The Nigerian billionaire businessman Abdul Samad Rabiu is the founder of BUA Group, one of Africa’s largest business initiatives. Rabiu serves as the Chiarman of BUA Group. Forbes estimates him as one of top richest men in the African continent.
As of January 2023, Abdul Samad Rabiu was reported as the fourth richest man in Africa.
Abdul Samad Rabiu: Birth, Age, Early Years
Rabiu was born in Kano State in Nigeria on August 4, 1960. His full name is Abdul Samad Isyaku Rabiu.
He will turn 63 in 2023. Samad Rabiu was born into a wealthy family given that his father was a successful businessperson, Khalifah Isyaku Rabiu.
Abdul Samad Rabiu: Education
He went to school in Kano State. After high school graduation, he migrated to the U.S. to pursue higher education. He attended Capital University in Columbus, Ohio. He has a bachelor’s degree in economics.
After college education, Rabiu set up a career in business after returning to his homeland. The reason he had to go back at the age of 24 was that his father Khalifah Rabiu was under detention which was imposed by the government of General Muhammadu Buhari.
He was indicted of criminal charges quoting he had not paid rice import duties.
He had inherited land from his father who was one of the top industrialists in the nation during the 1970s and the 1980s.
Abdul Samad Rabiu: Professional Career
In 1988 Rabiu launched BUA International Limited. At the time of establishment, the company aimed at commodity trading.
The major function of the company was importing raw materials for food products, food products, metals, and chemicals. The importing business included food products such as flour, rice, and edible oil; and metals such as steel and iron.
In January 2020 Rabiu’s private cement company, Obu Cement Company entered a merger with Cement Co of Northern Nigeria. He had controlling power over the latter company.
Post the merger the combined enterprise was known by the name BUA Cement Plc. It conducts trading on the Nigerian Stock Exchange.
Rabiu owns 98.2 percent of the stock exchange.
List Of Companies Owned By Abdul Samad Rabiu
- BUA Cement
- BUA Sugar Refinery
- BUA Oil Mills Limited
- BUA Estates
- BUA Port and Terminals Limited
- BUA Flour Mills
Abdul Samad Rabiu: As A Philanthropist
Rabiu carries out his philanthropic activities through the BUA Foundation.
He contributed to a 7,000-square-meter pediatric ward at the Aminu Kano Teaching Hospital. Another contribution from his side was the construction of a Centre for Islamic Studies at Bayero University Kano.
Abdul Samad Rabiu: Net Worth
Abdul Samad Rabiu has an estimated net worth of 8.2 billion US dollars. The major source of his wealth comes from the business of cement and sugar.
Forbes listed Rabiu as the 716th person in the global billionaires club on the 7th of July 2020 as he had a net worth of 3.2 billion US dollars.
Rabiu was listed in fourth position in the 2023 Forbes List of Africa’s Billionaires.
In January 2022, Rabiu became the second richest man in Nigeria. In the April of the same year, he became the fifth richest man in Africa and was estimated of having a net worth of 6.7 billion US dollars.
Further in the 2022 Forbes list of billionaires, he was listed in the 350th position. While analyzing the data from 2014 to 2022 Rabiu’s wealth has had steady growth over the years.
Samad Rabiu is married and has four children named Rukaiya Rania Rabiu, Isyaku Rabiu, Khadijah Rabiu, and Junaid Rabiu. He currently resides in Lagos in Nigeria.
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Abdul Samad Rabiu: Positions And Honors
Abdul Samad Rabiu: Positions
Rabiu is the chairman of the Nigerian BOI (Bank of Industry).
Abdul Samad Rabiu: Honors
Rabiu is conferred with the title the Commander of the Order of the Federal Republic (CFR) which is a national-level honor in Nigeria and one of the two merits in the Federal Republic of Nigeria. The other one is the Order of the Niger.
He was honored in October 2022, by Muhammadu Buhari, the President of Nigeria in the position since the year 2015.
Further, he is honored with the second order of merit mentioned above, the Order of the Niger.
