Abdulsamad Rabiu wins industrialist of the year award
Industrialist and Executive Chairman of the BUA Group, Abdulsamad Rabiu has urged foreign investors to invest in Nigeria.Rabiu said this in Lagos while receiving an award as the West Africa Industrialist of the Year, 2016 for his contributions to the growth of the Nigerian and West African economy.
The award tagged All Africa Business Leaders Award (AABLA), which has been on since 2011 was organised by CNBC Africa to recognise leaders and change-makers of business in East, West and Southern Africa.
Rabiu expressed his appreciation to the organisers for the award. He also thanked his wife for her support and tolerance despite the demanding nature of running a large business.
He also thanked the workers of BUA Group for their dedication, which had made the award possible.He added that the group’s strategic focus remains to diversify to business areas with “greater potential for export where most of the materials needed for production can be sourced locally, creating jobs, and cutting costs to ensure our people and continent remain the chief beneficiaries in our business, whether they are our workers or consumers.”
Under his leadership, BUA Group, which he founded 28 years ago, has grown to be ranked among Africa’s largest food and infrastructure conglomerate, remaining a pivotal player in the sugar refining, cement production, real estate, steel, logistics and port operations sectors of the continent.
Industry watchers say Rabiu’s win at the keenly contested AALBA awards are an indicator of his business acumen and knack for juxtaposing tactical expansion with a strong sense of dogged determination, foresight and a dedication to innovation.
The BUA Group has over the past few years embarked on a series of strategic acquisitions, which has seen its business portfolio expand to include the Cement Company of Northern Nigeria (CCNN), Edo/OBU Cement, BUA Sugar Refinery, BUA Ports and Terminals, and BUA Estates, amongst other agribusiness holdings.
Notably, in 2008, the Group set up the second-largest sugar refinery in Sub-Saharan Africa, which has an installed capacity of 720,000 metric tonnes. It’s second 720,000 metric tonnes sugar refinery in Port Harcourt is set to come on stream in 2017.
Most recently, the conglomerate opened talks with China’s Sinoma to build a steel plant in Nigeria and two cement plants in East Africa for $1.9 billion, a signal that greater dominance – and jobs – for Nigerians and Africa’s business climate is in the offing.
The CNBC All Africa Business Leaders Award is fast becoming Africa’s most prestigious business awards. Winners of the AABLA exemplify the best in African leadership. They epitomize the core values of a successful leader, strength, innovation, ingenuity, knowledge and foresight – values that are imperative to carving out powerful business in a Pan-African and global economy.