Abdul Samad Rabiu: 5 Things You Didn’t Know about the Billionaire

As the founder of BUA Group, an industrial conglomerate with diversified interests, Nigerian billionaire businessman Abdul Samad Rabiu, has carved a remarkable path in the world of entrepreneurship. Taking the reins of the family business, Rabiu skillfully transformed BUA Group into a powerhouse conglomerate with interests ranging from cement and sugar to flour and real estate.

Rabiu’s influence extends far beyond the realm of business. He is an individual driven by a deep sense of social responsibility and a commitment to making a difference in the lives of others. While his achievements are widely recognized, there are intriguing aspects about him that remain lesser-known to many.

He believes in free market entry

Abdul Samad Rabiu sees no justification for participating in any scheme that could harm innocent individuals. Even as a business mogul, he seemingly detests monopoly and believes in a fair market for everyone. There were reports that Rabiu has consistently declined numerous invitations to join the influential cartel that purportedly orchestrates schemes aimed at maximizing their monopolistic dominance, often to the detriment of ordinary individuals.

He also made efforts recently to distance his BUA Group from any plan to create artificial scarcity of sugar in the country by the alleged decision of some major producers to suspend sales.

Samad is a keen advocate of Afro Capitalism

During an interview conducted in Abidjan in 2018, the visionary founder of the BUA group, Abdulsamad Rabiu, emphasized that Africa possesses abundant resources and potential, making it unnecessary to seek external sources for its services. 

He proposed that African governments should actively foster a conducive business environment for their citizens, thereby propelling Africa towards a self-sustaining future. Rabiu firmly believed that this approach is crucial for Africa to achieve self-reliance.

Samad broke an eight-year monopoly in the Nigerian sugar industry

In 2008, Samad Rabiu through the BUA Group made a significant breakthrough in the Nigerian sugar industry by inaugurating the second-largest sugar refinery in sub-Saharan Africa, effectively ending an eight-year monopoly dominated by rival Dangote Group.

The commissioning came after BUA started two flour-milling plants in Lagos and Kano.

He is Aliko Dangote’s serious contender

Samad Rabiu stands out as the sole Nigerian billionaire who can be regarded as a formidable contender for the numerous achievements held by Aliko Dangote, as a result of their involvements in similar sectors. This includes being in the game for the largest cement producer, the wealthiest individual in Nigeria, and the richest person in Africa.

Samad fell off Forbes list in 2015

Abdulsamad Rabiu fell off the Forbes list of Africa’s billionaires in 2015, and re-joined the list in January 2019 by taking up the number 16 spot, and with a net worth of $1.6 billion. One year afterwards, his net worth had grown to $3.1 billion.

In an interview with Forbes in 2019, he attributed the fall to the naira devaluation which was devalued from N190 to N300 against the dollar. According to Forbes, he is currently estimated to be worth $8.5b.