- Abdulsamad Rabiu increases his net worth from $1.6 billion in 2019 to $3.1 billion in 2020.
- Rabiu is currently the 8th richest man in Africa.
- The 59-year-old Kano-born billionaire owns 98.5% in BUA cement, Nigeria's second-largest cement producer by volume.
Abdulsamad Rabiu, a Nigerian businessman and industrialist, has increased his fortune from $1.6 billion in 2019 to $3.1 billion in 2020.
His company, BUA Group, is a Nigerian conglomerate trading actively in cement production, sugar refining, and real estate.
How Rabiu is building a strong Cement Company in Nigeria
The 59-year-old Kano-born billionaire created BUA Cement as a result of the consolidation of his privately owned Obu Cement with the publicly traded Cement Company of Northern Nigeria Plc (CCNN), to become Nigeria's second-largest cement producer by volume. It boasts of a huge export market in the West African region.
The new entity with factories in Sokoto State, North West Nigeria (2 million MY) and Okpella Edo State, South-South Nigeria (6 million tonnes per annum).
According to reports, a new 3 million tonnes per annum (MTPA) capacity plant currently being constructed is scheduled to be operational in 2020 in Sokoto State. Not only Cement maker, his Lagos sugar factory produces 2,000 metric ton (MT) per day.
Not only Cement maker, his Lagos-based sugar factory produces 2,000 metric ton (MT) per day.
He owns 98.5% of the company’s shares.
His billionaire journey
In 2019, Rabiu returned to the billionaires' club with a net worth of $1.6 billion as the 16th richest person in Africa and third in Nigeria. His wealth dropped off in 2014. He told Forbes in an interview that it was due to Naira devaluation.