Biography of Abdul Samad Rabiu
Abdul Samad Isyaku Rabiu is a Nigerian b.llillionaire, philanthropist and business man from Kano state, northern Nigeria.
He had his basic and foundational education in Kano where he was born, then went ahead to capital university in columbus, ohio to obtain a degree in Economics.
His father Khalifu Isyaku Rabiu was one of the most influential business men and famous industrialist in northern Nigeria between the nineteen seventies and eighties.
He traded in commodities and beverages before venturing into textile and commercial real estate. He set up a textile factory and obtained a license to sell sewing machines to all tailors in the northern region of Nigeria.
Abdul Samad obviously got his entrepreneurship skills from his father, who also skillfully traded in the construction and oil sector apart from those mentioned above.
When Abdul turned twenty four years, he returned to Nigeria from the United States, at a time when his father Khalifu Isyaku Rabiu was detained by the former military president of Nigeria, General Muhammad Buhari on allegations of duty aversion of rice imports.
Abdul began to successfully manage his father’s business empire in his absence and this gave him the relevant experience he needed to set up his own conglomeration.
In 1988, he set up BUA international limited, a nigerian conglomerate with the interest in manufacturing, infrastructure and agriculture solely for trading in commodity.
The company engaged in the importation of rice, vegetable oil, flour, iron ore and steel and further expanded in 1990 when the Delta steel company owned by the federal government of Nigeria contracted BUA to supply its raw materials needs.
This aided its expansion in the importation of iron ore, steel and billets and it began to supply multiple rolling mills.
In 1995, BUA acquired Nigerian oil mills limited and set up two floor milling plants in Lagos and Kano in 2005. By 2008, the company commissioned its sugar refinery which today is the second largest sugar refinery in sub Saharan Africa after Dangote Sugar.
BUA also acquired a controlling stake in a limited cement company in northern Nigeria in 2009 and began the construction of a cement plant that was eventually commissioned in Edo state in 2015. Today, BUA with its headquarters in a Lagos, is a billion dollar classified group.
On philanthropy, Abdul Samad gives back to the society through his BUA foundation which was founded for philanthropic purposes.
He has contributed immensely to the construction of a seven thousand square meter pediatric ward at the Aminu Kano teaching hospital as well as the construction of the center of Islamic studies at the Bayero University in Kano.
In April 2017, BUA group disbursed about six hundred million naira as interest free loan to two thousand rice farmers in kano state.
The loan was accompanied by improved seeds, fertilizers, pumping machines and other free rice farming tools. BUA also indicated its intention to play a continuous advisory role to the farmers with the aim of reaching fifty thousand farmers in the next four years. This support and incentives were carried out in a bid to support the government’s economic diversification plans.
Adul Samad’s knowledge and successful business sojourn led to his appointment as the chairman of Nigeria’s Bank of Industry (BOI). He is married with children.
Business And Investments of Abdul Samad Rabiu
BUA group of companies began operations officially in 1988 as a private limited liability company that dealt with the importation and marketing of iron steel, agricultural and industrial chemicals but has evolved today fully into a diversified business with full stake in a wide range of business sectors.
The company aims to provide high quality properties and services with a focus on quality management and to contribute their quota to the development of the Nigerian economy by providing a wide range of fast moving consumer goods and ensuring customer satisfaction with the quality of products and the efficiency of the system.
As mentioned earlier, BUA is a conglomeration of companies with the following as its key subsidiaries:
BUA Flour Mills Limited: this controls two plants in Lagos and Kano respectively and each plant has a capacity to produce five hundred metric tonnes of wheat per day.
BUA Nigerian Oil Mills Limited: BUA group purchased Golden oil company and it became BUA oil. It is the biggest vegetable oil processing company in west Africa with two refinery plants. They manufacture and markets edible oil like Palm oil, Palm Klein, Stearine and DFA in large scale.
BUA Sugar: is the second largest sugar refinery in west Africa after dangote sugar. It produces seven hundred and twenty thousand metric tonnes per annum against dangote’s 1.4 million metric tonnes per annum. It supplies sugar to major industries for the production of drinks and other consumables.
BUA Estate Development Limited: develops residential and commercial properties in the federal capital city Abuja and other parts of the country where their services are needed.
BUA Ports and Terminal Limited: was incorporated on the 28th of march 2006, it is the concessionaire of the Rivers Port complex Terminal B of the Nigerian Ports Authority and it has credibly and profitably managed the four berths in the terminal.
It is also into maritime operations through Damas shipping company limited.The company through its ports administrations has reduced the cost of doing business in the port and he promoted local and foreign investment in port infrastructure in Nigeria.
BUA Oil and Gas: handles the oil and gas business of the company.
BUA Cement: is one of the strongest contenders in the Nigerian cement industry as it produces large quantities of cement.
It is the first Nigerian floating cement terminal; it also acquired the cement company of northern Nigeria where it invested $50 million as part of the expansion and upgrade of the company to boost its production output, before then BUA cement also acquired a majority stake in sokoto and okpella cement with plans to upgrade and boost production.
In 2016, Jobberman nigeria listed BUA group as one of the best employers of labour in the country.
Real Estate Investments of Abdul Samad Rabiu
Abdul Samad Rabiu owns properties in Eaton square and Avenue road also known as millionaire’s row. He owns a pent house at The one and only hotel in cape town, South Africa and the United States of America.
Net Worth of Abdul Samad Rabiu
In June 2016, Abdul Salad Rabiu was ranked the 1577th richest person in the world by FORBES with an estimated net worth of $1.1 billion.
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