History of Abdul Samad Rabiu in Timeline

Abdul Samad Rabiu is a prominent Nigerian businessman and philanthropist. As of 2024, his estimated net worth is US$12.3 billion, according to Forbes & Bloomberg Billionaires Index making him one of the wealthiest people in Nigeria. He is the founder and chairman of BUA Group, a major Nigerian conglomerate involved in manufacturing, infrastructure, and agriculture with substantial revenues. His father was a leading industrialist. He was also the chairman of the Nigerian Bank of Industry (BOI).

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Full Timeline

1988: BUA International Limited Established

In 1988, Abdul Samad Rabiu established BUA International Limited for commodity trading, importing rice, edible oil, flour, and iron and steel.

1990: Contract with Delta Steel Company

In 1990, BUA contracted with the government-owned Delta Steel Company to supply raw materials in exchange for finished products, boosting the company. Subsequently, BUA expanded into steel, producing billets, importing iron ore, and constructing rolling mills in Nigeria.

2005: BUA started two flour-milling plants

In 2005, BUA initiated operations at two flour-milling plants located in Lagos and Kano, Nigeria.

2008: BUA broke an eight-year monopoly in the Nigerian sugar industry

In 2008, BUA broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-Saharan Africa.

2009: Acquired controlling stake in a Cement Company

In 2009, BUA acquired a controlling stake in a publicly listed Cement Company in Northern Nigeria and began constructing a $900 million cement plant in Edo State.

2015: Completed cement plant in Edo State

In early 2015, BUA completed the construction of a $900 million cement plant in Edo State, Nigeria.

July 2020: Forbes estimated Rabiu's wealth

In July 2020, Forbes estimated Rabiu's wealth at $3.2 billion, positioning him as the 716th richest person globally.

October 2022: National honor conferred on Abdul Samad Rabiu

In October 2022, President Muhammadu Buhari conferred the Nigerian national honor of Order of the Federal Republic (CFR) on Abdul Samad Rabiu. He also holds the Commander of the Order of the Niger and the Grand Commander of the Order of Merit of Niger (GCON) in Niger Republic.

2026: Richest Nigerian

As of 2026, Abdul Samad Rabiu is one of the richest Nigerians with an estimated net worth of US$12.3 billion according to Forbes & Bloomberg Billionaires Index.