Abdul Samad Rabiu Biography, Family, Education, Career and Net Worth
In this piece, platinumpost.ng chronicles the biography, family, education, career and net worth of Abdul Samad Isyaku Rabiu.
Abdul Samad Isyaku Rabiu CFR CON is a Nigerian billionaire businessman and philanthropist.
Rabiu is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion.
He is also the chairman of the Nigerian Bank of Industry (BOI).
Rabiu was born on the 4th of August 1960.
His late father, Khalifah Isyaku Rabiu, was one of Nigeria’s foremost industrialists in the 1970s and 1980s.
Rabiu has four children namely, Isyaku Rabiu, Junaid Rabiu, Rukkayah Rania Rabiu and Khadijah Rabiu. There is very little information known about his children.
Rabiu had his primary and secondary education in the Kano state of Nigeria and then proceeded to Capital University in Columbus, Ohio, USA, where he obtained a degree in Economics.
On arriving in Nigeria in 1984, he was made to oversee his father’s business at the young age of 24.
Having gained substantial ideologies of business, he decided to establish his own business, BUA International Limited, which was mainly focused on imports of steel, iron, rice, and edible oil.
2 years later in 1990, BUA International Limited signed a big contract with the Delta Steel Company, which is owned by the Nigerian government.
The contract was for BUA International to be a supplier of production raw materials for the Delta Steel Company with raw materials for production.
In exchange, BAU International will be paid with finished products.
Rabiu grew BAU from scratch into what we all know today as the BAU group.
Today, BUA Group is a diversified conglomerate that has many subsidiaries in various industries.
This includes cement manufacturing, sugar refining, oil milling, real estate, and port and terminals.
BAU Group also deals in billets, steel, iron ore importation, and supplying materials to rolling mills in Nigeria.
After a few years, BUA acquired Nigerian Oil Mills Limited. This oil milk is the largest edible oil processing company in Nigeria.
By 2005, the BUA Group had commenced the construction of two flour-milling plants, one in Lagos and the other in Kano.
In 2008, BUA made a huge positive impact on the Nigerian sugar industry. It commissioned the second-largest sugar refinery in sub-Saharan Africa.
Before this, there was only one sugar refinery, and that refinery was the sole supplier for 8 years. But Abdulsamad Rabiu came and disrupted the monopoly.
In 2009, BUA group acquired a stake in a publicly-listed Cement Company in Northern Nigeria. As a result, they commenced the construction of a $900 million cement plant in Edo State. It took 6 years, and it was completed in early 2015.
According to Forbes, Rabiu is the 2nd richest entrepreneur in Nigeria, 5th in Africa, and 350th in the world.
He has a net worth of USD 6.7 billion. Also, Rabiu has won numerous awards both inside and outside of Nigeria.