Abdul Samad Rabiu’s rise to prominence has been characterised by a relentless pursuit of excellence and a knack for identifying lucrative opportunities in established and emerging sectors.
With a diverse portfolio that cuts across cement, sugar, real estate, oil and gas, his entrepreneurial journey has been remarkable.
As the founder and chairman of BUA Group, Rabiu has used strategic investments and intelligent business strategies to transform his conglomerate into a force to be reckoned with. With a networth of $5.54 billion, Rabiu’s industries generate substantial revenue and synergistically complement one another.
This article examines the contributing industries contributing to Abdul Samad Rabiu’s staggering $5.54 billion net worth. Let’s get started.
BUA Cement Plc
Rabiu’s networth has been impacted by the performance of BUA Cement Plc, one of his publicly listed businesses. As a cement producer, BUA Cement focuses on sustainable business practices offering products that meet the highest standards and exceptional financial performance.
BUA Cement was formed from a merger between CCNN Plc and Obu Cement Company Plc (formerly Obu Cement Company Limited). Rabiu’s firm boasts a combined installed capacity of 11mmtpa (Obu plant, 6mmtpa and Kalambaina plant, 5mmtpa). It currently ranks as the second-largest producer of cement in Nigeria.
Since his company’s shares were listed on the Nigerian Exchange, Rabiu’s net worth has steadily increased. This is evident in the handsome dividend payout of $198 million from his shareholding in BUA Cement Plc. Reports say the revenue from bagged cement products accounted for 99.46 % of the total revenue achieved by the company during the period under revenue.
BUA Foods Plc
BUA Foods Plc reported impressive financial growth in 2022 due to increased revenue from its diverse product portfolio. This success contributed to a lift in Rabiu’s networth owing to his majority stake in the firm. BUA Foods became a publicly traded company in 2022. It also recently rolled a multimillion-dollar payout to shareholders.
Reports say Rabiu received $162 million from his stake in the company. The payout comes after BUA Foods released its 2022 outstanding financial results.
According to the reports, BUA Foods’ profit surged from $151.55 million in 2021 to $198.4 million at the close of its 2022 fiscal year. BUA Foods which processes, manufactures, and distributes food produce operates in five divisions, including Sugar, Flour, Pasta, Rice, and Edible Oils.
BUA Iron & Steel Ltd
Rabiu’s networth also comes from his subsidiary BUA Iron &Steel Ltd. With plans to establish a 1 million tonnes/annum state-of-art steel plant utilizing locally sourced iron ore, natural gas and limestone, BUA Group secured an exploration license for Iron Ore in Kogi State, Central Nigeria.
Rabiu’s Group also began the process of establishing a fully integrated steel plant in Kogi State, Nigeria. Upon completion, BUA Steel Complex will be the only steel mill in West Africa that produces from iron ore to Steel.
BUA Ports & Terminals
BUA Ports holds concession of Terminal ‘B’ of the Nigerian Ports Authority (Rivers Port), in Rivers State, Nigeria. The Port operates with well-trained personnel, competitive tariffs and almost unrivalled customer service.
Reopened in 2020 after the Nigerian Ports Authority (NPA) shut down its operations, the port also generates revenue that contributes to Rabiu’s networth.
BUA Real estate
The Nigeria business mogul also derives his wealth from the group’s real estate portfolio. The portfolio includes various residential and commercial buildings. Some of which are BUA Hills, Abuja, BUA Court, Abuja, BUA Business Park, Abuja, BUA Towers, Lagos, The BUA Place, Lagos, etc.
The National Association of Nigeria Nurses and Midwives, NANNM, Lagos State Council, has a…