Business magnate and philanthropist Abdul Samad Isyaku Rabiu CFR CON hails from Nigeria and has an estimated net worth of $7.2 billion. He reportedly ranked second in terms of wealth in Nigeria in January 2022.
He was listed as the fifth-richest person in Africa, with an estimated net worth of $6.7 billion in April 2022. His late father, Khalifah Isyaku Rabiu, was a prominent industrialist in Nigeria during the 1970s and 1980s.
Abdulsamad Rabiu Earnings and Networth
His BUA Group is a Nigerian conglomerate focusing on construction, agriculture, and manufacturing. More than $2.5 billion in revenue is generated annually. The Nigerian Bank of Industry (BOI) is also under his leadership.
Abdulsamad Rabiu Biography and Early Life
Full Name - Abdul Samad Rabiu
Date of Birth - January 4, 1960
Age - 62 Years
Profession - Businessman
Height - N/A
Nationality - Nigerian
Source of wealth - BUA Enterprises
Annual Salary - N/A
Net worth - $7.2 billion
Last updated - December 2022
Abdul Samad Rabiu grew up in Kano, Nigeria. Abdul Samad Isyaku Rabiu was born on January 4, 1960, to Khalifah Isyaku Rabiu, a prominent industrialist in Nigeria in the 1970s and 1980s.
Although he is now deceased, his father was an entrepreneur who amassed wealth through commodity sales. This influenced Abdul to become one of Nigeria's wealthiest men today.
Abdul Samad Rabiu had his primary and secondary education in Kano before moving to the United States. There, he pursued a Bachelor's Degree in Economics at Capital University in Colombus, Ohio, before returning to Nigeria.
Abdulsamad Rabiuf Career and Earnings
Abdulsamad Rabiu's business career began when he was 24 years old. But, first, he needed to travel to Nigeria to oversee his father's business. This was when General Muhammadu Buhari's administration allegedly detained his father, Isyaku Rabiu, for failing to pay rice import duties.
Abdulsamad Rabiu lacked experience, but he was able to manage his father's business while he was away, with a positive impact on the company's operations.
With the experience he gained while managing his father's business, he established his own company, BUA International Limited, in 1988, which has since grown into a conglomerate.
The company was founded for the sole purpose of commodity trading. It imported rice, edible oil, flour, iron, and steel. Delta Steel Company, owned by the government, signed a contract with BUA in 1990 to grant raw materials in exchange for finished products.
This provided the young company with a much-needed windfall. BUA furthered its foray into the steel industry by creating billets, importing iron ore, and building numerous rolling mills in Nigeria.
A few years later, BUA purchased Nigerian Oil Mills Limited, the biggest producer of edible oils in that country. BUA opened two flour-milling facilities in Lagos and Kano in 2005.
By opening the second-largest sugar refinery in sub-Saharan Africa in 2008, BUA had ended an eight-year monopoly in the Nigerian sugar sector.
Following the company's acquisition of a controlling stake in a publicly traded cement company in Northern Nigeria, a $900 million cement plant in Edo State was started and completed at the beginning of 2015.
BUA now boasts the following subsidiaries: BUA Estates, BUA Oils, BUA Ports & Terminals, and BUA Sugar.
Abdulsamad Rabiu Philanthropic Records
Abdulsamad Rabiu has been a philanthropist since he was young. He is a kind-hearted man who has decided to give back to society. He is successfully doing this through the BUA Foundation, which was established for corporate social responsibility (CSR).
The foundation works to develop promising young athletes and provide everything they need. In addition to its CSR efforts, the foundation supports the healthcare industry by donating a variety of pharmaceuticals, medical supplies, and other items.
It also aids those needing medical care and other foundations, such as the Daniel Ogechi Akujobi Memorial Foundation in Ogun State and the Cancer Centre in FCT Abuja.
Abdulsamad Rabiu Awards and Recognition
- Nigerian Commander of the Federal Order of the Federation in 2011
- Sun Newspaper Business Person of the Year Award for 2012
- Vanguard Newspaper Lifetime Achievement Award in 2015
- Forbes' 2015 list of Africa's 50 Richest Persons
- 2016 saw CNBC name West Africa Industrialist of the Year and present the All Africa Leaders Award.
- The Forbes Billionaires for 2016
- The Silverbird Group received the Silverbird Extraordinary Business Achievement Award in 2017.
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