Abdulsamad Rabiu’s profile picture

Abdulsamad Rabiu

Abdulsamad Rabiu’s profile picture
Net worth 2018: $1.1 Billion
Industry: Diversified
Country: Nigeria
BIOGRAPHY

Abdulsamad Rabiu was born in Nigeria. Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in sugar refining, cement production, real estate, logistics and port operations. Rabiu is expanding cement production. In September 2015, BUA signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria. Rabiu's aim is to double capacity and expand BUA's current 10% market share in Nigerian cement. In January 2016, BUA Group agreed to sell its flour milling and pasta making businesses to Olam Group of Singapore for $275 million. Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988, importing rice, sugar and edible oils as well as iron and steel rods.

NET WORTH STATISTIC
2014

$1.2 Billion

2015

$1 Billion

2016

$1.1 Billion

2018

$1.1 Billion

TIMELINE
2013

In 2013, Forbes estimated Abdul Samad's wealth at $1

2009

The company went on the acquire a controlling stake in a publicly listed Cement Company of Northern Nigeria in 2009 and commenced to construction of a $900 million cement plant in Edo State commissioned early 2015

2008

By 2008, Bua broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-saharan Africa

2005

Few years down the line, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria and later set up 2 flour milling plants in Lagos and Kano in 2005

1990

In 1990, the then Government owned Delta Steel Company contracted BUA to supply its raw materials needs, for which Bua was paid with finished products

1988

Abdul Samad Rabiu established BUA International Limited in 1988 for sole purpose of commodity trading

1970

His father, Khalifah Isyaku Rabiu was one of Nigeria's foremost industrialists in the 1970s and 1980s

1960

AbdulSamad Isyaku Rabiu CON (born 4 August 1960, Kano Nigeria) is a Nigerian businessman

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