Abdul Samad Rabiu

Abdul Samad Isyaku Rabiu (Listen) CFR CON[1](born 4 August 1960) is a Nigerian billionaire businessman and philanthropist.[2] His late father, 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 concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. He is also the chairman of the Nigerian Bank of Industry (BOI).[3][4][5][6]

Abdul Samad Rabiu

CFR CON
Born (1960-08-04) 4 August 1960
Kano, Northern Region, British Nigeria (now in Kano State, Nigeria)
OccupationBusinessman
RelativesKabiru Isyaku Rabiu,
Honours

On 7 July 2020, Forbes estimated Rabiu's wealth at $3.2 billion, putting him 716th in the global billionaire's club.[7][8] In January 2022, he was reported to be the second richest man in Nigeria.[9]

In April 2022 he was reported to be the fifth-richest man in Africa, with a net worth of $6.7 billion.[10]

In January 2023, Rabiu was reported to have become the 4th richest man in Africa.[11]

Early life

Abdul Samad Rabiu was born and raised in Kano in the north-western part of Nigeria. He attended Capital University in Columbus, Ohio and returned to Nigeria at the age of 24 to oversee the family business.[12] This was when his father Isyaku Rabiu was being detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties.[12]

Businesses

Abdul Samad Rabiu established BUA International Limited in 1988 for the sole purpose of commodity trading. The company imported rice, edible oil, flour, and iron and steel.[12]

In 1990, the government, which owned Delta Steel Company, contracted with BUA to supply its raw materials in exchange for finished products. This provided a much-needed windfall for the young company. BUA expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.[12]

Years later, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. In 2005 BUA started two flour-milling plants, in Lagos and in Kano.

By 2008, BUA had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa.

In 2009, the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015.[12]

Philanthropy

Abdul Samad Rabiu uses the BUA Foundation for his philanthropic activities. These include the construction of a 7,000-square-meter paediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano amongst several others.[13]

Personal life

Abdul Samad is married with children: Isyaku Rabiu, Junaid Rabiu, Rukaiya Rania Rabiu and Khadijah Rabiu. He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines.[14]

Award

In October 2022, a Nigerian national honour of Commander of the Order of the Federal Republic (CFR) was conferred on him by President Muhammadu Buhari.[15]

References
  1. "FULL LIST: Okonjo-Iweala, Abba Kyari... FG nominates 437 persons for national honours". TheCable. 2 October 2022. Retrieved 13 October 2022.
  2. "Dangote gains $500 million, Adenuga loses $100 million today!". Encomium Magazine. 5 March 2019. Retrieved 19 March 2019.
  3. "Rabiu, Alakija, others in Forbes 'Black Billionaires' list". Premium Times Nigeria. 6 March 2019. Retrieved 19 March 2019.
  4. "Abdulsamad Rabiu: from trading rice to building $8.2 billion empire – CEO Worldwide". Retrieved 17 April 2023.
  5. "Dangote, Adenuga, Alakija rank among richest Blacks". Punch Newspapers. 7 March 2019. Retrieved 19 March 2019.
  6. "Vp Osinbajo's Unquenchable Love For Bua Boss, Abdulsamad Rabiu". THISDAYLIVE. 18 November 2018. Retrieved 19 March 2019.
  7. "Abdulsamad Rabiu". Forbes Africa's 50 Richest. Retrieved 12 February 2016.
  8. Nsehe, Mfonobong. "The Black Billionaires 2019". Forbes. Retrieved 19 March 2019.
  9. Oluwole, Victor (7 January 2022). "Abdul Samad Rabiu is now the second-richest man in Nigeria". Business Insider Africa. Retrieved 11 January 2022.
  10. Nworah, Victor (27 April 2022). "Nigerian Billionaire, Abdul Samad Rabiu is now the 5th Richest African". Tickernewsng.com. Retrieved 28 April 2022.
  11. "Le Nigérian Abdul Samad Rabiu détrône l'Egyptien Nassef Sawiris et devient le 4e homme le plus riche d'Afrique".
  12. Aluwong, Jeremiah (8 April 2020). "Everyday Heroes: AbdulSamad Rabiu". Connect Nigeria. Archived from the original on 17 December 2020. Retrieved 27 May 2020.
  13. 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.
  14. Nsehe, Mfonobong. "Legendary Nigerian Businessman Isyaku Rabiu Passes On At 93". Forbes. Retrieved 12 July 2020.
  15. "FULL LIST: 2022 National Honours Award Recipients The Nation Newspaper". 9 October 2022. Retrieved 29 October 2022.
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