What is Abdulsamad Rabiu's Net Worth?
Abdulsamad Rabi is a Nigerian businessman who has a net worth of $700 million. He is the founder of BUA Group, a Nigerian conglomerate with interests in sugar refining, cement production, real estate, steel, port concessions, manufacturing, oil and gas, and shipping. The group also owns the ship BUA Cement 1, a 200-meter long vessel designed for heavy loads. It is Nigeria's first floating terminal. In addition to his assets in the BUA Group, Rabiu owns property in Britain, worth $62 million, and in South Africa, worth $19 million. Among his properties is a house in Gloucester Square in London worth nearly $16 million and a penthouse at The One & Only Hotel, in Cape Town, worth $12.6 million. Abdulsamad was born in Kano to the family of a well-known businessman named Ishyaku Rabiu. His father had made his fortune from trading in the years after Nigeria's independence.
By the mid 70s, Abdulsamad's father became quite influential and he was a point man in the political scene. By 1983, the military coup which led to the arrest of President Shehu Shagari found Ishayku, Abdulsamad's father, incarcerated as well. During this period, Abdulsamad was away in the US getting his bachelor's degree. He returned home at 24 to find his father's business in dire straits. With little or no business experience, Abdulsamad had to take over the reins to restore his father's now failing business empire. He went out on his own in 1988 and started BUA group, importing rice, sugar and edible oils as well as steel and iron rods and has since made quite a fortune for himself. He worked his way to transforming his millions into billions and credits a series of radical decisions to the rise of the empire that Abdulsamad has built today.
