Abdul Samad Rabiu: 5 Amazing Things He's Done This Year
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African CEOs - June 20, 2023

Abdul Samad Rabiu: 5 Amazing Things He’s Done This Year

Nigerian billionaire, Abdul Samad Rabiu has recorded significant achievements and made impactful contributions this year.

Despite losing a third of his fortune due to the recent devaluation of the Naira, the founder and CEO of BUA Group has consistently demonstrated his commitment to business excellence, social responsibility, and the advancement of Nigeria.

Beginning with his bowing out as president of the France-Nigeria business council where he oversaw the Council’s support for various initiatives fostering collaboration between the brightest minds of both nations and nurturing the next generation of entrepreneurs, Rabiu inspires aspiring entrepreneurs and changemakers worldwide.

Join us as we explore some of the amazing exploits Rabiu has done this year. Let’s dive in.

He recorded a N4billion daily increase in April

According to reports, Rabiu’s net worth skyrocketed to $8.6 billion at the end of April. This means that on average Rabiu made N4.6 billion per day during the 30-day period of April 2023. 

The development also indicates that he made more money than Nigerian billionaire, Aliko Dangote, in the month of April.

Rabiu and his brother made N110 billion in 8 hours

In February 2023, Abdul Samad and his brother who co-own BUA Foods Plc, saw their fortune grow as the market value of their firm boomed. This comes as BUA Foods stocks rose by 8.87%, reaching N81.00 per share, up from N74.00 per share.

The substantial increase in BUA Foods’ share price helped Abdulsamad Rabiu and his brother Kabiru Rabiu earn a staggering N110.3 billion in just eight hours of trading. 

His Cement company secured a $500 million facility to boost production

Abdul Samad’s Company, BUA Cement Plc recently secured a $500 million facility from the International Finance Corporation (IFC) and partners to develop energy-efficient cement production capacity and strengthen its equipment and logistics capabilities in northern Nigeria.

His company in a statement revealed that the financing which marked the largest-ever investment by IFC will create up to 12,000 direct and indirect jobs. It will also contribute to economic and infrastructural development within Nigeria and the greater Sahel region.

He presented a N500 million security grant to Nigerian Correctional Service

The Nigerian billionaire issued a N500 million security grant to Nigerian Correctional Service, through the Abdulsamad Rabiu Initiative for Africa, ASR. 

The grant will provide the service with equipment in ensuring that the security solutions cover a wider range of Custodial Centers and will reduce the chances of further attacks.

Abdul Samad gave an N250m grant to Gusau College of Education 

In the same vein, Rabiu awarded a grant of N250 million to the Federal College of Education, Technical, FCET, in Gusau, Zamfara, under its Tertiary Education Grant Scheme, TEGS. 

The grant is part of a technical support Memorandum of Understanding (MoU) signed by ASR with the college due to the uniqueness of the institution being an all-female Science, Technology, Engineering and Mathematics (STEM) STEM college.

Beyond these, Abdul Samad’s conglomerate received approval from the Federal Government to construct four major roads in Nigeria worth N330 billion under the Federal Government Infrastructure Tax Credit Scheme (Executive Order 7).

The approval came two months after BUA flagged off the expansion and dualization of the N115 billion 132km Kano-Kazaure-Kongolam highway under the same scheme linking Kano, Jigawa and Katsina States.

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