Abdul Samad Rabiu Net Worth (Updated 2023)

Abdul Samad Rabiu Net Worth is estimated to be $8.6. BUA Group, a Nigerian company involved in cement manufacture, sugar refining, and real estate, was founded by Abdulsamad Rabiu.

In the first few days of January 2020, Rabiu combined the privately held Obu Cement with the publicly traded Cement Co. of Northern Nigeria.

Rabiu owns 98.2 per cent of the merged company, listed on the Nigerian stock exchange as BUA Cement Plc. 

Introduction

Nigerian conglomerate BUA Group was founded and is led by Rabiu. In Lagos, BUA Cement is the company’s second-biggest cement-producing unit, bringing 361 billion Nigerian naira ($847 million) in sales in 2022. The largest pasta and flour facility in Nigeria belongs to BUA Foods, another publicly listed company.

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Abdul Samad Rabiu Biography and Net Worth

Forbes magazine ranks Abdulsamad Isyaku Rabiu CON, a Kano native and billionaire, as the fifth richest man in Africa and the 380th richest man in the world with an estimated net worth of about $6.8 billion as of April 4 of this year.

He was instrumental in breaking the Dangote Group’s sugar monopoly, and he has been quoted as saying that he despises commercial trusts because they are bad for competition. He shares Tony Elumelu’s and Aliko Dangote’s belief in Afrocapitalism, a business theory that prioritises the success of African enterprises by providing a comfortable working environment for locals.

Abdulsamad Rabiu has a strong reputation as an entrepreneur and a kind giver.

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Abdulsamad was born on August 4, 1960, in Kano, in the northwestern region of Nigeria, two months before Nigeria gained its independence. His father, Khalifah Isyaku Rabiu, was a prominent industrialist in the 1970s and 1980s. Therefore, he hails from a family of successful business people.

 

He started the manufacturing, real estate, and banking firm Isyaka Rabiu and Sons.

Abdulsamad Rabiu attended Federal Government College, Kano, before enrolling in Economics classes at Capital University in Columbus, Ohio, USA.

At the age of 24, Abdulsamad moved back to Nigeria. When the then-Buhari military administration arrested his father for failing to pay import duty on rice, he took direct charge of the company.

With commodities trading as his primary focus, Abdulsamad established BUA International Limited in 1988. In addition to dealing with iron and steel, the firm imported common foodstuffs like wheat, oil, and rice.

In 1990, government-owned Delta Steel Company struck a deal with BUA to swap raw materials for finished goods. The new firm found a healthy equilibrium in the commercial world thanks to this cooperation, and the petrol fee was used to fuel future growth.

Early in the new year of 2020, Abdulsamad merged his privately held Obu Cement with the publicly traded Cement Company of Northern Nigeria. BUA Cement Plc, listed on the Nigerian Stock Exchange and 98.5% owned by Abdulsamad Rabiu, is the result of the merger of the two companies.

Keeping a 96% share and a market worth roughly $2.8 billion, Abdulsamad relisted his sugar and food business on the Nigerian stock exchange in early 2022.

 Abdul Samad Rabiu Income from Business

The official website, the bulk of Rabiu’s wealth comes from his ownership share in BUA Cement, the country’s second-largest cement manufacturer. According to the firm’s 2023 first-quarter report and 2022 annual report, he personally and indirectly controls nearly 98% of the company through three other companies.

In addition, as reported in both the first-quarter and annual reports for 2023 and 2022, he owns 93% of BUA Foods, which operates Nigeria’s largest pasta and flour facility.

Due to a lack of information, the value needs to consider any other BUA Group companies.

The investigation of purchase prices, insider trades, tax rates, stock performance, and donations to charity resulted in including a liability.

Abdul Samad Rabiu Business Career 

Rabiu’s BUA Group is one of the fastest-growing industrial companies on the African continent, and it is the source of his $8.6 billion wealth. Rabiu is currently the second-wealthiest person in Nigeria and the fourth-wealthiest person in Africa.

Since its IPO in 2022, BUA Foods has been controlled by Abdul Samad Rabiu. He also has a publicly listed cement firm, his flagship, BUA Cement.

For the fiscal year ending in 2022, the corporation recorded a pre-tax profit of N120 billion, an increase of 16.79% from the N102.87 billion reported for the fiscal year ending in 2021.

Despite rising prices and a falling currency, Bagged Cement saw increased demand, leading to higher pre-tax earnings.

The majority of the company’s revenue during the period under review (99.46%) came from sales of bagged cement products.

He is Africa’s third wealthiest person, after fellow Nigerian billionaire Aliko Dangote and South African billionaire Johann Rupert. Abdul Samad Rabiu’s fortune has grown substantially in the last three months, from $8 billion to $8.6 billion.

As of the writing of this report, his net worth is more than that of South African billionaire Nicky Oppenheimer, whose fortune is estimated at $8.4 billion.

South African businessman and philanthropist Nicky Oppenheimer made his fortune through the diamond mining enterprise founded by his family, De Beers. Nicky Oppenheimer’s wealth was bolstered in 2012 when he sold $5.1 billion worth of his family’s interest in De Beers to Anglo American plc.

Abdul Samad Rabiu Net worth 2023

According to the most recent Forbes data, Nigeria’s second-wealthiest man, Abdul Samad Rabiu, had a phenomenal month in April.

After starting the month with a net worth of $8.3 billion, Rabiu saw a meteoric rise to $8.6 billion, an astounding gain of $300 million (equal to N138.14 billion).

This remarkable achievement equates to an average N4.6 billion daily revenue for Rabiu throughout April 2023.

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