Abdul Samad Isyaku Rabiu CON (born 4 August 1960 in Kano, Nigeria) is a Nigerian businessman. His late father, Khalifah Isyaku Rabiu, was one of Nigeria’s foremost industrialists in the 1970s and 1980s. Abdul Samad 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).
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Early life and Business life
Abdul Samad Rabiu was born in Kano in the north-western part of Nigeria, where he obtained his early education. He next attended Capital University in Columbus, Ohio, and returned to Nigeria at the age of 24 to oversee the family business. This was when his father, Isyaku Rabiu, was being detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties.
Abdul Samad Rabiu established BUA International Limited in 1988 for the sole purpose of commodity trading. The company imported rice, edible oil, flour, and iron and steel.
In 1990, the government, which owned Delta Steel Company, contracted with BUA to supply its raw materials in exchange for finished products. This provided a much-needed windfall for the young company. BUA expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.
A few years later, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. In 2005 BUA started two flour-milling plants, in Lagos and in Kano. By 2008, BUA had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. In 2009 the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015.
Abdulsamad: Magnanimity of Heart towards the Fight against COVID-19
BUA on Friday redeemed its pledge of N1billion ($2.6mn) to the fight against COVID-19 in Nigeria by way of a confirmed funds transfer to the COVID-19 relief fund account with the Central Bank of Nigeria. In addition, the company also announced another donation of N300million to Sokoto, Edo and Ogun States to assist in galvanizing a coordinated response and adequate preparedness in the fight against the COVID-19 pandemic in this states. The donations to Sokoto and Edo States were on behalf of its Cement subsidiary, BUA Cement which has its major operations in those states whilst Ogun was also selected as a beneficiary due to its proximity to Lagos which had been the epicenter of the virus in Nigeria.
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This development comes exactly a day after the Chairman of the Group, Abdul Samad Rabiu, announced a cash donation of N1billion to Nigeria’s response to the virus and also, another donation to 9 states of medical and emergency kits and supplies including face masks, testing kits, safety goggles, gloves, personal protective gear – which have already been ordered and should be delivered soon.
In his comments on the additional donation of N300million to Edo, Sokoto and Ogun States, Abdul Samad Rabiu, Chairman of BUA Group said that although these states have been identified for this intervention in the first instance, “BUA is monitoring the situation closely and is also looking at other states that may need additional help. We will continue engaging with these states and relevant partners including the NCDC in the areas where they need support to win this fight against COVID-19.”, Rabiu added.
Rabiu also urged other well-meaning Nigerians – individuals and corporates alike, to join hands in supporting the efforts to put the virus in check in Nigeria, financially and otherwise. “Our country needs us now more than ever. This is the time to come together and support.”
Other Facts on Abdulsamad Rabiu
- Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in cement production, sugar refining and real estate.
- In early January 2020, Rabiu merged his privately-owned Obu Cement company with listed firm Cement Co. of Northern Nigeria, which he controlled.
- The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.5% of it.
- Rabiu, the son of a businessman, inherited land from his father.
- He set up his own business in 1988 importing iron, steel and chemicals.
- In 2013, Forbes estimated Abdul Samad’s wealth at $1.2 billion, putting him in the global billionaire’s club.
Sources:
Forbes
CNBC Africa
Featured Image Source: Business Day NG
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