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BUA Group CEO displaces Adenuga, now second richest man in Nigeria

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Aishat Ibrahim

Starting off 2022 on a good note, business tycoon and industrialist, Abdul Samad Isyaku Rabiu has climbed the ladder of wealthy folks to become the second richest man in Nigeria, replacing telecommunication billionaire, Mike Adenuga who has owned the position since 2016.

With addition of nearly $1.9 billion net worth on Thursday, January 6, Rabiu’s fortune rised from $5.3 billion to $7.2 billion, sweeping Adenuga whose net worth is $6.6 billion off the second position.

Following a huge valuation of his consolidated food business, BUA Foods after listing on the Nigerian Exchange, Rabiu closed the first week of January, 2022 with $7.2 billion fortune.

Here’s what you need to know about him:

At the age of 24, he began to oversee his family business after his father, Isyaku Rabiu was detained for allegedly not paying rice import duties during General Muhammadu Buhari military regime.

Rabiu is the founder and Chairman of BUA Group, a Nigerian conglomerate which focuses on manufacturing of cement, sugar refining and real estate.

He initially established BUA International Limited in 1988 for the purpose of commodity trading, ranging from importation of rice, edible oil, flour, iron and steel.

However, in 2005, BUA expanded further into steel, producing billet, importing iron ore and constructing multiple rolling mills after signing a contract with the government to supply raw material in exchange for finished goods.

Rabiu is also the chairman of Nigerian Bank of Industry (BOI) and also owned an integrated refining and petrochemical plan in Ibeno local government area of Akwa Ibom State.

Subsidiaries of BUA Group include the BUA Sugar Refinery Limited, BUA Oil Mills Limited, BUA Ports and Terminals Limited, BUA Cements and the BUA Real Estate.

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