Nigeria's 3rd Richest Man Signs Deals to Build Palm Oil Refinery, Noodles Factory, Others
- A move that is set to improve Nigeria's agricultural processing capabilities, Abdulsamad Rabiu has signed a deal to construct a Palm Oil refinery
- The deal, which was signed in Dubai, was one of the many agreements reached by Nigerian billionaire
- Rabiu is the third richest man in Nigeria, according to Forbes, behind Mike Adenuga and Aliko Dangote
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Abdulsamad Rabiu, the founder of BUA Group, one of Africa’s largest food, mining, manufacturing, and industrial conglomerates, has signed a series of industrial and agro-processing agreements in Dubai.
Among the deals is an agreement to construct a 1,000 metric tonnes-per-day palm oil refinery and a 20mw gas power plant.
Source: Facebook
The deals, which were struck in BUA Group’s Middle East Office in Dubai, also include plans to build 10 production lines dedicated to fried instant noodles.
There are also plans for a gas power plant.
Here is an insight into the deals of Abdulsamad Rabiu
Abdul Samad Rabiu, through his company BUA Group, signed the palm oil refinery agreement with Swedish industrial firm Alfa Laval.
Rabiu, founder and executive chairman of BUA Group, and Panjak Maheshwari, vice president of the Food & Water Division Hub at Alfa Laval, were on hand to ink the palm oil refinery.
The state-of-the-art facility is expected to significantly enhance Nigeria’s agro-processing capacity, reduce import dependency on refined edible oils, and boost employment across the agricultural value chain.
In a statement shared on social media, BUA said the project is positioned to transform raw palm oil into refined, high-quality edible oil products for both domestic use and export.
Source: Facebook
BUA group also secured a power generation deal with India-based Green Power International to build a dedicated 20mw gas-fired plant to support BUA’s LNG operations, enabling energy independence from Nigeria’s unreliable national grid.
The food processing agreements for noodle production lines were signed with Qingdao ZhengYa Technology and Shanghai Poemy Machinery of China.
This agreement is expected to help build 10 Lines for Fried Instant Noodles Production for the BUA group.
These initiatives are expected to create jobs, boost food security, and enhance export competitiveness.
9 businesses Rabiu has major stakes in
Rabiu is the founder and chairman of BUA Group, a leading conglomerate with diverse investments. Here are key businesses he owns or has major stakes in:
BUA Cement Plc: A major player in Nigeria’s cement industry, BUA Cement is listed on the Nigerian Exchange and operates plants in Edo and Sokoto states.
BUA Foods Plc: This company is involved in sugar refining, flour milling, pasta production, edible oils, and rice processing. It was listed on the Nigerian Exchange in 2022.
BUA Estates: BUA Estates handles Rabiu’s real estate ventures, developing luxury residential and commercial properties.
BUA Ports & Terminals: The firm manages port operations and logistics, with investments in terminal infrastructure and maritime services.
BUA Oil Mills: Focused on edible oil production, this business processes groundnut and palm oil for local and export markets.
BUA Sugar Refinery: One of Africa’s largest sugar refineries, located in Lagos and Port Harcourt, supplying refined sugar across West Africa.
BOI Investment in Infrastructure: Rabiu also channels personal and philanthropic capital into infrastructure and industrial development projects in Nigeria.
BUA Mines and Steel: BUA Group, through its subsidiary BUA Iron & Steel Ltd, is addressing Nigeria’s steel challenge with the establishment of a cutting-edge steel plant with a capacity of 1 million tonnes per annum.
BUA Rice Milling and Plantation: BUA Group has established itself as a key player in the rice industry as its rice plantation spans approximately 10,000 hectares of land.
As the largest mill in Nigeria, the facility's current capacity of 200,000 tonnes per annum is undergoing an upgrade to a staggering 1 million
His investments reflect a strong focus on manufacturing, agriculture, and industrial growth.
Rabiu's net worth
According to Forbes, as of Monday, April 21, Rabiu has a net worth of $4.7 billion and trails Mike Adenuga and Aliko Dangote on the list of Nigeria’s richest men.
BUA Cement makes huge donation
Earlier, Legit.ng reported that BUA Cement, one of the companies under the BUA group, provided 16 host communities in the Wamakko Local Government Area of Sokoto state with pharmaceuticals valued at N35 million.
BUA Cement's managing director and Chief Executive Officer, Yusuf Binji, gave the drugs to the beneficiary villages.
He clarified that the gesture was intended to guarantee that there was adequate medication at the host communities' clinics and hospitals.
This article has been updated by head of business desk, Victor Enengedi, with additional information.
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Source: Legit.ng
