How Billionaire BUA Cement Boss, Samad Rabiu Spends His Billions

Every Sunday, Samad Rabiu, who sits atop multi-billion naira business; BUA Group of Company, sails in his yatch on the ocean with his pals, eating suyas, orange juice opening and sealing heavy deals. His rise was particularly phenomenal; he read economics at Capital University, Columbus Ohio.

He was not originally into business because he was not the oldest of his siblings, but fate shot him forward, when his father, a commodity dealer in the 60s, billionaire Isyaku Rabiu was arrested during the Muhammadu Buhari/Idiagbon era and jailed for hoarding rice then.

The elder brother, Nafiu Rabiu, who would have been taken over then was known to be very erratic. He was at a point in time charged for killing and crushing his wife to death during the tenure of the late Abubakar Rimi in Kano.

Samad started the BUA Group in 1988 and the group has now grown to the point that the annual turnover is over $2 Billion.

He has prime properties in Abuja, London, South Africa and the United States of America.

He is a movie buff, owns two private jets-Golf Stream G 550 worth $44.9 Million as well as $18 Million Legacy Aircraft, owns a Bentley and Aston Martin cars in London. He is almost in the same line of business with the richest man in Africa, Alhaji Aliko Dangote. He owns Sokoto Cement, Okpela Cement in Edo State, a floating cement ship in water, flour mills in Lagos and Kano, vegetable oil mills in Kano and Lagos and also a sugar refinery. He is a concessionaire of a part of the port in Port-Harcourt, Rivers State, biggest vegetable oil manufacturer in West Africa, owns the largest shares in privatized Delta Steel. He sold one of the aircrafts of his father, Isyaku Rabiu to start Bua Group.

November 17, 2014