How billionaire industrialist Abdulsamad Rabiu makes and spends his money
In 2016, he was worth $1.1 billion. Forbes ranked him the 1577th richest person in the world.
The industrialist was ranked by Forbes as one of the richest men in the world in 2016 with a net worth of $1.1 billion. He was ranked as the 23rd richest person on Africa's 50 Richest list in 2015.
In 2019, Rabiu returned to the billionaires' club with a net worth of $1.6 billion. He is the 16th richest person in Africa and third in Nigeria.
He is the founder and CEO of BUA Group, an import business he started in 1988 after inheriting land from his father, well-known businessman Isyaku Rabiu.The company deals in everything from sugar refining, cement production, real estate, logistics to port operations.
His company accounts for around 10–15% of the Nigerian cement market, according to The Africa Report and is reportedly worth $2.5 billion.
The Nigerian businessman, born August 4, 1960, in Kano, Nigeria, is also the chairman of the Nigerian Bank of Industry.
Business Insider Sub-Saharan African looks at this billionaire industrialist makes and spends his money:
How he makes his billions
1. BUA International Limited, which was established in 1988. It is engaged in the importation of rice, edible oil, flour and iron and steel.
2. Nigerian Oil Mills Limited, he acquired the largest oil processing company in Nigeria in 2008.
3. 2 flour milling plants in Lagos and Kano, these were set up in 2005.
4. A sugar refinery commissioned in 2008. It is said to be the second largest in sub-Saharan Africa after Dangote sugar.
5. A $900 million cement plant in Edo State commissioned early 2015.
6. BUA Group Estate Development Limited: Its real estate portfolio includes residential, commercial and mixed-use developments in Abuja and other major Nigerian cities.
7. BUA Ports and Terminals which operates at the Port Harcourt Ports, Rivers State.
8. BUA Cement Plant, 32MW Captive Power Plant, and Coal Mill in Sokoto, recently inaugurated by Vice-President Yemi Osinbajo.
9. Cement Company of Northern Nigeria (CCNN): Rabiu has a lot of shares gotten through Damnaz Cement company limited and BUA International Limited. In April 2018, Nairametrics reported that he earned about ₦864 million from his 50.72% stake in the firm.
How he spends his money
According to Forbes, Rabiu owns a Bentley, Aston Martin, an 8-seater Gulfstream G550 worth $44.9 million, powered by a Rolls-Royce BR710 turbofan engine, and an $18-million Legacy 600 aircraft.
He also owns a house in Gloucester Square in London worth nearly $16 million, more property in Britain worth $62 million, a penthouse at The One & Only Hotel in Cape Town, worth $12.6 million, others still in South Africa, worth $19 million, homes from Eaton Square to Avenue Road, also known as Millionaires' Row, located in Manhattan, New York City.
In April 2018, This Day reported that the billionaire just completed mansion in Banana Island, one of the most expensive places to live in Lagos State, Nigeria.
Rabiu launched BUA Foundation for his humanitarian work. This includes the construction of the Centre for Islamic Studies at the Bayero University in Kano and the construction of a N7.5 billion, 220-bed specialist hospital in Kano.
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