Abdul Samad Rabiu, son of Isyaku Rabiu was born in Kano, Nigeria where he did his early education. He then proceeded to Capital University in Columbus, Ohio to further his education and returned to Nigeria at the age of 24 to oversee the family business at the time his father was detained by the administration of General Muhammadu Buhari on the allegation of duty aversion on rice imports. He took charge as a young executive director at the company and he was able to successfully redeem the family business out of trouble created by the absence of their father.
The federal government appointed Dr. Abdulsamad Rabiu as chairman of the Bank of Industry (BOI). It was perhaps part of the strategy to reconstitute the board of the bank with seasoned private-sector technocrats. His matchless finesse as BUA Chairman landed him the privileged role of the Bank of Industry (BOI)’s substantive Chairman until his retirement. Rabiu led the development bank with incomparable brilliance and tact. At the end of his tenure, he left the BOI richer and stronger than he met it thus making him the best thing to happen to the bank in a while.
Some of his other achievements include:
Establishment of BUA International Limited
Abdul Samad Rabiu established BUA International Limited in 1988 for the sole purpose of commodity trading. The company was involved in in the importation of rice, edible oil, flour, and iron and steel.
Two years into its establishment, precisely in 1990, the then Government owned Delta Steel Company contracted BUA to supply its raw materials needs, for which BUA was paid with finished products. This provided the much-needed boost for the young company. BUA further enhanced its scope of operations and ventured into steel, billets and iron ore importation and supplying multiple rolling mills in the country.
Acquisition of the Largest Edible Oil Processing Company in Nigeria
Few years down the line, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria and later set up 2 flour milling plants in Lagos and Kano in 2005. By 2008, BUA broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-Saharan Africa. The company went on the acquire a controlling stake in a publicly listed Cement Company of Northern Nigeria in 2009 and commenced the construction of a $900 million cement plant in Edo State commissioned early 2015.
Member of the Global Billionaire’s Club
Forbes estimated Abdulsamad’s wealth at $1.2 billion, bringing him to the global billionaire’s club in 2013. He has also bought homes from Eaton Square to Avenue Road known as Millionaires’ Row. His most recent project, worth over 130 billion naira- BUA Cement Plant, 32MW Captive Power Plant, and Coal Mill in Sokoto was inaugurated by Vice-President Yemi Osibanjo in May 2018. He also owns a penthouse at The One & Only Hotel, in Cape Town.
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