Abdul Samad Rabiu, a Nigerian businessman has made a name for himself in various industries in the country and beyond. Rabiu’s success story is an inspiration to many aspiring entrepreneurs, as he has managed to build a diversified conglomerate that spans multiple sectors that has strongly contributed to his billionaire status while also giving back to society through his philanthropic initiatives.
In this article, we will explore five power moves that have contributed to Abdul Samad Rabiu’s success and made him a billionaire. These moves offer valuable lessons for anyone looking to build a successful business career, and provide insights into the mindset and strategies of one of Nigeria’s most successful businessmen.
He created the BUA Group
The BUA Group founded in 1988 by Abdul Samad Rabiu is one of the powerful moves that contributed to his billionaire status. The group is a diversified conglomerate with interests in manufacturing, infrastructure, and agriculture. The company has become one of the leading players in Nigeria’s cement industry and has expanded its reach into other African countries.
With Rabiu owning 98.2% of the company’s shares, the combined firm with all its subsidiaries currently trades on the Nigerian stock exchange.
His investment in the cement sector
The BUA Cement Plc is also one of Samad Rabiu’s biggest moves that enriched his billionaire status. The BUA Cement Plc is the result of a merger between the Cement Company of Northern Nigeria (CCNN) Plc and Obu Cement Company Plc. The CCNN was incorporated in 1962 and commenced operations in 1967, with an installed capacity of 100,000 mtpa at Kalambaina, Sokoto State.
The merging entities have strengthened their positioning in the Nigerian cement industry under the BUA Cement plc which further solidifies the billionaire’s billionaire rank. His investment in the cement plant has equipped it to be one of the largest cement companies in the country and beyond.
Rabiu’s BUA Foods
Rabiu Samad diversified into BUA Foods formerly called BUA Sugar Refinery Limited, the second largest sugar refinery in West Africa as at 2008. This move helped BUA Group to diversify its revenue streams and reduce its dependence on the cement industry, thus, increasing its revenue.
The refinery was commissioned with a 720,000 metric tonnes/annum refinery in Lagos. The company’s annual report for 2021 recorded a 97.05% growth in group profit after tax to N69.768 billion from N35.407 billion in 2020.
Rabiu’s Investment in Flour Milling
Another of Samad Rabiu’s billionaire moves is the incorporation of BUA Flour Mill Lagos, a fully-owned subsidiary of BUA Group in 2005. The group saw Flour as one of the staple foods contributing to the development of Nigeria.
The Group however established a milling plant to cater for the growing needs of the population, and has generated a lot of returns. Aside from the flour mill in Lagos, the company has also established a state-of-the-art plant in Port Harcourt as well as BUA Flour Mills Kano which started at Bompai Industrial Estate with a capacity of 500 metric tonnes per day – 100% wholly owned by BUA Group.
Rabiu’s expansion into new markets
Rabiu’s entry into several other African countries is another big move that has contributed to his billionaire status. The BUA Group has expanded its operations beyond Nigeria and into other African countries such as Ghana, and South Africa, amongst others. This move has helped the company to diversify its revenue streams and reduce its dependence on the Nigerian market.
With a diversified portfolio of businesses and a presence in multiple African countries, the billionaire has been able to solidify his status as a billionaire with large opportunities to earn more.
Source: Business Elites Africa
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