Abdul Samad Rabiu: His Billion-Dollar Assets
Abdul Samad Isyaku Rabiu is one of NIgeria’s most successful billionaire businessmen known for his business acumen and strategic investments. The second richest man in Nigeria has a diverse portfolio which cuts across several sectors including manufacturing, agriculture, amongst others.
Samad Rabiu has built an empire of billion-dollar assets that have also established him as one of the wealthiest individuals in Africa. In this article, we will delve into some of Abdul Samad Rabiu’s assets that’s worth billions of dollars.
The BUA Group is one of the multi-billion dollar assets that belongs to the Samad Rabiu. He is the founder and chairman of the company established in 1988 first as BUA International Limited for the sole purpose of commodity trading.
The company metamorphosed to BUA Group, a Nigerian conglomerate with interests active in cement production, sugar refining and real estate and produces revenue in excess of $2.5 billion annually.
The combined firm with all its subsidiaries currently trades on the Nigerian stock exchange with Rabiu owning 98.2% of it.
Another of Samad Rabiu’s mega assets is the BUA Foods formerly called BUA Sugar Refinery Limited, the second largest sugar refinery in West Africa as at 2008. The refinery was commissioned with a 720,000 metric tonnes/annum refinery in Lagos.
The company’s annual report for 2021 recorded a 97.05% growth in group profit after tax to N69.768 billion from N35.407 billion in 2020.
The Cement Company of Northern Nigeria
Samad Rabiu acquired the Cement Company of Northern Nigeria, CCNN, (Sokoto Cement) in 2009 under the BUA Group to boost and increase the metric tonnes of annual cement production in the country. The group also purchased the Edo Cement Company in the same year.
The BUA Group started out by first incorporating the BUA Cement in 2008 and commenced operations in the same year through its floating cement terminals, ‘BUA Cement 1’, designed specifically for bulk and bag cement unloading.
Rabiu reportedly earned about ₦864 million from his 50.72% stake in the firm.
PW Nigeria Limited
The Nigerian businessman through his company, BUA Group acquired a majority interest in PW Nigeria Limited, one of Nigeria’s largest construction, engineering and mining companies in 2020. The company was acquired to further deepen its investments in the infrastructure business in sub-Saharan Africa.
The BUA Group with the acquisition tends to increase its investments, leadership and capacity in the infrastructure space.
Samad Rabiu Pent-house
Samad Rabiu owns a penthouse at The One & Only Hotel in Cape Town worth about $12.6 million. He also owns a house in Gloucester Square in London and a property in Britain worth nearly $16 million and $62 million respectively.
In addition, he has a home in Eaton Square to Avenue Road, known as Millionaires’ Row, located in Manhattan, New York City as well as several others in South Africa. In April 2018, the billionaire completed a mansion in Banana Island, one of the most expensive places in Lagos State, Nigeria.
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