Abdulsamad Rabiu Net Worth

Abdulsamad Rabiu was born in Nigeria. Abdulsamad Rabiu is the founder of BUA Group, a Nigerian conglomerate active in sugar refining, cement production, real estate, logistics and port operations. Rabiu is expanding cement production. In September 2015, BUA signed a $600 million deal with Sinoma International Engineering, a Chinese cement equipment and engineering service provider, to construct a second production line at its flagship Obu cement plant, located in Edo State in the western part of Nigeria. Rabiu's aim is to double capacity and expand BUA's current 10% market share in Nigerian cement. In January 2016, BUA Group agreed to sell its flour milling and pasta making businesses to Olam Group of Singapore for $275 million. Rabiu, the son of a businessman, inherited land from his father. He set up his own business in 1988, importing rice, sugar and edible oils as well as iron and steel rods.
Abdulsamad Rabiu is a member of Diversified

💰 Net worth: $1.1 Billion

2014 $1.2 Billion
2015 $1 Billion
2016 $1.1 Billion
2018 $1.1 Billion

Some Abdulsamad Rabiu images

Biography/Timeline

1988

Abdul Samad Rabiu established BUA International Limited in 1988 for sole purpose of commodity trading. The company engaged in the importation of rice, edible oil, flour and iron and steel.

1990

In 1990, the then Government owned Delta Steel Company contracted BUA to supply its raw materials needs, for which Bua was paid with finished products. This provided the much needed windfall for the young company. Bua further ventured into steel, billets and iron ore importation and supplying multiple rolling mils in the country.

2005

Few years down the line, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria and later set up 2 flour milling plants in Lagos and Kano in 2005. By 2008, Bua broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-saharan Africa. The company went on the acquire a controlling stake in a publicly listed Cement Company of Northern Nigeria in 2009 and commenced to construction of a $900 million cement plant in Edo State commissioned early 2015.

2013

In 2013, Forbes estimated Abdul Samad's wealth at $1.2 billion, bringing him to the global billionaire's club.