Who is Abdulsamad Rabiu, the chairman of BUA cement? His Net Worth, Family Life, etc.
Who is Abdulsamad Rabiu, the chairman of BUA cement? His Net Worth, Family Life, etc.
If you are interested in the Nigerian cement industry, you must have heard of BUA cement, one of the leading producers of cement in the country. But do you know who is behind this successful company? Who is the visionary leader who has transformed BUA cement from a small business to a giant corporation? In this blog post, we will introduce you to Abdulsamad Rabiu, the chairman of BUA cement and one of the richest men in Africa.
Early life
Abdulsamad Rabiu was born in 1960 in Kano, Nigeria. He is the son of Khalifah Isyaku Rabiu, a prominent industrialist and philanthropist who founded the BUA Group in 1988. The BUA Group started as a trading company dealing with rice, edible oil, flour and iron and steel. Abdulsamad joined his father’s business at a young age and learned the ropes of entrepreneurship from him. Abdulsamad has 42 siblings, some of whom are also involved in business. He studied economics at Capital University in Columbus, Ohio and returned to Nigeria at the age of 24 to take over the family business after his father was detained by the military regime.
Abdulsamad’s achievements
In 1990, Abdulsamad took over the management of the BUA Group after his father was detained by the military government for alleged political activities. He faced many challenges and risks, but he managed to keep the business afloat and expand it into new sectors such as sugar refining, cement production, real estate and port operations. He also diversified into other African countries such as Ghana, Benin, Togo and Senegal.
In 2008, Abdulsamad established BUA cement as a subsidiary of the BUA Group. He acquired a majority stake in Cement Company of Northern Nigeria (CCNN) and later merged it with his own Obu Cement to form BUA cement. He also invested in building new cement plants and increasing the production capacity and quality of his products. Today, BUA cement is the second largest cement producer in Nigeria with a market share of about 22%. It has three operational plants in Sokoto, Edo and Adamawa states and a fourth one under construction in Sokoto state. It also exports its products to neighboring countries such as Niger and Chad.
Abdulsamad Rabiu is not only a successful businessman but also a generous philanthropist. He has donated millions of dollars to various causes such as education, health care, infrastructure and humanitarian relief. He has also supported the Nigerian government in its efforts to fight the COVID-19 pandemic by donating cash, medical equipment and vaccines. He is the founder and chairman of the Abdulsamad Rabiu Initiative (ARI), a foundation that aims to support social development and empower communities across Africa.
Abdulsamad Rabiu is an inspiration to many Nigerians and Africans who aspire to achieve greatness in their fields. He is a visionary leader who has shown that with hard work, determination and innovation, anything is possible. He is also a humble and compassionate person who cares about the welfare of his people and his country. He is indeed one of the most influential figures in the Nigerian cement industry and beyond.
Abdulsamad’s sources of wealth
Abdulsamad 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, he secured a contract with the government-owned Delta Steel Company to supply its raw materials in exchange for finished products. This provided a much-needed boost for his young company. He then expanded into steel production, sugar refining, cement manufacturing, real estate, port concessions, oil and gas, and shipping. He founded BUA Group, a Nigerian conglomerate that has become one of the largest in the country. He is also the chairman of the Nigerian Bank of Industry (BOI), a development finance institution that supports small and medium enterprises.
Who is Abdulsamad Rabiu, the chairman of BUA cement? His Net Worth, Family Life, etc.
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Abdulsamad’s Networth
According to Forbes, Abdulsamad Rabiu has a net worth of $7 billion as of January 2023. He is ranked as the fourth richest person in Africa and the second richest person in Nigeria. He has achieved this remarkable feat through his vision, hard work, and innovation.
Abdulsamad’s Philanthropy
He is also known for his philanthropy through his BUA Foundation. He has donated millions of dollars to various causes such as health care, education, infrastructure, and humanitarian relief. He has also built a pediatric ward at the Aminu Kano Teaching Hospital and a Centre for Islamic Studies at Bayero University Kano.
Abdulsamad’s family life
Abdulsamad Rabiu is a devout Muslim who follows the teachings of Islam. He is married and has children, but he keeps his personal life private and does not disclose much information about his wife or children. He has a daughter named Khadijah Rabiu who is nicknamed Cookie by her friends and family.
Abdulsamad Rabiu has shown determination, perseverance, and creativity, one can overcome any challenge and achieve success. He has also shown that wealth is not only for personal gain but also for social good.
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