Today, he is one of Africa’s richest and holds business interests across several sectors of the economy and in various countries on the continent. Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a […] Notwithstanding, Adenuga fondly attributes his business sense to his mother, who was also a businesswoman. He was a supporter of Ibrahim Niasse's Tijaniyyah brotherhood. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. This was after a highly competitive bidding process under the Public Enterprise (Privatization and Commercialization) Act No. ", "Rabiu, Alakija, others in Forbes 'Black Billionaires' list", "Dangote, Adenuga, Alakija rank among richest Blacks", "Vp Osinbajo's Unquenchable Love For Bua Boss, Abdulsamad Rabiu", "Everyday Heroes: AbdulSamad Rabiu • Connect Nigeria", "Top 3 Achievements of Abdul-Samad Rabiu- Chairman of Nigerian Conglomerate BUA Group", "Legendary Nigerian Businessman Isyaku Rabiu Passes On At 93", https://en.wikipedia.org/w/index.php?title=Abdul_Samad_Rabiu&oldid=983442608, Creative Commons Attribution-ShareAlike License, This page was last edited on 14 October 2020, at 07:42. He also got to meet with a distant uncle who was a Lecturer at the Obafemi Awolowo University. In 2009, Tayo founded Pagatech as a mobile payments solution focused on digitizing cash amidst new emerging economies. A man of several firsts, events of his birthday […] A local oil servicing company, Depthwize, for instance, had been forced to lay off workers and shut down services on two of Conoil’s rigs, saying the debt of $40 million had incapacitated the company to the point that it could no longer afford the day to day running cost of working on the rigs. On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state. by admin 0 Comments Today, August 4, industrialist extraordinaire, philanthropist and chairman of BUA Group, Abdulsamad Rabiu, clocked 60. The 1999 crisis was the third major crisis in which the family survived unscathed – and it did not seem like they would be lucky enough to survive a fourth. Some of the initial investors who took the risk to put their funds in were Goodwell Alitheia Capital, Tayo’s former bosses, both in Nigeria and Los Angeles, and some friends and relatives – the result of lots of goodwill built over the years. He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines. See the complete profile on LinkedIn and discover Abdul Samad’s connections and jobs at similar companies. He returned to Kano as a fresh graduate with a degree in economics from Capital University in Columbus, Ohio, in the United States, a lot had changed while Rabiu was away. He also sold drinks and lace materials at one time, doing whatever business he could to raise money. Razaq recalled that the community in which he spent the first 14 years of his life had an unusual perception of education. Razaq’s story is a captivating one that sees one unfortunate event changing the fate of a young man. The idea, Razaq explains, is to let savings become a lifestyle, you save while living your normal life. Global trends in recent times have shown a shift towards a cashless and digital economy, especially as it becomes more obvious that operations in physical branches of commercial banks can be summarily shut down when circumstances demand it. Rabiu says with the consolidation, BUA Group has a market valuation of about $800 million, far cry from the company’s humble beginnings. He also holds a Yoruba Chieftaincy as the Otunba Apesin of the Ijebu clan. From interacting with post-secondary students who were seeking admission, Rasaq soon came to understand that the subjects they were studying were no different from the subjects he was already studying. Linked companies : BUA Cement Plc - Cement Company of Northern Nigeria Plc: Summary : Founder of Nigerian Oil Mills Ltd., BUA Sugar Refinery Ltd., BUA Flour Mills Ltd. and BUA Group, Abdulsamad Rabiu is an entrepreneur and … Rabiu controls about 98.5% of the new entity and also has stakes in BUA Oil and Mill, BUA Estate, BUA Sugar, BUA Port and Terminal. BUA CEMENT: BUA Group possesses a 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. There was also another donation of N200 million to Adamawa state government, and ambulances to several other states. There are lots of opportunities that evade businesses in this country when they do not have the required institutional framework.”. This break affected his CFA programme which he had started at the time, delaying his completion till 2012. Everyone who helped us in the early days got paid below the market rate. Mai Mala Buni has described Abdul Samad Rabiu as a “philanthropist, successful businessman and a bridge builder” whose positive impact in the lives of the people is worthy of emulation. At age 14, the family had their life disrupted by the Hausa-Yoruba crisis which rocked the country in 1999. READ: Paga records over $2 billion worth of transactions in 2019, READ: Pagatech secures exclusive partnership deal with Orange Mall. Coming a short while after the business mogul increased his net worth by almost $5 billion, the scandal of course attracted a lot of criticisms. In May 2015, Mike Adenuga made a takeover bid and acquired the Ivorian mobile telecoms operator “Comium” in Cote d’Ivoire for $600m. Under the holding company, subsidiaries were set up to handle real estate, agriculture, FMCG brands, and a Joint Venture Agreement with a distribution company to handle oil and gas. He is also the chairman of the Nigerian Bank of Industry (BOI). “This showed me that I did not need to do anything abnormal to become like them, and with this understanding, I became the first person in my immediate family in Kano that would go to a university.”. Based on recommendations from an uncle, Razaq started learning generator repairs and maintenance. Cowrywise is fast-becoming an automated savings option of choice, and so, we profile the man behind the initiative – Razaq Ahmed. “We never had plans of coming back to the southwest, it was completely accidental and it was this accident that completely changed the course of my life,” Rasaq states wistfully. For the first time in his life, Rasaq started seeing undergraduate students and admission seekers, who talked about lectures, examinations, and careers after school. , A few years later, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. He explained that his years as an investment banker had shown him the larger market in the informal and alternative asset space which, though profitable, was not exposed to investors. Understandably, there would not be any party because of the raging coronavirus pandemic. , 3. Returning to Kano as a newly-minted graduate with a degree in economics from Capital University in Columbus, Ohio, in the United States, a lot had changed while Rabiu was away. They have also enjoyed several special treatments from … This set the stage for his later moves to break the eight-year monopoly in the Nigerian sugar industry, when he commissioned BUA sugar refinery, said to be the second-largest sugar refinery in sub-Saharan Africa. ReDahlia 09/05/2020 At 6:22 pm. Responding, Governor Okowa described the Executive Chairman of BUA Group, Abdul Samad Rabiu, as a true philanthropist, adding that the donation was timely to … After completing the CFA program in 2012, Rasaq Ahmed founded Sart Partners, an investment vehicle to carry out investment management in the alternative assets space that cuts across oil and gas, commodities, real estate, and other informal sectors. These include the construction of a 7,000-square-meter paediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano amongst several others. Abdul Samad Isyaku Rabiu CON ( The company has two refinery plants and matching fractionation plants with a combined installed capacity of 700TPD.  This was when his father, Isyaku Rabiu, was being detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties. The young Tayo worked weekdays and weekends trying to get a hang of the task before him. His father, late Khalifah Isyaku Rabiu was one of Nigeria’s foremost industrialist in the northern states of Nigeria in the 1970’s and 1980’s. As of 2020 Abdul Samad Rabiu net worth is $3.1 billion making him the 3rd richest in Nigeria and 716th in the global billionaire’s club. Abdul Samad Isyaku Rabiu CON chairman of BUA Group at BUA Group Kano, Kano, Nigeria 169 connections Back to Ogbomoso, the Ahmeds moved into the house of an extended family located at Isale, not far from Ladoke Akintola University of Technology (LAUTECH). Abdul returned to Nigeria at the age of 24 to overseer the family business. Learn how your comment data is processed. Rabiu also made a personal donation of N1 billion to support Nigeria’s response to the virus, and medical and emergency kits and supplies to 9 States in the country. He owns stakes in different companies in Nigeria including Stanbic IBTC Bank and Sterling Bank. Abdul Samad Isyaku Rabiu was born on August 4th, 1960 in Kano, Kano State, Nigeria to Isyaku Rabiu, a businessman and Islamic scholar. He hails from Kano, Nigeria. He wanted to help Nigerians pay retailers, make purchases, and pay utility bills without having to handle so much money. Abdul Samad Rabiu owns properties in Eaton square and Avenue road also known as millionaire’s row. The technology deployed is unique and from Brazil, widely known as having the best technology in sugar production and refinery. BUA expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria. BUA Group 670 views. 12:46. Abdulsamad Rabiu is one of the richest people in Nigeria and Africa. Making Africans proud! Reply. According to Forbes as of August 2020, Abdul Samad's net worth was estimated at $3.1 billion. August 04. 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. This site uses Akismet to reduce spam. https://nairametrics.com/2020/03/01/the-zero-to-hero-story-of-abdulsamad-rabiu The fracas was traced back to some Hausa men who had been killed in Sango-Ota and their bodies sent home to their families in Kano. Filter appointments Filter appointments Current appointments Total number of appointments 1 Date of birth August 1960. “Traditionally, everyone attended primary education, and then secondary school, but up to 90 percent of the students combined schooling with some form of other works like manual works or learning a craft,” he explained. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. Abdul Samad Rabiu uses the BUA Foundation for his philanthropic activities. Abdul Samad Rabiu speaks at Sheikh Sharif Ibrahim Saleh Islamic Center fundraising ceremony - Duration: 12:46. “Nigeria imports 90% of it’s petroleum products. He came out with the best WASC results in his school in Ogbomoso, but his UME score was 20 points below the 235 cut-off mark of the University of Ilorin which he had selected for his first and second choice. He got his first degree in Business Administration from North Western Oklahoma State University and his MBA from Pace University, New York. Cheers to Rabiu as he celebrates his 60th birthday in a very unostentatious style, since the rules of the pandemic do not permit large gatherings. President Muhammadu Buhari has extended his warm greetings to the Founder/Chairman of one of Africa’s leading conglomerates, BUA Group, Abdul Samad Rabiu, on his 60th birthday. The mob only had sticks and cutlasses. Pagatech reached its first 1 million users within 2 years and since then, the number of its users has grown into tens of millions processing billions of dollars in transactions. They relocated to their hometown in Ogbomoso to start life from the scratch. READ: FRC orders banks not to lend money to states without approval. Some of the projects carried out by the foundation include the construction of a 7,000-square-meter pediatric ward which was donated at the Aminu Kano Teaching Hospital, as well as ambulances and medical supplies. FRC orders banks not to lend money to states without approval, Rich Bitcoin investor moved $175 million worth of BTC for just $0.84, Scaling in Nigeria’s fashion industry is tough work – Ugo Monye. Fate smiled on him, and thanks to his numerous hustles, he made his first million in 1979 at the age of 26, and has not stopped since then. AbdulSamad Isyaku Rabiu Age. It was reported in the news that his company Conoil had failed to pay debts owed to multiple creditors including the French oil giant, Total. Posted on August 4, 2020 August 3, 2020 Author Abdul Samad Rabiu: An industrial mogul at 60 Comments Off on Abdul Samad Rabiu: An industrial mogul at 60 When he was born on that day of August 4, 1960 in the ancient city of Kano, Abdul Samad Rabiu, was a normal child born into the home of famous businessman, the late Khalifa Sheikh Isyaku Rabiu. Over the years, the duo have become synonymous with cement in Nigeria, with both leading several innovative moves in the industry. In 2018, he was decorated with the insignia of a Commander of the Legion of Honor by President Emmanuel Macron of France. In business and philanthropy, Nigerian business mogul, Abdulsamad Rabiu continues to set the pace. 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. I was devastated, we spent a lot of money shipping between Los Angeles and Taiwan,” he once recounted. He is is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture. Already in SS2 at the age of 14, Razaq was well on his way to becoming a ‘generator man’ as they were called in the community. By the end of the 90s, as the nation returned to the democratic dispensation, Adenuga saw another potential in the telecommunication industry and acquired a conditional GSM license from the Federal Government in 1999. BUA foundation has been the vehicle through which Rabiu carries out most of his philanthropic gestures. READ MORE: Plentywaka raises $300,000, seeks partners as it launches operations in Abuja.  His late father, Khalifah Isyaku Rabiu, was one of Nigeria's foremost industrialists in the 1970s and 1980s. , Abdul Samad Rabiu uses the BUA Foundation for his philanthropic activities. You may contact her via [email protected]. After shooting in the air to disperse the mob, the soldiers took them to the Bukavu barracks where they were camped as Internally Displaced Persons (IDPs) in the Army Day Secondary School – the same school where Rasaq was a student. From a humble start, Mike Adenuga has become one of Nigeria’s most successful entrepreneurs whose impact is being felt across the continent. “It’s about time”, says the ebullient BUA Group chairman Abdul Samad Rabiu, sitting with Axens chief executive Jean Sentenac during a contract-signing ceremony held in the 16th-century Château de Vert-Mont outside of Paris, France. In the cement industry in Nigeria, two names are Kings, Chairman of Dangote Group, Alhaji Aliko Dangote, and Abdul Samad Rabiu, the boss of Bua Group. Some of them stayed on to work with Paga when we could afford to pay them at market rates,” he recalled. Abdul Samad has 1 job listed on their profile. Billionaire Industrialist, Abdul Samad Rabiu, is 60. Earlier in the year, the foundation made a donation of N300 million to Sokoto, Edo and Ogun states to assist in the response to the pandemic, and also a N1 billion donation to the COVID-19 relief fund accounts fight the Coronavirus in Nigeria. I pooled together people to work in different aspects, most of them friends who were doing it as a favor. August 04. Abdul returned to Nigeria at the age of 24 to overseer the family business. Our focus for this week’s profile is Tayo Oviosu, founder and CEO of notable payment solutions provider, Pagatech. The predecessor company, Golden Oil Company which was bought by BUA Oil Mills has been in existence for almost 20 years. He later earned a Masters in Business Administration from the Graduate School of Business, Stanford University from 2003 to 2005. The refinery is 100% Nigerian owned and 100% equity financed. May Almighty Allah guide and protect him. Not many people were particular about tertiary education and becoming an artisan was seen as a norm for the children. The job offer came before the National Youth Service year, so Razaq served out the year at Meristem Securities as a Research Analyst. Abdul Samad, founder and chairman of BUA Group . Abdul Samad RABIU. Mike Adenuga carries out his philanthropic activities through the Mike Adenuga Foundation, helping people in Nigeria and other African countries. Abdulsamad Rabiu was born into a wealthy family on the 4th of August, 1960 in Kano State. Companies House does not verify the accuracy of the information filed (link opens a new window) ... Search for a company or officer Search. , Abdul Samad Rabiu was born in Kano in the north-western part of Nigeria, where he obtained his early education. , 1. This provided a much-needed windfall for the young company. Obaseki thanked Rabiu for his continued to support the state’s industrialisation drive as the single largest investor in the state and his immense contribution towards fight against the Coronavirus pandemic. Abdul Samad Isyaku Rabiu CON (born 4 August 1960 in Kano, Nigeria) is a Nigerian businessman. “I was allowed to design a digital imaging chip that got sent to Taiwan for fabrication. Some years later, Abdulsamad had repeatedly proven that he had a Midas touch in business, acquiring the largest edible oil processing company in Nigeria – Nigerian Oil Mills Limited. 8 Akilo Road, Ikeja Lagos. He obtained the drilling license in 1990 and started exploration with his new company, Consolidated Oil, in Ondo state. READ: Sim Shagaya’s Edtech startup secures $3.1 million Seed Funding. Nigeria has untouched iron ore deposits in Kogi State, and he is waiting for a concession from the government on gas prices before building a 350km pipeline from Delta State to Kogi in order to build a power station. Nigerian startup, Green Africa to sign deal with Airbus for 100 aircraft. Fate, however, had other plans. READ: Contracts less than N5 billion will no longer be awarded to foreign firms – FG. Margaret 04/09/2020 At 1:39 am. If the Nigerian army had waited a few more minutes before they arrived, I wouldn’t be here today,” Rasaq narrated. For the first 6 months, Tayo bootstrapped from his personal funds before setting out to raise funds from investors. Abdul Samad Isyaku Rabiu CON (born 4 August 1960 in Kano, Nigeria) is a Nigerian businessman. After it was revoked, he obtained a second one in 2004, when the government held another auction. Abdul Samad Isyaku Rabiu CON | Kano, Kano, Nigeria | chairman of BUA Group at BUA Group | 169 connections | See Abdul Samad 's complete profile on Linkedin and connect The company is the concessionaire for the Port Harcourt Terminal 'B' of the Nigeria Ports Authority, NPA. I had tested this thing numerous times in the lab; I was confident it was going to work. It was a mutually beneficial arrangement where the investors were issued the SART commodity link notes to make investments, and they got returns at the end of the month. Then the fabricated chip comes back and it doesn’t work. Having worked for over a decade, Tayo had saved up some money and had the support of friends, which became instrumental in launching Paga. This is more so, as Cowrywise gains even more popularity among the emerging generation who have realized that the benefits of subscribing to classic investment schemes might be much more than that of leaving funds idle in the bank – savings. Some years later, two flour-milling plants – in Lagos and in Kano – had joined the number. The BUA foundation has been the vehicle through which Rabiu carries out most of his philanthropic gestures. He had most of his early education in Kano and later obtained his Bachelor Degree in Economics from Capital University in Columbus, Ohio. He later left the country and went to live in London for a while until late President Umaru Musa Yar’Adua’s regime granted him a pardon, making it possible for him to return home to Nigeria. Unlike other self-made billionaires, Abdul Samad Isyaka was born with a silver spoon because his late father, Khalifah Isyaku Rabiu, a millionaire himself, was one of … This was a terrain that was, hitherto, only played in by the likes of Aliko Dangote. Abdul Samad Isyaku Rabiu was born on the 4 th of August 1960 in Kano state. Billionaire Industrialist, Abdul Samad Rabiu, is 60. View Abdul Samad Rabiu’s profile on LinkedIn, the world’s largest professional community. The axiom goes that “life begins at 40”, but for Mike Adenuga, the CEO of Globacom, who became a millionaire at the young age of 26, life began in his 20s. Two years later, Rabiu had a major break when BUA was contracted to supply the government-owned Delta Steel Company with raw materials in exchange for finished iron products. by admin 0 Comments Today, August 4, industrialist extraordinaire, philanthropist and chairman of BUA Group, Abdulsamad Rabiu, clocked 60. Rabiu is no stranger to the Forbes list of Africa’s richest, and even though he has had some years out of the list, the most recent Forbes 2020 list of Richest Nigerians in Africa pegs his net worth at $3.1 billion, courtesy of some dexterous business moves over the last couple of years. In 2009 the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. His late father, Khalifah Isyaku Rabiu, was one of Nigeria’s foremost industrialists in the 1970s and 1980s. It has an installed capacity of 2,000 MT of sugar a day. , In 1990, the government, which owned Delta Steel Company, contracted with BUA to supply its raw materials in exchange for finished products. BUA PORTS & TERMINALS: BUA Ports and Terminals Limited, a subsidiary of BUA Group was incorporated on 28 March 2006. According to Forbes Magazine, Abdul Samad Rabiu is a multi-billionaire with a net worth of over $3 billion as of 2020. 2016: Nigeria's BUA in talks with China's Sinoma over $1.9 billion steel, cement deal: RE. In that case, we would say he is halfway there. BUA ESTATES: To meet the growing demands for real estate in Nigeria, BUA Group's real estate portfolio includes various residential, commercial and mixed-use developments in major Nigerian cities. Rabiu rattles out the value chain from iron ore to finished steel in a heartbeat. and BSc. “When I look at my journey so far, I realize that we are here sitting on the back of 34 people and 6 institutions who took a bet on us on. Eyitayo David Oviosu was born on September 10, 1977, and acquired both his primary and secondary education in Nigeria. Though there are now over 200 fintech players, Paga still holds its ground. As Yoruba residents in a Hausa community, Razaq’s family became victims of targeted attacks. Print This Article Share it With Friends. To eliminate bumps from the process, Cowrywise introduced the automated savings option that allows people to use a saving schedule and invest as easily as they spend. This was revealed when the Chairman of BUA, Abdul Samad Rabiu led the BUA Cement Management team on a courtesy call to the Adamawa State Governor, Ahmadu Umaru Fintiri in the Government House, Yola. In 2005 BUA started two flour-milling plants, in Lagos and in Kano. Adenuga saw the potentials of the booming oil industry in Nigeria and started applying for a license in the late ’80s. Nevertheless, provision has also been made for gas supply from a gas company to fire its turbines. He had a short break from investment banking in December 2010, when he resumed with Shell Petroleum Development Company as Business Economist. BUA SUGAR: BUA Sugar Refinery Limited was incorporated on April 13, 2005, as a private limited liability company. “I got called into my boss’ office and he told me he had to let me go. Public asset : 3,252,773,281 USD. Another company owned by Adenuga, Bellbop, had an interim injunction placed on it by the High Court in Lagos, after it also failed to pay the $9.4 million owed to the US oil and gas firm, Baker Hughes. , Abdul Samad Rabiu established BUA International Limited in 1988 for the sole purpose of commodity trading. Abdul Samad is a Nigerian businessman, founder, and chairman of the Nigerian conglomerate BUA. The company's primary business is the refining of imported and locally sourced raw sugar. 06:07 2020. His late father, Khalifah Isyaku Rabiu, was one of Nigeria's foremost industrialists in the 1970s and 1980s.Abdul Samad is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. BUA Group 670 views. As a secondary school student at the Army Day secondary school, he would close from school with the rest of his friends, change into casual wears, and resume at the workshop for another kind of learning. Abdul Samad Rabiu, Alhaji Nafiu, Alhaji Karami: Isyaku Rabiu (October 9, 1925 – May 7, 2018) was a Nigerian businessman and Islamic scholar who founded a major holding company in Kano State. Net Worth of Abdul Samad Rabiu. 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