Abdulsamad Rabiu is a Nigerian businessman and philanthropist who came to prominence as the founder and chairman of BUA Group. He is also well known as the chairman of the Nigerian Bank of Industry (BOI).
Abdulsamad Rabiu was born on August 4, 1960 in Kano State, north-western part of Nigeria. His father, Khalifah Isyaku Rabiu, was one of Nigeria’s foremost industrialists in the 1970s, and was detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties.
He has 42 siblings which include Nafiu Rabiu, and Alhaji Rabiu Isyaku Rabiu, chairman of IRS Airlines.
Abdulsamad had his primary and second education in Kano State. He obtained a degree in Economics at Capital University in Columbus, Ohio. He came back to Nigeria at the age of 24 to look after the family business.
Abdulsamad is the founder of BUA Group, a Nigerian conglomerate that focused on manufacturing, infrastructure, and agriculture. He established BUA international for the main purpose of commodity trading, of which the company imported flour, rice, edible oil, iron and steel.
BUA was contracted by the government, which owned Delta Steel company in 1990, to supply its raw materials in exchange for finished products. This gave a boost to the company and expanded into steel, producing billets, importing iron ore, and constructing several rolling mills in Nigeria.
BUA later acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. They began two flour-milling plants, in Lagos and Kano, in 2005, and by 2008, they had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest refinery in Sub-Saharan Africa.
The company also acquired a controlling stake in a publicly-listed Cement Company in Northern Nigeria in 2009. They began to construct a $900 million cement plant in Edo State and completed it in 2015.
Abdulsamad has been actively involved in philanthropic activities using his BUA Foundation. Some of these include the construction of a 7,000-square-meter pediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano.
Abdulsamad Rabiu is happily married with children. His children are Junaid Rabiu, Rukkayah Rania Rabiu, Khadijah Rabiu, and Isyaku Rabiu.
Abdulsamad Rabiu earns his career as a businessman. According to Forbes, Rabiu’s wealth was estimated at $3.2 billion as of June 2020. He was reported to be the second richest man in Nigeria as of January 2022, and in April 2022, he became the fifth richest man in Africa with a net worth of $6.7 billion.
Frequently asked questions
Below are some frequently asked questions about Abdulsamad Rabiu:
Who is Abdulsamad Rabiu?
Abdulsamad Rabiu is a Nigerian businessman who became known as the founder and chairman of BUA Group.
How old is Abdulsamad Rabiu?
He was born on August 4, 1960.
Where is Abdulsamad Rabiu from?
He is from Kano State, Nigeria.
Is Abdulsamad Rabiu married?
He is married with children.
What is Abdulsamad Rabiu’s Net Worth?
Abdulsamad Rabiu has an estimated net worth of $6.7 billion.