Again, Abdul Samad Rabiu’s Status As Fast -Rising On Global Rich List Affirmed

The status of Abdul Samad Rabiu, the founder and chairman of BUA Group has a fast-rising global wealth as, again, been affirmed.

Rabiu whose worth soared from $1.2 billion in 2014 to $8.6 billion in 2023 based on the rating of the Forbes Billionaires List has been recognized by Bloomberg Billionaires Index.

He makes an entry into the Bloomberg Billionaires Index as the 282nd wealthiest person in the world.

The ranking is labeled “remarkable” for the king of commerce who displaced South Africa’s Nicky Oppenheimer on the Forbes list to become the third richest person in Africa recently.

His improved ranking on Forbes Billionaires List and recognition by Bloomberg Billionaires Index are attributed to fantastic yields on his businesses that boosted his net worth by over $4billion in two years.

SocietyNow.Ng’s checks, however, revealed that there are slight differences in the valuations of the African giant President Muhammadu Buhari declared “a steadfast champion of the poor and the marginalized” and President-Elect, Bola Tinubu asserted “has contributed immensely to Nigeria’s development” by Forbes and Bloomberg.

While Forbes estimated his wealth to be $8.3 billion and listed him on the 249th position on the global rich list, Bloomberg cited him as the 282nd richest person in the world and estimated his wealth to be $7.65 billion.

Further probing, however, revealed the differentials have roots in the parameters of estimation.

Forbes adopts more encompassing measures while Bloomberg’s approach excludes favorable factors that include privately held assets – and indicated such.