Abdul Samad Rabiu

Nigeria

The head of Nigerian conglomerate BUA Group has made industrialisation both a goal and a strategy.

Nigeria’s second-richest man, Abdul Samad Rabiu, who recently celebrated his 66th birthday, has long been the rival of Aliko Dangote, with whom he shares several similarities. Rabiu, too, made his fortune in cement: his subsidiary BUA Cement is the country’s second-largest producer. The BUA Group conglomerate itself was founded in 1988. A former chairman of Tropical Continental Bank and twice chairman of the Bank of Industry—the Nigerian government-owned development finance institution—Rabiu understands the mechanics of industrial financing from the inside. And this is precisely what brings the two competing magnates together: their determination to industrialise the continent. BUA Group is currently building a refinery in Nigeria capable of processing 200,000 barrels a day, a cement plant with a capacity of 3 million tonnes, and a sugar refinery. The conglomerate’s strategy of vertical integration and gradual diversification has been accompanied by a sharp rise in profits: BUA Cement’s net profit surged 382% in two years, while BUA Foods’ rose 95% in a single year, contributing to a 57% increase in the CEO’s fortune since the beginning of the year… Ranked by various wealth indexes as Africa’s second- or third-richest man, with a fortune of more than $15 billion, Rabiu is convinced that BUA Group’s success will benefit all Nigerians. The expansion of BUA Foods’ agro-industrial business “strengthens local processing, boosts food security and supports the long-term growth of the Nigerian economy,” while building “a strong domestic industry capable of competing with the rest of the world.” “To become a successful entrepreneur, you have to start small, but dream big,” Rabiu likes to say. His foundation, ASR Africa Initiative, supports 1,000 women entrepreneurs across sub-Saharan Africa through the She Wins Africa programme.