Nigerian billionaire and businessman AbdulSamad Rabiu has firmly established himself as one of the continent’s wealthiest individuals and a model of generosity, owing to the diverse operations of BUA Group, one of Africa’s fastest-growing conglomerates.
Rabiu’s amazing rise began in 1988, when he founded BUA International Limited, which was initially a commodities trading concern. Rabiu expanded the company’s scope in less than a year to include the importation of critical commodities like as rice, edible oil, wheat, iron, and steel, laying the groundwork for BUA Group‘s further growth into one of Africa’s major manufacturing giants.
With a net worth of $5.6 billion, Rabiu is now Africa’s fifth richest man, trailing Egyptian billionaire Nassef Sawiris and South African mogul Nicky Oppenheimer, who are fourth and third, respectively.
Rabiu reached a significant milestone in his career in 2020 when he merged his privately held Obu Cement Company with Cement Co. of Northern Nigeria.
BUA Cement Plc was founded as a result of the merger. He later floated the company on the Nigerian stock exchange. Rabiu afterwards took another big move when he listed BUA Foods, his unified food enterprises, on the Nigerian Exchange.
Abdul Samad Rabiu has distinguished himself as a prominent philanthropist in addition to his exceptional successes in the African economic environment.
Rabiu made headlines in 2022 when he established the Nigeria Security Support Fund, a N10 billion ($23.8 million) donation dedicated to providing security equipment, medical supplies, and other necessities to the families of soldiers fighting terrorists in Nigeria’s northeast region.
This is the single largest philanthropic contribution made by a Nigerian businessman. Rabiu generously gave N5.5 billion ($11.8 million) to 22 colleges through ASR Africa’s Tertiary Education Grants Scheme (TEGS) earlier this year to support infrastructure development.
HowNG has discovered and monitored five important enterprises controlled by Abdul Samad Rabiu. Rabiu has a stake in the following companies:
- BUA Cement: BUA Cement PLC, formed in 2008 by the merging of Obu Cement Company and the Kalambaina Company, is Nigeria’s second-largest cement producer after Dangote Cement. BUA Cement Plc was floated on the Nigerian Stock Exchange in 2020, integrating all cement activities and having a market capitalisation of N3.35 trillion ($4.3 billion).
- BUA Foods: Rabiu established BUA Foods in 2005, a leading food and FMCG firm focusing in the processing, manufacture, and distribution of various food components such as sugar, flour, pasta, rice, and edible oils. BUA strategically owns mills, plants, refineries, and plantations throughout Nigeria. BUA Group purchased Nigeria Oil Mills Ltd., West Africa’s largest vegetable oil processing enterprise, in 2001. The entire food company was integrated into one firm, and BUA Foods was listed on the Nigerian Exchange (NGX) on January 5, 2022. Rabiu owns a sizable 92.6 percent interest in the company, worth roughly $2.9 billion.
- BUA Ports & Terminals: BUA Ports & Terminals, a subsidiary of BUA Group, was founded in 2005 and currently operates Terminal ‘B’ at the Nigerian Ports Authority (Rivers Port) in Rivers State, Nigeria. With the goal of enhancing port logistics efficiency, this concession was gained through a competitive bidding process under the Public Enterprise (Privatization & Commercialization) Act No. 28 of 1999. The port works at MARSEC level 2, which ensures the safety of both persons and products. This is accomplished through a mix of well-trained people, competitive tariffs, and outstanding customer service.
- BUA Mines and Steels: Rabiu has a substantial presence in the iron ore business in Kogi State, Nigeria, through BUA Mines and Steels. The acquisition of Delta Steel Company Ltd. was first awarded to BUA Group through government privatization, but the process was later reversed. However, BUA Group is currently constructing a comprehensive steel factory in Kogi State, which would be West Africa’s first steel mill capable of processing iron ore into steel.
- BUA Real Estates: BUA Estates, the BUA Group’s real estate subsidiary, has a broad portfolio of residential, commercial, and mixed-use properties in major Nigerian cities. In Abuja, significant projects include BUA Hills, BUA Court, BUA Business Park, and BUA Towers and The BUA Place. These developments show BUA Group’s dedication to enhancing urban environments and contributing to Nigeria‘s growth. BUA Estates, led by a team of real estate specialists and developers, adheres to worldwide standards and best practices while offering long-term value and addressing expanding demand in Africa’s real estate market.