Abdulsamad Rabiu is an entrepreneur from Nigeria who has been able to make a lot for himself via his exploits in business.
He is a philanthropist, and popularly known as the founder and Chief Executive Officer of BUA.
BUA is a firm with interest in agriculture, infrastructure, manufacturing, logistics and port operations.
Full Name: Abdulsamad Rabiu
Date of Birth: 4th of August, 1960
Net Worth: $1.1billion
Abdulsamad Rabiu Biography
He was born into a rich family in 1960 in Kano State. His dad was one of the country’s foremost industrialist in the 1970’s and 1980’s, and was a serial entrepreneur who was able to build his wealth prominently from commodity trading.
So, we can say that Abdulsamad Rabiu acquired his entrepreneurial skills from his late dad.
Abdulsamad had his early education in the Northern part of Nigeria before leaving to the United States of America for his university degree (he was able to get a Bachelor’s degree in Economics from Capital University in Columbus)
The Billionaire is married with children, and he actually has a lot of siblings.
Abdulsamad Rabiu Net Worth
How much is he worth? Well, according to Forbes (in 2016), he is worth about $1.1billion)
Adbulsamad Rabiu Entrepreneurial Journey
Upon coming back from America, he began taking care of his father’s business at a tender age of 24. When his dad was held by government of General Muhammed Buhari on allegations of duty aversion on rice imports, he was able to manage the business properly, and he learned well from the job. It gave him real business insights and he proceeds to set up his own firm in 1988 (BUA International Limited)
Expansion of BUA International Limited
He founded the company basically for importation of rice, edible oil, iron and steel, and the company experienced a superb change of fortune after they were able to struck a deal with the government owned Delta Steel Company (to supply them with raw material for production, and Rabiu’s was paid with finished products)
Now, it has transformation into BUA Group – a diversified conglomerate with subsidiaries in cement making, sugar refining, oil milling, real estate and port and terminals.
The group now participate in items like steel and iron ore importation. Despite various challenges and all, the company keeps soaring.
Subsidiaries of BUA Group
1. BUA Cement
This is actually one of the biggest cement manufacturing company in the country, and they have three plants in the Northern and Southern part of Nigeria.
These plants are: Kalambaina Cement Company Limited in Sokoto State, Obu & Edo Cement Company Limited in Okpella and Cement Company of Northern Nigeria in Sokoto State.
2. BUA Sugar Refinery Limited
They focuses on refining of imported and locally sourced raw sugar and has refineries in Lagos and Port Harcourt.
3. BUA Estates
The group has several residential, commercial, mix-use developments in major cities in the country.
4. BUA Port and Terminals Limited
The Firm is a concessionaire of Terminal ‘B’ Rivers Port meant to handle various cargoes and the storage (they manage four berths, Berths 5-8 and two warehouses, warehouse 5 & 7)
5. BUA Oil Mills Limited
The firm was founded in year 2008 for the production of high quality products (like Distilled Fatty Acid, Stearine and Palm Olein)
Abdulsamad Rabiu Philanthropy
He is also a philanthropist who gives back to society through the BUA Foundation. It was founded for corporate social responsibility (CSR) purposes, and their aim is to discover and develop talented young athletes.
In conjunction with Rotary Club of Gbagada South, Bua Group gave free ears, nose and throat clinical screening on pupils of Araromi and Kinniun-Ifa Primary School in Lagos.
He gave hugely in the construction of a seven thousand square meter pediatric ward at Aminu Kano Teaching Hospital and Islamic Studies Centre at Bayero University, Kano State.
In year 2017, they gave up to 600 million naira; an interest fee loan to two thousand farmers in Kano State. Additional, the firm supported the farmers with fertilizers, improved seeds and other rice-farming tools.
We should also add that Rabiu has made known plans of BUA foundation to construct a 7.5 billion Naira ultra-modern specialist hospital in Kano State.