Billionaire Abdulsamad Rabiu Rejects Appointment to Tinubu's Finance Committee

Billionaire Abdulsamad Rabiu Rejects Appointment to Tinubu's Finance Committee

  • BUA Group's Chairman has declined a nomination to serve on Tinubu's finance committee
  • The billionaire investor made this known in a statement released on Friday by his company
  • The company claims Rabiu was not consulted before his name was added to the committee list journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

The chairman of BUA Group, Abdulsamad Rabiu, has chosen to decline the nomination to join the finance committee established by the All Progressives Congress (APC).

In a statement released by his company on Friday, December 1, 2023, Mr Rabiu expressed his preference for maintaining a non-political stance.

Abdulsamad Rabiu
The BUA Group claims Rabiu was not consulted before his name was added to the committee list Photo credit - StateHouse, BUA Group
Source: UGC

Despite being a close associate of President Bola Tinubu, he opted not to accept the offer to serve on the 34-member finance committee, which was formed on Thursday and includes other business figures and prominent party members.

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Rabiu's name added without consultations

As per the BUA Group's statement on X (formerly Twitter), the ruling party's inclusion of Mr Rabiu's name in the list occurred without prior consultation with him.

The statement further mentioned that Rabiu is committed to promoting economic growth through BUA Group's initiatives and contributing to philanthropy through ASR Africa.

The statement partly read:

With respect to this, we wish to inform the publishers, our partners, stakeholders, and the general public that Mr. Rabiu has decided to graciously decline the nomination/appointment.
This decision is made in light of the fact that he was not previously consulted regarding his inclusion in the list and his inability to commit time due to his demanding schedule.

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Other committee members

According to a list shared on WhatsApp by the APC on Friday, Mr Rabiu's name was included alongside other prominent individuals.

As outlined in the list, the finance committee will be chaired by Uguru Ofoke, with Bashir Gumel serving as the secretary.

Noteworthy members encompass the Senate President, Godswill Akpabio; the Speaker of the House of Representatives, Abbas Tajudeen; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and the oil magnate, A.A. Rano.

Additionally, business people such as Mohammed Indimi, Kunle Soname, and Tein Jack Rich are members.

Ranked as the second wealthiest man in Nigeria by Forbes, Mr. Rabiu shares a close friendship with President Tinubu.

Following a recent meeting with the president, he publicly announced a decrease in the price of cement, demonstrating his commitment to supporting the government's initiatives.

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Rabiu becomes richest investor in Nigeria's stock market, overtakes Dangote

In related news, reported that Rabiu surpassed Aliko Dangote to become the richest investor on the Nigerian Exchange (NGX).

The Bua Group Chairman now boasts a portfolio valued at N7.13 trillion on the NGX.

Rabiu's total portfolio comprises 18.31% of the total market capitalization in the NGX N38.93 trillion as of this writing.


Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via and +2348063274521.

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