Abdul Samad Rabiu began his business career in 1988 when he established BUA International Limited for the sole purpose of commodity trading. As Nigeria’s second richest person he chairs BUA Group, a conglomerate that focuses on manufacturing, infrastructure, and agriculture and produces revenue in excess of $2.5 billion annually.
Over the years, Rabiu has increased his net worth through his persistence, business strategy, uprightness and lifestyle. Abdul Samad’s success in business provides valuable insights to individuals desiring to achieve financial independence. Let’s dive into some of those tips
Abdulsamad started overseeing his father’s business after he graduated from the Capital University in Columbus, Ohio. At age 24, he started working and saving money. Starting early gave him the opportunity to save for a big goal. It also exposed him to gather first-hand experience with profit and loss. This helped him accumulate wealth and make smart investments that helped him achieve financial independence.
Invest Wisely for the future
As a smart investor, Abdulsamad knew when to buy and sell investments. From importing rice, edible oil, flour, and iron and steel, he acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. Diversifying his portfolio, Rabiu acquired a controlling stake in a publicly-listed Cement Company in Northern Nigeria and constructed a $900 million cement plant in Edo State.
For those desiring financial independence, It’s important to conduct your research and invest wisely to make your money work for you. Financial independence means that you have enough money saved and invested, so beyond savings, invest.
Knowledge and financial independence are closely linked. Like Abdulesamad you must continue reading books, and attending seminars that will expose you to financial opportunities. As an economist, Abdulsamad has attended conferences that brought him face-to-face with industry leaders. One such include the Oxford Africa Conference. The business forum brings together distinguished leaders from top companies, innovative start-ups, government, etc Being up-to-date with financial trends and strategies can help you make informed decisions. These decisions will help get you off to a good start in achieving financial independence. Be open to networking, your network largely determines your net worth.
Live a frugal lifestyle
Abdulsamad is known for his frugal lifestyle. He carefully manages his material resources and prioritises philanthropic acts through his foundation, BUA Foundation. Living a frugal lifestyle will require that you have a budget, pay off your debts, and cut down your expenses. These activities will help you achieve financial independence. A lot of people don’t have as much as Abdulsamad yet they spend extravagantly. This is why they will never achieve financial independence. Living below your means helps you save money and invest it in things that can bring you closer to achieving financial independence.
Establish clear goals
Abdulsamad had clear goals and worked towards them. As a business mogul, he knew what he wanted to achieve and had the plan to get there. He is known to be a strong competitor of Dangote Cement because he had clear goals. In 2008, Rabiu also broke an eight-year monopoly dominated by rival Dangote in the Nigerian Sugar industry, when he commissioned the second-largest sugar refinery in sub-Saharan Africa. Setting clear financial goals can help you stay focused and motivated. It helps you monitor your growth and pushes you to achieve more. Most importantly, establishing clear goals helps you focus on your own journey.
In a nation brimming with boundless potential and vibrant energy like Nigeria, many aspire…