Abdulsamad Isyaku Rabiu is one “silent” Nigerian billionaire who is doing incredible things in business. He is an accomplished industrialist, with a net worth valued at $1.2 billion by Forbes as at March 2014. Last week,
Mr. Rabiu was everywhere in our reports, starting with the news that he is set to earn a whopping ₦850 million as dividends from his shares in the Cement Company of Northern Nigeria (CCNN), to the possible listing of his BUA Cement on the Nigerian Stock Exchange.
These developments, coupled with his incredible track record as a successful businessman, are some of the reasons why we have chosen to feature him as our corporate personality of the week. Read on for more details about him.
Childhood and Education
Mr. Abdulsamad Isyaku Rabiu was born on August 4, 1960, into a prestigious northern Nigerian family in Kano. His father, Khalifa Isyaku Rabiu, was an equally accomplished businessman who owned many lands. Young Rabiu studied for his secondary school education in Nigeria before moving to the United States of America where he studied at Capital University for his bachelor’s degree in Economics.
He returned to Nigeria in the early 1980s at the age of 24, to take over the management of his father’s businesses. This was around the same time that his father was having serious issues with the government which almost ruined the businesses. Young Rabiu was, however, able to successfully manage the empire in the absence of his father.
Professional Life
He is the Chairman of BUA Group which he founded in 1988, just a few years after his graduation from the university. The conglomerate, in its early years, was engaged in the importation of everyday commodities such as iron/steel, vegetable oil, rice, and flour. As an iron/steel importer, BUA Group supplied to major rolling mills in Nigeria, including Delta Steel Company which was Government-owned. The conglomerate is currently valued at $2.5 billion.
As the years passed, the business continued to expand under Rabiu’s astute leadership. First, Nigerian Oil Mills Limited, which was the largest edible oil processing mill in the country back then, was established. Much later in 2005, Rabiu’s BUA Group established two flour mills in Kano and Lagos. By so doing, it fully established its presence in the consumer goods industry. The company also broke the long-standing monopoly on sugar which was held by Dangote by establishing Sub-Saharan Africa’s second-largest sugar refinery in 2008.
Meanwhile, still under the leadership of Mr. Rabiu, BUA Cement (a subsidiary of BUA Group) in 2009 acquired the controlling share in Cement Company of Northern Nigeria Plc. The company also acquired the majority shareholding in Edo Cement Company following its privatisation in 2008.
In 2015, BUA Group completed construction of Greenfield Obu Cement Plant, a 3 million metric tonnes capacity facility which has since begun operations. In 2015, it was reported that the company had signed a $600 million worth contract with China’s SINOMA International Engineering, to construct an additional 3 million metric tonnes capacity facility to boost Obu Cement Plant.
Abdulsamad Isyaku Rabiu is also a one-time Chairman of Nigerian Bank of Industry, a post he held until 2016. This merited appointment was due to his accomplished pedigree as an industrialist. His many contributions to the development bank are still felt till date.
Mr. Rabiu is married with children and dedicates his time and resources to many humanitarian causes.
