Meet Abdul Samad Rabiu, the Founder and Chairman of BUA Group, Abdul Samad has built a business empire that spans multiple sectors, including food manufacturing, infrastructure, and logistics. With a career spanning over multiple decades, Abdul Samad has established himself as a shrewd businessman and industrialist, with a passion for innovation and growth. His journey began in the family business, IRS Group, before he struck out on his own in 1988 to form BUA Group, which has since become one of Nigeria’s largest privately-owned conglomerates. His impact extends beyond the business world, as he is also a dedicated philanthropist. Through the Abdul Samad Africa Initiative (ASR Africa), he is committed to supporting health, education, and social development.
Under Abdul Samad’s astute leadership, BUA Group has experienced steady growth, establishing itself as a leading player in various sectors, including cement, sugar, rice, flour, pasta, edible oils, logistics, agriculture, construction, port operations, and real estate, while becoming one of Nigeria’s largest contributors to GDP and employers of labor. Following his degree in Economics from Capital University, USA, Abdul Samad returned to Nigeria and joined the family business, IRS Group, before founding BUA Group in 1988 to import and trade commodities like rice, edible oils, and iron/steel rods, later expanding into steel, billets, and iron ore importation, supplying multiple rolling mills in Nigeria.
BUA Group, under Abdul Samad’s leadership, made significant strides in the early 2000s. In 2001, the company acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria at the time. This was followed by the establishment of two flour milling plants in Lagos and Kano in 2005. By 2008, BUA had commissioned the second-largest sugar refinery in sub-Saharan Africa, solidifying its position in the industry.
The company’s expansion continued with the acquisition of a controlling stake in Cement Company of Northern Nigeria (Sokoto Cement) in 2009. This was followed by the construction of a $1 billion cement manufacturing complex in Obu-Okpella, Edo State, which was commissioned in 2015. Further investments included a 1.5 million metric tonnes line in Sokoto in 2018 and a 3 million metric tonnes line in 2020, bringing the total installed capacity to 11 million metric tonnes as of January 2022. Other recent investments include the Lafiagi Sugar Estate project, a sugar refinery in Port Harcourt, and a petrochemicals refinery in Akwa Ibom state, aimed at addressing Nigeria and West Africa’s petroleum refining needs.
In January 2020, Abdul Samad Rabiu made a significant move by merging his privately-owned Obu Cement Company with the publicly-listed Cement Company of Northern Nigeria, in which he already held a controlling stake. The merger, valued at $3.3 billion, resulted in the creation of BUA Cement Plc, which became the third-largest company on the Nigerian Stock Exchange by market capitalization upon listing. He followed this success with the consolidation of his foods businesses into a new company, BUA Foods Plc, which was listed on the Nigerian Exchange in December 2021.
Both BUA Cement Plc and BUA Foods Plc now sit among the top ten most valuable publicly listed companies in sub-Saharan Africa, solidifying Abdul Samad’s position as a leading entrepreneur in the region. BUA Group has grown from a relatively small company in 1988 to a world-class conglomerate, contributing significantly to Nigeria’s GDP and providing employment opportunities for tens of thousands of Nigerians. Abdul Samad’s ever-expanding conglomerate boasts several subsidiaries and heavy portfolio investments in key sectors of the Nigerian economy, cementing his legacy as a shrewd businessman and industrialist.
Abdul Samad Rabiu has made significant contributions to philanthropic and social development activities through the BUA Foundation and his Abdul Samad Rabiu Africa Initiative (ASR Africa). In October 2022, ASR Africa donated $500,000 to the United States Agency for International Development to support Tuberculosis control, HIV, and gender-based violence prevention efforts in Nigeria. Through this partnership, ASR Africa’s contribution will provide diagnostic machines, renovation of Tuberculosis centers, and dignity kits for survivors of gender-based violence. Prior to this, Abdul Samad Rabiu commenced the development of a 200-bed specialist hospital in Kano State and championed Nigeria’s donation to the Covid-19 intervention.
In 2021, Abdul Samad Rabiu set up the Africa Fund for Social Development and Renewal through his ASR Africa Initiative. The initiative has donated and/or commenced projects across Nigeria and Ghana, including a 4 billion Naira Police Hospital in Abuja and 1 billion Naira each for six universities across Nigeria. The ASR Africa initiative has also donated 2.5 billion Naira each for health projects across four geopolitical zones in Nigeria. These funds are being channeled towards projects in Sokoto, Ogun, Kwara, and Edo States, including an Oncology and Diagnostic Centre in Ilorin and the construction of the College of Medical Sciences at the Sokoto State University.
Abdul Samad Rabiu has always heeded the call to support in times of crisis, including donations to victims of flooding in Gombe and Bauchi States. He continues to be one of Nigeria’s largest private donors to reconstruction and development efforts in the North-East. Recently, he announced a donation of N10bn Security Support Fund to the Nigerian Government. Abdul Samad Rabiu’s business interests prioritize environmental protection through investments in manufacturing plants that meet stringent environmental standards. His businesses are involved in various community projects across Nigeria, aligning with the United Nations Sustainable Development Goals. His philanthropic efforts have earned him numerous awards, including the 2022 CEO of the Year at the African CSR Awards and the 2022 Sun Man of the Year Awards.
- Tags: Abdul Samad Rabiu, BUA
