Abdul Samad Rabiu

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AbdulSamad Isyaku Rabiu CON (born 4 August 1960, Kano Nigeria) is a Nigerian businessman.[1] His father, late Khalifah Isyaku Rabiu was one of Nigeria's foremost industrialists in the 1970s and 1980s. Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate with interests in manufacturing, infrastructure and agriculture with a revenue in excess of $2.5 billion. He is also the chairman of Nigerian Bank of Industry (BOI).[2][3][4]

In 2013, Forbes estimated Abdul Samad's wealth at $1.2 billion, bringing him to the global billionaire's club.[5][6]

Early life[edit]

AbdulSamad Rabiu was born in Kano in the North-Western part of Nigeria, where he did his early education. He then attended Capital University in Columbus, Ohio and returned to Nigeria at the age of 24 to oversee the family business.[citation needed] This was the time his father, Isyaku Rabiu was detained by the administration of General Muhammadu Buhari on allegation of duty aversion on rice imports.[citation needed]

Business life[edit]

AbdulSamad Rabiu established BUA International Limited in 1988 for sole purpose of commodity trading. The company engaged in the importation of rice, edible oil, flour and iron and steel.[citation needed]

In 1990, the then Government owned Delta Steel Company contracted BUA to supply its raw materials needs, for which Bua was paid with finished products. This provided the much needed windfall for the young company. Bua further ventured into steel, billets and iron ore importation and supplying multiple rolling mils in the country.[citation needed]

Few years down the line, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria and later set up 2 flour milling plants in Lagos and Kano in 2005. By 2008, Bua broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-saharan Africa. The company went on the acquire a controlling stake in a publicly listed Cement Company of Northern Nigeria in 2009 and commenced to construction of a $900 million cement plant in Edo State commissioned early 2015.[citation needed]

Philanthropy[edit]

Abdul Samad Rabiu uses BUA Foundation for his philanthropic activities. These include the construction of a 7,000 Square meter paediatric ward at the Aminu Kano Teaching Hospital as well as the construction of the Centre for Islamic Studies at the Bayero University Kano amongst several others.[7]

References[edit]

  1. ^ "Dangote gains $500 million, Adenuga loses $100 million today!". Encomium Magazine. Retrieved 19 March 2019.
  2. ^ "Rabiu, Alakija, others in Forbes 'Black Billionaires' list". Premium Times Nigeria. 6 March 2019. Retrieved 19 March 2019.
  3. ^ Published. "Dangote, Adenuga, Alakija rank among richest Blacks". Punch Newspapers. Retrieved 19 March 2019.
  4. ^ editor (18 November 2018). "Vp Osinbajo's Unquenchable Love For Bua Boss, Abdulsamad Rabiu". THISDAYLIVE. Retrieved 19 March 2019.
  5. ^ "Abdulsamad Rabiu". Forbes Africa's 50 Richest. Forbes. Retrieved 12 February 2016.
  6. ^ Nsehe, Mfonobong. "The Black Billionaires 2019". Forbes. Retrieved 19 March 2019.
  7. ^ Agboola, Oluwatoyin (10 September 2018). "Top 3 Achievements of Abdul-Samad Rabiu- Chairman of Nigerian Conglomerate BUA Group". Olatorera Consultancy Limited. Retrieved 19 March 2019.