READ: Scaling in Nigeria’s fashion industry is tough work – Ugo Monye. August 04. Though there are now over 200 fintech players, Paga still holds its ground. On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state. According to Forbes recent rating, Mike Adenuga is currently worth $ 6.2billion. He is the founder of BUA Group, a Nigerian conglomerate with interests in … He is also the chairman of the Nigerian Bank of Industry (BOI). The company was only recently merged with his privately owned Obu Cement company to create a new entity, BUA Cement Plc. He had most of his early education in Kano and later obtained his Bachelor Degree in Economics from Capital University in Columbus, Ohio. Notwithstanding, Adenuga fondly attributes his business sense to his mother, who was also a businesswoman. Abdul Samad is a Nigerian businessman, founder, and chairman of the Nigerian conglomerate BUA. I pooled together people to work in different aspects, most of them friends who were doing it as a favor. His father, Khalifah Isyaku Rabiu passed on in 2018, just 5 months shy of 93 years. BUA OILS: BUA Oil Mills Limited Lagos is situated at No. In June 2016, Abdul Salad Rabiu was ranked the 1577th richest person in the world by FORBES with an estimated net worth of $1.1 billion. Unlike other self-made billionaires, Abdul Samad Isyaka was born with a silver spoon because his late father, Khalifah Isyaku Rabiu, a millionaire himself, was one of … He returned at the age of 24 years to oversee the family business, at a turbulent time when his father was being detained by the military administration over allegations of evading rice import duties. On the part of his Edo State counterpart, Governor Godwin Obaseki, Abdul Samad Rabiu is an astute businessman who has blazed the trail and achieved so much success at 60 years. It was reported that some of the creditors had been hit so hard by the huge debts, that they had to shut down some of their operations. Abdulsamad Rabiu was born into a wealthy family on the 4th of August, 1960 in Kano State. So I similarly want to find ideas to invest in. Meristem Securities was introduced into the arrangement as a check, to ensure that the savings are actually going into risk-free instruments.  His late father, Khalifah Isyaku Rabiu, was one of Nigeria's foremost industrialists in the 1970s and 1980s. Adenuga saw the potentials of the booming oil industry in Nigeria and started applying for a license in the late ’80s. In that case, we would say he is halfway there. I was devastated, we spent a lot of money shipping between Los Angeles and Taiwan,” he once recounted. The company's primary business is the refining of imported and locally sourced raw sugar. After a few years of ardent academic studies and educative activities as a member of the Students in Free Enterprise (SIFE) club, Rasaq bagged First class honors in Economics and secured a job with Meristem Securities in 2007, courtesy of Saheed Bashiru – a senior schoolmate, whose acquaintance he made in his final year. There are lots of opportunities that evade businesses in this country when they do not have the required institutional framework.”. He owns stakes in different companies in Nigeria including Stanbic IBTC Bank and Sterling Bank. Net Worth of Abdul Samad Rabiu. BUA PORTS & TERMINALS: BUA Ports and Terminals Limited, a subsidiary of BUA Group was incorporated on 28 March 2006. The company imported rice, edible oil, flour, and iron and steel. In 2010, Razaq left Meristem for Vetiva Capital Management, where he spent about four months as a Research analyst. Such innovation was not common at the time, as Nigeria was still very far from toeing the lines of a cashless economy. The Group also holds a stake in Damnaz Cement Company Ltd which is the Majority Shareholder in Cement Company of Northern Nigeria. Global trends in recent times have shown a shift towards a cashless and digital economy, especially as it becomes more obvious that operations in physical branches of commercial banks can be summarily shut down when circumstances demand it. I don’t have a lot of money but I want to find people who I can make those kinds of investments and bets as well,” he said. There was also another donation of N200 million to Adamawa state government, and ambulances to several other states. , "Dangote gains $500 million, Adenuga loses $100 million today! He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines. Fate, however, had other plans. In retrospect, he would say, “The expectation was to spend a couple of years learning the skill, and then have the ceremonial freedom, after which you start up in your workshop and become successful. READ: Paga acquires Ethiopian-based startup, Apposit, announces other subsidiaries. “I was allowed to design a digital imaging chip that got sent to Taiwan for fabrication. Learn how your comment data is processed. Razaq and his siblings started their early education there. The agreement was signed by the Chairman of BUA Group, Abdul Samad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by … Responding, Governor Okowa described the Executive Chairman of BUA Group, Abdul Samad Rabiu, as a true philanthropist, adding that the donation was timely to … According to Forbes 2020, Abdul Samad Rabiu has a net worth of $3.2 billion which ranks him 716th in the list of global billionaires club. The mob only had sticks and cutlasses. READ: FRC orders banks not to lend money to states without approval. My target was to formalize the informal sector and make them investable options. Rabiu’s sterling contributions and achievements are not lost on many, and he has received several recognition and awards including the 2016 Industrialist of the year award at the All Africa Business Leaders Award (AABLA) organised by CNBC Africa, Silverbird Extraordinary Business Achievement Award, and the prestigious Commander of the Order of the Niger (CON) award. On the part of his Edo State counterpart, Governor Godwin Obaseki, Abdul Samad Rabiu is an astute businessman who has blazed the trail and achieved so much success at 60 years. In another well-calculated business move, Rabiu acquired a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. Abdul Samad Isyaku Rabiu CON (born 4 August 1960 in Kano, Nigeria) is a Nigerian businessman. Back to Ogbomoso, the Ahmeds moved into the house of an extended family located at Isale, not far from Ladoke Akintola University of Technology (LAUTECH). He owns a pent house at The one and only hotel in cape town, South Africa and the United States of America. By 2008, BUA had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. Razaq Ahmed, Co-founder and CEO of CowryWise, is no small fish in the fintech space – an industry that is fast growing to compete with the banking industry. Already in SS2 at the age of 14, Razaq was well on his way to becoming a ‘generator man’ as they were called in the community. He also sold drinks and lace materials at one time, doing whatever business he could to raise money. , On July 7, 2020, Forbes estimated Abdul Samad's wealth at $3.2 billion, putting him 716th in the global billionaire's club. Today, he is one of Africa’s richest and holds business interests across several sectors of the economy and in various countries on the continent. In 2018, he was decorated with the insignia of a Commander of the Legion of Honor by President Emmanuel Macron of France. He is a business magnate and the founder & chairman of BUA group, a Nigerian conglomerate focused on manufacturing, infrastructure and agriculture. 8 Akilo Road, Ikeja Lagos. Abdul Samad, founder and chairman of BUA Group . The refinery is structured to generate its own power during the process of converting molasses to sugar. The axiom goes that “life begins at 40”, but for Mike Adenuga, the CEO of Globacom, who became a millionaire at the young age of 26, life began in his 20s. After shooting in the air to disperse the mob, the soldiers took them to the Bukavu barracks where they were camped as Internally Displaced Persons (IDPs) in the Army Day Secondary School – the same school where Rasaq was a student. Over the years, the duo have become synonymous with cement in Nigeria, with both leading several innovative moves in the industry. This was a terrain that was, hitherto, only played in by the likes of Aliko Dangote. Margaret 04/09/2020 At 1:39 am. Abdulsamad Rabiu Biography.
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