, the majority was sold for a quarter of a billion dollars. This calculated action not only settled the lawsuit but also made a substantial contribution to Jay-Z’s rapidly increasing wealth. The fact that this contract worked so well shows how smart Jay-Z is at navigating the business world and using his name to his advantage to make significant profits even when there aren’t any new songs or tour dates.
02. Sean “Diddy” Combs: $1 billion
Sean “Diddy” Combs has finally entered the elite group of billionaires after reaching a momentous milestone that has served as the centerpiece of his whole career. His impressive $1 billion net worth has been largely attributed to successful ventures like his partnership with Diageo on the Cîroc brand, his substantial 50% ownership of DeLeón Tequila, his majority stake in Revolt, and his earnings from recording and publishing music. Whatever one’s feelings about this oftentimes contentious figure, Diddy’s unwavering self-confidence and optimism that he would eventually reach this peak of success are admirable.
Diddy’s ascent to the billionaire level is evidence of his astute business sense. His financial success is largely attributed to his relationship with Diageo, where the ultra-premium vodka brand Cîroc has shown to be a profitable venture. This business endeavor, characterized by wise choices and skillful brand administration, has significantly added to Diddy’s extraordinary wealth.
Diddy’s wise financial choices have added to his varied portfolio, one of which is his notable 50% ownership of DeLeón Tequila. This calculated action further establishes his reputation as a shrewd businessman with an excellent sense of lucrative endeavors by demonstrating his capacity to spot chances in the spirits sector.
Through his majority ownership of Revolt, a multimedia organization that produces television, digital content, and live events, Diddy has established a dominant position in the media. With this endeavor, he establishes himself as a major force in determining the direction of entertainment going forward, demonstrating his vision in identifying the changing nature of media consumption.
Diddy’s influence is felt in the music industry outside of his economic endeavors, since his records and publishing have made a lasting impression. His financial situation has greatly benefited from his success as a music tycoon, which has also left a lasting cultural impact.
Diddy’s path to billionaire status has not been without controversy despite his achievements along the way. There have been talks and debates prompted by the mogul’s audacious and occasionally divisive nature. Still, there’s no denying his unwavering confidence in himself. Throughout his career, Diddy has been motivated by his unwavering work ethic and self-assurance in his skills.
Diddy’s tenacity is impressive in a world where obstacles and criticism are frequently part of success. His perseverance is seen in his ability to successfully negotiate the difficulties of multiple sectors. Whether he had to overcome setbacks or other challenges, Diddy’s story of becoming a billionaire is one of tenacity and willpower.
As people continue to create their thoughts about this legendary figure, it is impossible to ignore the influence Diddy has had on the business and entertainment industries. His accomplishments transcend beyond monetary benchmarks; they signify a paradigm change in the ways that people from a variety of backgrounds may influence companies and accumulate substantial fortune.
03. Rihanna: $1.4 billion
Rihanna set to light up Super Bowl LVII.
This Sunday, when Rihanna takes the stage at the Super Bowl Halftime Show, she will not only represent the path of a musician who shot to international fame, but she will also accomplish an even more extraordinary feat: she will become one of the few female self-made billionaires in history.
With a net worth of $1.4 billion, Rihanna is the richest artist and the second-richest female entertainment, behind only Oprah, who is worth $2.5 billion, according to Forbes magazine.
Although Rihanna rose to stardom due to her singing abilities, her Fenty cosmetics line is what really made her wealthy. The beauty line, which debuted in 2017, was well-received for its broad spectrum of colors, which included foundations designed to fit a variety of skin tones.
Fenty Beauty, named after Rihanna’s birth name Robyn Fenty, is a 50/50 joint venture with LVMH, the French luxury corporation that also manages high-end labels like Louis Vuitton. Forbes stated that the Fenty brand generated over $550 million in sales in 2020, demonstrating its extraordinary success.
The Savage x Fenty lingerie business, which raised $115 million in investment and was valued at $1 billion in February 2021, is another venture in which Rihanna has a 30% ownership position.
The majority of people on billionaires’ lists are usually white men who have achieved success by their own efforts, such as Jeff Bezos, the creator of Amazon, or by inheritance, like Jim Walton, the son of Walmart founder Sam Walton. In 2021, Rihanna told the New York Times that she hoped her newfound billionaire position would inspire those from lowly backgrounds, especially those who were immigrants.
In an interview with CBS News, Rihanna restated these feelings and emphasized that, because of her Barbadian heritage, she wanted her halftime show to stand for representation of both Black women and immigrants.
“It is essential that I represent immigrants, my native Barbados, and Black women globally in order for people to realize the potential. Being here and taking part in this year’s show is an honor,” Rihanna said.
04. Tiger Woods: $1.1 billion
Tiger Woods’ wealth increased rapidly after his 1996 debut, thanks to a flurry of tournament victories and sponsorship deals, and it hasn’t decreased in the 27 years following. What is Tiger Woods’ current net worth, though? We know the following.
Tiger’s earnings as a professional on the PGA Tour greatly exceed his on-course earnings. However, the incredible sum of money he earned at official Tour tournaments is mind-boggling in and of itself.
With a total earnings of $120,954,766 over his career, Woods is at the top of the list.
Phil Mickelson is in second place, but it’s not by much. With Mickelson’s $96,572,310 in earnings, Tiger is the only player on the PGA Tour to break the nine-figure threshold.
Tiger’s estimated net worth of over $120 million does not include prizes from other unofficial competitions and events on other tours.
Importantly, neither FedEx Cup nor PGA Tour Player Impact bonuses are included. In 2022, Woods won $15 million for winning the PIP, $8 million for winning the list in 2021, and $12 million for being second this year.
His on-course earnings approach $200 million when you factor in an additional $20 million or more for his FedEx Cup finishes.
In addition to the almost $200 million Tiger has made between the lines, he has made far more money through sponsorship deals and other business endeavors.
Since the beginning of his career, Woods has been associated with Nike as one of its faces. Over time, he has signed numerous sponsorship deals. He also owns the PopStroke putting chain, a growing golf course design company, and a significant portion of the soon-to-be TGL golf league.
Tiger Woods’ total net worth is estimated by Forbes to be $1.1 billion, including $75.1 million in earnings from 2023.
With no end in sight to his commercial ventures and endorsements, as well as intentions to participate on a reasonably regular basis in 2024, Woods’ net worth is expected to soar in the upcoming years.
05. LeBron James: $1 billion
LeBron James Became the NBA’s First Billionaire
LeBron James’ early promise as a rising star from Akron, Ohio, raised expectations for his extraordinary success on the basketball court. But what really makes him stand out isn’t just his skill at the game; it’s also the amazing way he’s used his athletic ability to explore a variety of business sectors and become an inspiration to others. Now, after all these years, LeBron can finally show off his accomplishment and proudly declare himself a billionaire.
While his NBA salaries account for a sizable chunk of his riches, endorsements and other sources bring in an astounding $900 million. Notably, his financial fortune has been enhanced by his engagement in businesses like the production company Springhill Entertainment. Some of the most notable projects that Springhill Entertainment has produced include Survivor’s Remorse, Self Made, and the legendary Space Jam: A New Legacy.
Outside of the entertainment industry, LeBron James has left his mark as a philanthropist. His founding of a school for impoverished kids is proof of his dedication to social problems. This significant project not only demonstrates his commitment to improving underprivileged communities, but it also serves as a model for other billionaires who want to have a significant social influence.
LeBron James’s journey from a budding basketball prodigy to a multibillionaire entrepreneur is essentially proof of his many achievements. It extends beyond the basketball court, involving a variety of endeavors that have not only increased his net worth but also had a lasting impression on the entertainment and charitable industries. LeBron is a trailblazer who is paving the road for upcoming generations of people who want to succeed financially and also make a positive impact on the world. He keeps setting new standards.
06. Oprah Winfrey: $2.5 billion
Oprah Winfrey is a well-known figure in the media world who is praised for her many accomplishments as an actress, philanthropist, talk show host, and media owner. Forbes claims that her enormous enterprise, which is sometimes referred to as the “Oprah Empire,” is currently valued at an astounding $2.5 billion. Beloved for her legendary chat show, “The Oprah Winfrey Show,” which has the greatest rating of any television show ever produced. Assumedly dubbed the “Queen of All Media,” Oprah is regarded as the richest African-American in American history, the first black multibillionaire in North America, and the most remarkable black philanthropist at large.
Oprah was originally going to be called “Orpah” after a biblical connection. She was born on January 29, 1954, in Kosciusko, Mississippi, to Vernon Winfrey and Vernita Lee. But due to a mispronunciation and spelling error, she was given the name “Oprah” instead. Her maternal grandmother raised her during her early years following the divorce of her parents. Adversity plagued Oprah’s early years, including instances of sexual molestation. After that, she moved to Nashville to live with her father, who was a businessman and a barber.
Oprah began her academic career at Tennessee State University in 1971 and worked in Nashville’s radio and television broadcasting industry. She worked as a local news presenter for Baltimore, Maryland’s WJZ-TV after graduating. Noticing that she was gifted, she was chosen to co-host “Baltimore Is Talking” with Richard Sher. Oprah took a significant career turn in 1984 when she moved to Chicago, Illinois, to work as the anchor of the morning talk show “A.M. Chicago.” Her transformational influence took the concert from near obscurity to one of the state’s most anticipated events. In September of 1985, the program changed its name and became the well-known “Oprah Winfrey Show,” which aired for an hour.
In the same year that Steven Spielberg directed Quincy Jones’s film adaptation of Alice Walker’s “The Color Purple,” Oprah was discovered. Oprah’s emergence from this role thrust her into the public eye, and media distributor King World purchased the syndication rights for “The Oprah Winfrey Show,” which was subsequently shown in 180 cities. Oprah was named Best Talk program Host, and the talk program won multiple Emmys, including multiple Emmys for Best Talk Show.
Oprah founded Harpo, Inc., her own production firm, in 1986. Oprah costarred on television alongside Cicely Tyson, Olivia Cole, Paula Kelly, Lynn Whitfield, and Robin Givens in a TV drama miniseries based on Gloria Naylor’s “The Women of Brewster Place,” one of the projects that explored subjects near to her heart. Establishing an on-air reading club in 1996, Oprah stated that she wanted to “get the country reading.” Oprah would share a book she was reading at the time and then have conversations with her listeners and followers a month later.
Oprah rose to prominence as the most powerful book marketer in the United States, and the Oprah Book Club swiftly gained prominence in the literary community. Her book sales were constantly boosted by her monthly suggestions, outpacing those of other marketing initiatives such as radio shows, periodicals, and feature stories. Oprah decided in 2002 to cease the book club as a monthly project, even though it was a huge success.
Oprah currently lives in Montecito, California, in a home she lovingly refers to as “The Promised Land.” This opulent house has expansive views of the ocean and mountains. She has been married to Stedman Graham for a long time; he is a well-known businessman, writer, and educator.
07. Aliko Dangote: $14.2 billion
With $14.2bn Worth, Dangote Overtakes Johann Rupert As Africa’s Richest Man
According to the Forbes 2023 Index, Aliko Dangote has surpassed Johann Rupert of South Africa to become Africa’s Richest Man with a net worth of $14.2 billion. Dangote has held this esteemed position for a record twelve times in a row.
With a $12 billion net worth, Forbes Magazine had originally listed Johann Rupert as the richest person in Africa in June of the previous year. But according to the most recent estimate, Rupert’s net worth has decreased and is at $11.1 billion. Known for his engagement in high-end products, Rupert’s financial standing has declined since the previous ranking.
Forbes emphasized Dangote’s outstanding accomplishment in a statement titled “Forbes 2023 Index: Dangote Still Africa’s Richest for 12th consecutive year” that was released on Tuesday. The remark underscored the distinctive status of Dangote, the founder and chairman of Dangote Cement Plc, as the sole Nigerian among the world’s 200 wealthiest persons. From $12.1 billion the year before to $14.2 billion now, his estimated net worth has increased.
As for the health of the international economy, the Forbes statement provided some insight: “Forbes, in its latest ranking of world billionaires for 2023, reported that falling stocks, wounded unicorns, and rising interest rates translated into a down year for the world’s wealthiest people.” Dangote is now the only African billionaire in the world, ranking 124th out of the world’s richest billionaires. The other African on the list is Johann Rupert, a South African who is ranked 157th with a net worth of $11.1 billion.
Due to his position as the founder and chairman of Dangote Cement, the biggest cement manufacturer in Africa, Aliko Dangote has a prominent place on the list. Over ten countries in Sub-Saharan Africa, Dangote Cement claims a 51.6 million tonnes annual manufacturing capacity. The company runs integrated factories throughout seven nations, as well as import and distribution centers in Ghana and Sierra Leone, as well as a clinker grinding factory in Cameroon.
Notably, the Bloomberg Billionaires Index, which takes into account fluctuations in the value of the Nigerian Naira relative to the US dollar, identified Dangote as Africa’s richest man in June. Dangote was the wealthiest African billionaire on the Index at the time, with an astonishing $15.6 billion in fortune.
With fortunes totaling $219 billion and $194 billion, respectively, Elon Musk and Bernard Arnault became the richest persons in the world when seen in a larger global context. With a net worth of $130 billion, Microsoft CEO Bill Gates came in second, followed by Jeff Bezos in third place with $151 billion, and Larry Ellison in fifth place with $130 billion.
Dangote’s continuous standing as the wealthiest person in Africa is a testament to his profitable commercial endeavors and astute investments in a range of industries. Because of his consistent financial success, he is regarded as a significant player in the international business scene and an example of African entrepreneurship success.
08. Mike Adenuga: $6.1 billion
Nigerian billionaire Mike Adenuga has managed to stay among the world’s richest people despite facing challenges from depreciating currency and unstable economies. As of right now, he is ranked 892nd in the world’s billionaire rankings.
With a $3.3 billion net worth, Adenuga is positioned as one of the wealthiest billionaires in Nigeria and a well-known personality in the continent’s elite economic circles. But this financial achievement is overshadowed by a sharp $2.8 billion loss in his net worth in the last year alone, from $6.1 billion at the beginning of 2023. The main driver of this significant decline is the impact of currency devaluation on the appraisal of Adenuga’s wide range of holdings and business endeavors, most of which have their origins in Nigeria. Among these interests are noteworthy investments in the oil business through Conoil Producing and Conpetro, as well as stakes in Globacom, Nigeria’s second-largest telecoms operator.
Adenuga’s varied holdings include Sterling Financial Holding, in which he holds a 30.63 percent share, in addition to the telecom and oil sectors. Discreetly allocated to 5.63 percent in his personal name and 25 percent via Silverlake Investment Limited, this interest significantly augments his net worth, totaling $39.65 million.
Adenuga’s holdings in Julius Berger, a construction company valued at $17.4 million, and Transcorp, a 0.86-percent share, further enhance his financial portfolio and solidify his position among Nigeria’s wealthiest citizens. The decline in his wealth that he has experienced in 2023 is a significant divergence from where he was at the start of the year, when he was regarded as the second richest person in Nigeria and the sixth richest billionaire in Africa.
Forbes statistics from the previous ten years show a steady decline in Adenuga’s fortune, which started at $10 billion in 2016 and decreased to $6.1 billion at the beginning of this year. The $2.8 billion decline in Adenuga’s wealth that occurred recently highlights Nigeria’s larger economic problems.
In addition to having an effect on Adenuga’s financial situation, the sharp decline is closely associated with the country’s currency falling to an all-time low. This represents the extensive consequences of currency devaluation on the country’s financial environment, wealth distribution, income, and purchasing power.
A window into the dynamic life of a billionaire navigating the choppy seas of economic shifts, legislative changes, and global financial trends is offered by this story of financial swings. Adenuga’s story functions as a microcosm depicting the struggles and victories that characterize the modern African narrative of riches against the backdrop of Nigeria’s economic environment.
Globacom, the massive telecoms company that has significantly shaped Nigeria’s digital landscape, is the backbone of Adenuga’s financial empire. Globacom, the nation’s second-biggest telecom service provider, has been essential to Adenuga’s success. Nonetheless, Adenuga’s recent decrease in net worth is inextricably linked to Nigeria’s economic woes, namely the effect of currency depreciation on the appraisal of his telecom holdings.
Adenuga’s financial structure is significantly supported by the oil industry, which includes investments in Conoil Producing and Conpetro. Adenuga’s net worth has decreased even more as a result of these endeavors, which in the past have added to his wealth but have encountered difficulties because of the devaluation of the currency and larger economic difficulties in the oil industry.
Adenuga’s financial strategy gains additional depth via Sterling Financial Holding’s strategic stake distribution. Adenuga’s adeptness in wealth management is demonstrated by the thoughtful distribution of ownership among personal stakes and investments made through Silverlake Investment Limited. The value changes of Sterling Financial Holding, however, are a reflection of the wider economic worries that have affected Nigerian financial institutions.
Adenuga’s varied holdings are completed by Julius Berger, a well-known figure in the construction sector, and Transcorp, a significant participant in Nigeria’s conglomerate scene. His standing among the wealthy elite of Nigeria is influenced by these stakes. However, the currency devaluation has clouded the assessment of these assets, which has led to a reduction in Adenuga’s net worth overall.
The drop in Adenuga’s wealth in 2023 is not a unique incident; rather, it is a continuation of a larger pattern that has been noted in Forbes statistics over the previous ten years. His wealth steadily declined, from $10 billion in 2016 to $6.1 billion at the start of 2023, exposing a pattern of persistent difficulties faced by one of Nigeria’s most prosperous businessmen. The recent $2.8 billion loss highlights how even the wealthiest people may be impacted by changes in the economy, in laws and regulations, and in patterns in international markets.
Adenuga’s financial crisis is largely due to the worrying situation of Nigeria’s currency, which has fallen to all-time lows. This record low’s effects go beyond Adenuga’s personal fortune to illustrate the larger economic issues the country is currently facing. Currency depreciation has negative consequences on the economy in several areas, including wealth distribution, income levels, and the purchasing power of the overall populace.
Because of this, Adenuga’s story functions as a microcosm of the greater story of riches in Nigeria and Africa, which is marked by resiliency, flexibility, and a never-ending dance with economic uncertainty. Adenuga is a well-known character in Nigerian industry, and his experiences and difficulties reflect the subtleties and complexities of managing wealth growth in a changing and frequently unpredictable economic climate.
To sum up, the story of Mike Adenuga’s financial path highlights the complex relationship between personal wealth and general economic trends. Adenuga’s ability to hold his rank among the wealthiest people in the world shows his tenacity and strategic acumen in the face of difficulties brought on by currency depreciation and economic uncertainty. His net worth variations, especially the most recent $2.8 billion drop, provide information about how currency devaluation affects a wide range of industries, including construction, finance, oil, telecommunications, and conglomerates. Adenuga’s story takes on a captivating quality as Nigeria struggles economically, illustrating the broader reality of wealth dynamics in the African environment.
09. Robert F. Smith: $8 billion
The founder of Vista Equity Partners, Robert F. Smith, became well-known after giving a powerful commencement speech at Morehouse College in 2019. He promised to pay off the student loans during the speech, easing the financial load on the entire graduating class. Smith kept his promise, clearing the graduates’ startling $34 million in debt, according to Inside Higher Ed.
Under Smith’s direction, Vista Equity Partners has made significant strides in the banking sector. With $92 billion in assets, the company has made a name for itself in the private equity market. The company’s remarkable “annualized returns of 22% since inception,” as pointed out by financial analysts, highlight its outstanding success. Vista Equity Partners is now considered to be among the top-performing private equity firms, placing it in an elite group.
Smith’s choice to speak out about student debt at the Morehouse College commencement was a historic one that attracted notice for its altruism as well as its capacity to spur constructive change. Smith demonstrated a dedication to education and a willingness to empower the future generation by easing the financial burdens of a whole graduating class.
Vista Equity Partners has proven to be resilient and successful in navigating the challenging private equity market because to its extensive portfolio and significant assets. The company’s remarkable “annualized returns of 22% since inception” attest to a well-thought-out and successful investment strategy, helping to establish it as one of the top performers in the private equity industry.
Robert F. Smith’s generosity has an impact that goes beyond the financial sphere since his deeds demonstrate the importance of business executives in tackling social issues. Smith has led by example by taking into account the wider ramifications of his riches and power by tackling the problem of student debt in such a concrete manner.
In conclusion, Robert F. Smith’s notoriety goes beyond Vista Equity Partners’ financial performance. In addition to relieving a heavy financial load, his dedication to solving the problem of student debt and keeping his word to the Morehouse College graduating class has established him and his company as champions of constructive social change in the private equity industry. As seen by its significant assets and exceptional returns, Vista Equity Partners has demonstrated tremendous performance, solidifying its position as one of the top-performing companies in the private equity sector.
10. Abdulsamad Rabiu: $8.3 billion
Abdulsamad Rabiu, a well-known Nigerian businessman and billionaire investor, suffered a major setback in 2023 when his net worth dropped by a noteworthy $2.5 billion. Rabiu’s net worth began the year at $8.3 billion and ended at $5.7 billion, according to Forbes, but he was still the second richest person in Nigeria and among the African billionaires. The Central Bank of Nigeria’s free float policy is largely to blame for this fall, and Rabiu, the BUA conglomerate’s founder, also lost ground on Bloomberg’s billionaire index as a result of the naira depreciation policy.
In a similar vein, the same policy cost billionaire Aliko Dangote of Nigeria $3.6 billion. The Nigerian naira saw a notable drop in value relative to the US dollar in 2023, which was among the largest since the reestablishment of democracy in 1999. Consequently, it gained the unenviable distinction of being the least performing currency in Africa.
By merging all foreign exchange market divisions into the Investors and Exporters window, the Central Bank of Nigeria reinstated the willing buyer, willing seller paradigm. A further depreciation of the value of the naira was predicted by Bloomberg’s market research for 2024. The naira fell by 55% in 2023, according to data from Bloomberg. It hit its lowest point on the official NAFEM market on December 8, 2023, at N1,099.05/4, and ended the year at N907.11/$, making it the least performing currency among 151 tracked currencies worldwide.
In 2023, three months after the naira devaluation strategy went into effect, Rabiu lost one-third of his wealth. Simultaneously, BUA Cement—a significant source of Rabiu’s wealth—saw a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion.
- Furthermore, BUA Cement revealed a sharp rise in foreign exchange loss, which increased by 412% on an annual basis to N26.936 billion, along with a drop in pre-tax margin to 25.53%.
- According to its 2023 9-month results, BUA Foods showed impressive growth in both revenue and profit while maintaining good profit margins.
- On the plus side, the share price of Rabiu’s BUA Foods increased from N65 in 2022 to N193.40 in 2023, a 197.54% increase.
- By the end of 2023, BUA Foods’ market capitalization had increased from N1.1 trillion in 2022 to N3.4 trillion.
- Rabiu’s holdings in BUA Cement, of which he directly and through related firms holds around 98% of the shares, account for the majority of his wealth.
- The second-biggest cement manufacturer in Nigeria, BUA Cement, went public in January 2020. Rabiu owns a 93% share in BUA Foods, which went public in January 2022 and is the largest flour and noodle mill in Nigeria.
After completing his studies in economics at Capital University in Ohio, Abdulsamad Rabiu, now 24 years old, returned to Nigeria to oversee the family business.
In 1988, he established the BUA Group, specializing in steel and food imports at first.
Through calculated acquisitions, such as its 2009 purchase of Cement Company of Northern Nigeria (CCNN), the business developed into one of the largest producers of cement and sugar.
- Q: Who is the current President of the United States?
- Ans: As of my last knowledge update in January 2022, Joe Biden is the President of the United States.
- Q: What is the capital city of Japan?
- Ans: Tokyo.
- Q: Who wrote the play “Romeo and Juliet”?
- Ans: William Shakespeare.
- Q: What is the largest planet in our solar system?
- Ans: Jupiter.
- Q: In which year did the Titanic sink?
- Ans: 1912.
- Q: What is the currency of Australia?
- Ans: Australian Dollar (AUD).
- Q: Who is known as the “Father of Modern Physics”?
- Ans: Albert Einstein.
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