Biography and Net Worth of Abdulsamad Rabiu
Abdulsamad Rabiu whose full name is AbdulSamad Isyaku Rabiu is a Nigerian Muslim business maverick. He founded the BUA group and is the chairman of the group. The BUA group is a Nigerian conglomerate that is into manufacturing, infrastructure and agriculture. The company’s revenue is worth $2.5 billion. Abdulsamad Rabiu officially became a globally acclaimed billionaire in 2013 when Forbes estimated his net worth to be $1.2 billion. He is also the chairman of Nigerian Bank of Industry.
Background and Family
Abdulsamad Rabiu was born on the 4th of August, 1960 to the family of Khalifah Isyaku Rabiu in Kano State, Nigeria. Abdulsamad’s family was already wealthy even before his birth, his father was one of Nigeria’s top industrialists in Northern Nigeria in the 1970’s and 1980’s after the Nigerian civil war. His family was polygamous- his father had four wives and a lot of children.
Abdulsammad’s other well known siblings are Nafiu Rabiu who is a high-flying businessman and Rabiu Rabiu who is also successful in his own field and has interests in the aviation sector.
Abdulsammad Rabiu received his primary and secondary education in Kano and then proceeded to Ohio for his tertiary education. He attended Capital University in Columbus, Ohio where he obtained a bachelors degree in.
Rise to Prominence
Abdulsamad Rabiu’s father Khalifah Isyaku Rabiu built his wealth from trading commodities and beverages, he went on to go into real estate by acquiring abandoned ruined houses, refurbishing them and putting them back on the market for profit. He also set up his own textile industry and even obtained a license to trade sewing machines in the North and even explored the oil and construction sector. All of these ventures show how much of an entrepreneur Abdulsammad’s father was and thankfully he passed on this inclination and interest to Abdulsammad.
However Abdulsamad’s father was arrested by the administration of General Muhammadu Buhari in 1984 on charges of rice hoarding and fortunately that was when Abdulsamad had just completed his education in Ohio and returned to Nigeria. Although Abdulsamad had other brothers probably older than him, it was him who stepped in to replace his detained father and take over the reins of the family business at the young age of 24 and he performed excellently, he successfully steered the business and put it back on the right track.
Although Abdulsamad was born and raised in Kano he did not start up his own businesses there, he went on to establish his own business in Lagos. IN 1988 he founded the BUA International Limited basically to trade commodities , pretty much the same way his father before him had started. His company started out with importing rice, edible oil, flour and steel. He eventually stretched out his importation capacity and added steel, billets and iron ore to his list. He also supplied multiple rolling mills.
As expected, BUA grew and expanded at a commendable rate, it went on to acquire and merge other companies. It first started with Nigerian Oil Mills Limited-the largest edible oil processing company in Nigeria and in 2005 he went on to build 2 flour milling plants in Lagos and in Kano. By the year 2005 BUA built the second largest sugar refinery in sub-saharan Africa thereby breaking the hitherto existing eight-year monopoly in the Nigerian sugar market.
Abdulsamad stretched into cement production in 2015 when he bought a controlling stake in a cement production company in Nigeria- Company of Northern Nigeria in 2009 and went on to set up a cement plant in Edo State worth $900.
Today the BUA group is worth $2.5 billion.
Abdulsamad Rabiu is also passionate about philanthropy, he established the BUA Foundation essentially for his philanthropic activities. And so far he has:
- He constructed a 7000 Square meter paediatric ward at the Aminu Kano Teaching Hospital.
- He constructed the Centre for Islamic Studies at the Bayero University Kano.
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Abdulsamad Rabiu’s Net Worth
Abdulsamad Rabiu is worth $1.1 billion as rated by Forbes in March, 2016.