How Nigeria’s second-richest man Abdul Samad Rabiu gained $1.2 billion in 45 days

Abu Mubarik September 12, 2023
Abdul Samad Rabiu. Photo: BUA Cement

Abdul Samad Rabiu is a businessman, industrialist and Nigeria’s second richest man. In February this year, the Nigerian business magnate had a net worth of $7.6 billion and ranked 4th on the Forbes Africa billionaire list. However, he saw his net worth tumble over the depreciation of the Naira.

His net worth dropped from $7.6 billion to below $5.3 billion. However, he has made a remarkable comeback, with his net worth bouncing back by over $1 billion since June 2023. According to Forbes, his net worth hit $6.5 billion this week.

The recent surge in his net worth has been attributed to the outstanding performance of his publicly traded companies on the Nigerian Exchange (NGX), particularly his holdings in BUA Foods. According to Billionaires Africa, Rabiu’s stake in BUA Foods increased by $1.04 billion in 45 days, from $2.88 billion on July 27 to $3.93 billion.

Rabiu established BUA Group, one of Africa’s industrial conglomerates in 1988 with the intent of going into commodity trading. The business initially imported rice, edible oil, flour, iron, and steel. After some years, BUA gained Nigerian Oil Mills Limited, the largest edible oil processing enterprise. He also launched two flour-milling plants in 2005.

What is more, in 2008, he commissioned the second-largest sugar refinery in sub-Saharan Africa, breaking the eight-year monopoly in the Nigerian sugar industry. Years later, the company went on to build a $900 million cement plant in Edo State in 2009, which was completed by 2015.

In the name of BUA Foundation, Rabiu built a 7,000-square-meter pediatric ward at the Aminu Kano Teaching Hospital, as well as a Center for Islamic Studies at Bayero University also in Kano, among others.

The 62-year-old was conferred the Nigerian national honor of Commander of the Order of the Federal Republic (CFR) by President Muhammadu Buhari in 2022. Rabiu continues to climb up in status. His feats reinforce the notion that the African continent is truly capable of making it in the global field of business.

Last Edited by:Mildred Europa Taylor Updated: September 12, 2023


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