Abdul Samad Rabiu’s journey to becoming one of Africa’s wealthiest magnates is a masterclass in strategic entrepreneurship.
His story is not just about accumulating wealth but about the principles and strategies that can propel anyone to unparalleled success.
Here, we delve into some recipes that have been instrumental in shaping Rabiu’s illustrious career and can serve as a blueprint for budding entrepreneurs.
Be a stubborn disruptor
In the world of business, the status quo is the enemy of innovation.
Rabiu didn’t achieve his success by following the crowd. He consistently challenged established norms, seeking innovative solutions and daring to venture where others hesitated.
The African billionaire once said, “I am quiet but I am very stubborn. If I want something I go for it and if I don’t want it, no matter how much I’m pushed, I don’t do it. If somebody is stubborn, sometimes it’s seen as arrogant but I don’t think I am an arrogant person.”
Prioritise strategic expansion
Rabiu’s BUA Group didn’t become a conglomerate overnight. It was the result of meticulous planning and strategic expansion.
Speaking during an interview, Rabiu revealed, “We started with oil in Kano. We were processing crude palm oil to refine it. We were also getting peanuts from Kano and then crushing and processing, and that was a good business at the time because it was adding value and people were not used to adding value to anything at all. They were importing everything.”
Recognising when to enter new markets or diversify into different sectors is crucial. But it’s equally important to ensure that such expansion aligns with the company’s core strengths and long-term vision.
Delegate responsibilities where necessary
No matter how visionary or hard-working you are, you can’t manage every aspect of a growing empire.
Rabiu understood the importance of surrounding himself with competent individuals and delegating responsibilities.
This not only ensures efficiency but also allows leaders to focus on broader strategic goals.
To survive in business, you must fight
Abdul Samad once said, “If you don’t fight back or if you are weak, you will never survive. You have to understand that this is not personal but business and you have to keep fighting. When they see that you are fighting and not giving up then they let go.”
The business landscape is fraught with challenges, and not every venture will be a smooth sail. So, you must get ready to fight, in order to survive.
Get protection for your business
Achieving business success is not just about making the right moves but also about safeguarding your assets and interests.
Rabiu emphasised the importance of legal protections, understanding regulatory frameworks, and ensuring that one’s business is always on the right side of the law.
Narrating his business ordeal, Abdul Samad said, “I knew that we had tough competition from the people who had factories and they were not happy with the government giving us the license because they were making so much money they did not want anyone to come into the business.
“So they were doing everything to frustrate it [the process]. I knew that there would be a problem. So before I bought my vessel, I came to Nigeria and sought an appointment to meet the president who granted me an audience and I explained everything to him.”
He secured approval from President Yar’adua and went ahead to purchase his floating terminal.
In 2023, the spotlight on African millionaires has never shone brighter, with most cities …