Abdul Samad Rabiu Net Worth (November 2023)

How Much is Abdul Samad Rabiu Worth?

Net Worth	$6.4 billion
Name	Abdul Samad Rabiu
Date of Birth	August 4, 1960
Birthplace	Kano
Country of Origin	Nigeria
Source of Wealth	Cement, Flour, Sugar
Updated	As of November 2023

As of November 2023, Abdul Samad Rabiu’s net worth is estimated at $6.4 billion, making him the second richest man in Nigeria after Aliko Dangote.

Abdul Samad Isyaku Rabiu is one of Nigerian’s billionaires with one of the fastest growing business in the industrial, manufacturing, and agricultural sector. He has managed to establish himself in the business community through his company, BUA Group which keeps expanding in different African countries. His company specializes in the production of cement, sugar with active trade in real estate. He is a direct competitor of Dangote group especially since he specializes in the same production as the conglomerate.

The growth of his wealth was massive and sporadic, eventually earning him a place on Forbes list as 716th billionaire in the world in 2020. Since then, the billionaire’s wealth hasn’t declined and instead keeps growing. At a net worth of $6.4 billion, Abdul Samad Rabiu owns the position of second richest man in Nigeria, fifth richest in Africa and sixth richest black man in the world.

Early Life

Abdul Samad Rabiu was born in Kano on August 4, 1960 in the Northwestern part of Nigeria to a billionaire father, Khalifa Sheikh Isyaku Rabiu. Abdul Samad Rabiu’s father, Isyaku Rabiu was a businessman and Islamic scholar who supported the Ibrahim Niyass Tijaniyyah movement, a sect of the Islamic religion. During the early trade period of his life, Isyaku business recorded a tremendous bloom, until high exchange rates and poor economic conditions forced him back to trading roots.

Since Rabiu’s father was an Islamic scholar, Rabiu had to follow the Islamic tradition and had his early education in a Modrasat in Kano. Upon the completion of his secondary education, he was sent to the United States precisely Ohio to study at the capital University in Columbus.

After his graduation from the university, Rabiu returned to Nigeria at the age of 24 to oversee his family’s business which was under the name, Isyaku Rabiu & sons, which was nearing a crash then due to the detention of his father for allegedly not paying rice import duties by the General Muhammadu Buhari administration.

Career

Upon his return to Nigeria, Rabiu joined his brothers to keep his father’s business sailing afloat. After ensuring success in the quest, Rabiu decided to go out of his comfort zone to establish his own brand and business. This led to the birth of BUA international limited in 1988, which was established for the sole purpose of commodity trading. Early trade involved the importation of rice, edible oil, flour, iron and steel.

Like they say, growth is the only constant thing in life, Rabiu’s business was characterized by this constant and kept growing. Through his importation of steel, he managed to catch the attention of the government who owned Delta Steel Company in 1990, who contracted him to supply its raw materials in exchange for finished products. This development saw BUA expanding further into the production of billets, steel, multiple rolling mills and the importation of iron ore.

In later years, BUA acquired the largest edible oil processing company in Nigeria, Nigerian Oil Mills.

In 2005, BUA established two flour-milling plants in Lagos and Kano. The growth and expansion continued and eventually saw Rabiu breaking the eight year monopoly in the Nigerian Sugar industry when he established the second largest sugar refinery in sub-saharan Africa.

Again in 2009, the company acquired a controlling stake in a publicly-listed cement company in Northern Nigeria leading to the production of BUA cement. A $900 million cement plant was also constructed in Edo state in 2015.

BUA’s subsidiaries include: BUA cement, BUA Estates, BUA Port and Terminals, BUA Oil Mills, and BUA sugar refinery.

Indeed, Rabiu has built a name for himself. He not only stopped at building a name for himself bit also touched people’s life through his philanthropic acts. He has a foundation BUA foundation, which has helped people in need. A 7,000 square meter paediatric ward was constructed at the Aminu Kano Teaching hospital. This and many more philanthropic acts are recorded to his foundation’s name.

Family

Being from an Islamic family who believed so much in polygamy, it is therefore no surprise that Abdul Samad Rabiu has many siblings, most of which are currently head and owners of big businesses and companies. It was reported by Forbes that Rabiu’s father, Isayaku Rabiu gave birth to 42 children. Among his brothers are: Alhaji Nafiu, Rabiu Rabiu, owner of IRS airlines, Naziru Rabiu, Quraish Rabiu, Makiu Rabiu, Abdullahi Rabiu, Mohammad Rabiu, Daha Rabiu and Alhaji Karami.

Abdul Samad Rabiu is married with four children. There is no public information about his wife, but his children Isyaku Rabiu, Junaid Rabiu, Rukkayah Rania Rabiu and Khadijah Rabiu are known to the public.