Abdulsamad Rabiu made his entry as Forbe’s Africa’s Newest Billionaire in the November edition. The 53 year old Nigerian business mogul followed in his father's footsteps, importing basic commodities like rice, sugar, and cement in the 1980s. Today, he heads the BUA Group, a conglomerate with $1.9 billion in revenues and interests in sugar refining, vegetable oil processing and flour mills. The group also operates the BUA Cement I, Nigeria's first floating cement terminal. He is already touted to unseat Aliko Dangote, the current Africa’s richest man. According to Forbes…
An investigation by FORBES AFRICA turned up a string of assets. The BUA Group has interests in key sectors similar to those of countryman, Aliko Dangote, Africa’s richest man. They include cement, sugar and flour. Through the group’s subsidiaries it does business in real estate, steel, port concessions, manufacturing, oil, 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. Rabiu’s taste for good living is plain to see; he has bought homes from Eaton Square to Avenue Road, also known as Millionaires’ Row. Rabiu jets around the world on an eight-seater Gulfstream G550 worth $44.9 million, powered by a Rolls-Royce BR710 turbofan engine, as well as an $18-million Legacy 600 aircraft.“
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