Nigerian billionaire and the founder of the BUA Group, Abdul Samad Rabiu’s success as a billionaire can be attributed to a series of astute decisions he made throughout his career. As a prominent figure in the business world through his remarkable entrepreneurial journey such as strategically diversifying his business portfolio, investing in infrastructure, focusing on local manufacturing, forming strategic partnerships, and prioritizing philanthropy and corporate social responsibility, he has not only built a formidable empire but has also left an indelible mark on the Nigerian business landscape.
In this article, we will explore the remarkable decisions that propelled Abdul Samad Rabiu towards unprecedented wealth and established him as an influential force in the business world.
Rabiu acquired Nigerian Oil Mills Limited
One of the pivotal decisions that Abdul Samad Rabiu made on his path to success was the acquisition of Nigerian Oil Mills Limited, a peanut processing company in Kano, for more than $20 million in 1995. BUA was presented with the opportunity to acquire the business by the previous owners due to its established position in the edible oils industry. Fast forward to 2005, BUA started two flour-milling plants in Lagos and Kano.
Recognizing the importance of the oil and gas sector in Nigeria, Rabiu saw great potential in acquiring Nigerian Oil Mills Limited. By acquiring the company, he not only expanded the BUA Group’s presence in the oil and gas industry but also gained access to vital resources and expertise in the sector. The acquisition of Nigerian Oil Mills Limited allowed Rabiu to diversify the BUA Group’s business portfolio, enabling the conglomerate to operate across multiple sectors which increased his net worth.
He acquired a controlling stake in a publicly-listed CCNN
Abdul Samad Rabiu’s acquisition of a controlling stake in a publicly-listed cement company in Northern Nigeria stands out as a pivotal decision that significantly contributed to his billionaire status. BUA expanded its portfolio In 2009 by acquiring a majority share in a publicly-listed Cement Company located in Northern Nigeria.
Additionally, during this period, the company embarked on the construction of a state-of-the-art cement plant in Edo State, with a total investment of $900 million. The plant was successfully completed in early 2015. BUA also holds stakes in various other ventures, including BUA Oil and Mill, BUA Estate, BUA Sugar, BUA Port and Terminal, and BUA Cement.
These strategic decisions significantly propelled Rabiu’s wealth and elevated him to billionaire status, making him one of the richest men in Africa
Rabiu merged his privately-owned Cement Company with CCNN
The merger of Abdul Samad Rabiu’s privately-owned Obu Cement Company with the NGX-listed Cement Company of Northern Nigeria Plc (CCNN) to form BUA Cement Plc stands as another transformative decision that propelled him to billionaire status.
In the beginning of January 2020, Rabiu executed a merger between his privately-owned Obu Cement Company and the CCNN which was listed on the Nigerian Exchange. This merger resulted in the formation of BUA Cement Plc, which is currently listed and actively traded on the Nigerian Exchange. Rabiu holds an impressive 98.5% ownership stake in the company.
This strategic move combined the strengths of both entities, creating a formidable cement powerhouse in Nigeria. The merger significantly expanded BUA Cement’s production capacity, market share, and financial standing, leading to remarkable revenue growth and contributing to Rabiu’s billionaire status.
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