Abdul-Samad Rabiu becomes Second Richest Man in Nigeria
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Abdul-Samad Rabiu becomes Second Richest Man in Nigeria

Founder or BUA Group, well known as BUA industries- Abdul-Samad Rabiu, has become the second richest man in Nigeria.

This step-up in his career is no coincidence as he has not only been Chairman of BUA industries for a very long time, he recently added over $1.8 million to his net worth.

This brought his net worth to a total of $7.2 Billion, making him the second richest man in Nigeria, placing him after Aliko Dangote($12 Billion) and before Mike Adenuga ($6.6 Billion)

The addition to his net worth was occasioned by the immense profit brought in by his industry- BUA industries. BUA industries is a conglomerate that specializes in Manufacturing, Agriculture and infrastructure.

This is not a surprise as an industry is comprised of as many sectors as possible. But the case of one sector holding up too well than other sectors is not really what happens in BUA.

For Abdul-Samad to record such increase in net worth, the three sectors of BUA have made as much profits as possible, with BUA foods bringing in more profits.

These sectors are divided into:

■BUA OILS: BUA Oil Mills Limited is located in Lagos. The oil mill was renamed BUA after the acquisition of its predecessor-Golden Oil Company which was bought by BUA Oil Mills. Prior to this, Golden Oil had been in existence for 20 years.

BUA OILS owns two refinery plants and matching fractionation plants with a combined installed capacity of 700TPD.

The older refinery was supplied by Desmet of Belgium and has an installed capacity of 200TPD, while the new refinery, which was commissioned by BUA Oil Mills, was supplied by Alfa Laval with an installed capacity of 500TPD.

■BUA SUGAR: BUA Sugar Refinery Limited was created on April 13, 2005, as a private limited liability company. The company’s primary goal is the refining of imported and locally sourced raw sugar.

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The Refinery was created as an ultra-modern, automated plant with state of the art equipment. It has an installed capacity of 2,000 MT of sugar a day.

The refinery is 100% Nigerian owned and 100% equity financed. The technology used in BUA sugar is from Brazil- a country widely known as having the best technology in sugar production and refinery.

The refinery is structured to generate its own power during the process of converting molasses to sugar. Nevertheless, provision has also been made for gas supply from a gas company to fire its turbines.

■BUA CEMENT: BUA Cement is one of the strongest sectors of the industry as a result of its strong capacity in cement manufacturing with 3 major subsidiaries and plants in Northern and Southern Nigeria as well as a 2 million metric tonnes per annum floating terminal serving niche markets.

Abdul samad rabiu second richest man Nigeria

BUA Cement is also a stakeholder in Damnaz Cement Company Ltd which is the Majority Shareholder in Cement Company of Northern Nigeria. The Group’s plants have the capacity to Provides various grades of cement as required in the local Nigeria markets and meet the highest standard of cement manufacturing

■BUA PORTS & TERMINALS: BUA Ports and Terminals Limited was created as a subsidiary of BUA Group on 28 March 2006. BUA Ports and Terminals has the right to the Port Harcourt Terminal ‘B’ of the Nigeria Ports Authority, NPA. This was after a highly competitive bidding process under the Public Enterprise (Privatization and Commercialization) Act No. 28 of 1999.

■BUA ESTATES: As a subsidiary of BUA Group, the major aim of BUA estate is to meet the high demands for real estate in Nigeria, BUA Group’s real estate portfolio includes various residential, commercial and mixed-use developments in major Nigerian cities.

According to Africa Business Insider,

“BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of press time, Jan. 6. The company’s market capitalization increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.”

The Food Sector of BUA had a drive in its profits and this contributed a lot to Abdul-Samad Rabiu’s net worth, he said:

“I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

We appreciate the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

Abdul-Samad Rabiu is 61 years old and was born in Kano. He studied at the Capital University in Columbus, Ohio. At the age of 24, he returned to Nigeria to oversee the family business.

Abdul-Samad Rabiu is credited for breaking an 8-year monopoly in the Nigerian Sugar industry through the creation of BUA sugars- a subsidiary of Bua Groups.

Not only is Abdul-Samad Rabiu the Chairman of BUA Groups, he is currently the Chairman of The Nigerian Bank of Industry, and now the second-richest man in Nigeria.

Article Source: Africa Business Insider, BUA Group.

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