Billionaire Abdul Samad Rabiu Invests $65 Million Into Big Project

• BUA Group, under Abdul Samad Rabiu's leadership, has committed over $65 million to rebuild Terminal B of the Rivers Port Complex, expected to be completed by 2026
• This follows a legal dispute with the Nigerian Ports Authority (NPA) over the 2019 suspension of the terminal’s operations, which BUA contested, leading to government approval in 2022
• BUA’s investments reflect its support for Nigeria’s economic growth and regional development, having made over $1 billion in investments since 2023, including initiatives to enhance food security

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Under the leadership of Nigerian billionaire Abdul Samad Rabiu, one of Africa's fastest-growing industrial conglomerates, BUA Group, has pledged more than $65 million in private funding to rebuild Terminal B of the Rivers Port Complex in Port Harcourt.

The project, which BUA is funding entirely on its own, is expected to be completed by the first quarter of 2026 and will improve port infrastructure in Nigeria.

This comes after Hadiza Bala Usman, a former managing director of the Nigerian Ports Authority (NPA), accused BUA of violating the terms of the concession, sparking a public uproar. BUA explained that after the Attorney General ordered the NPA to remove its project suspension, the rebuilding was officially authorised by the government in 2022.

The Italian construction company TREVI was given the contract, and it has been moving forward without any government funding or subsidies.

The dispute began when the NPA decommissioned Berths 6 and 7 in June 2019 due to safety concerns. BUA, through its subsidiary BUA Ports and Terminals Ltd., challenged this decision in court. BUA claimed that its concession agreement was breached by the suspension.

After Rabiu directly appealed to then-President Muhammadu Buhari in 2020, the conflict reached Nigeria's Attorney General. The NPA was then directed by a presidential mandate to reverse its termination and restore BUA's ownership of the terminal.

The renovation of the terminal was officially approved by the authority following the 2022 shift in NPA leadership. BUA emphasised that the 2019 shutdown resulted in losses above $10 million and endangered over 4,000 jobs. BUA's $500 million industrial complex, which includes factories that produce wheat, pasta, and sugar, depends on the Rivers Port Terminal renovation.

Since its founding in 1988, the BUA Group has grown to become a major force in mining, infrastructure, food processing, and manufacturing throughout Africa.

Abdul Samad Rabiu, whose estimated net worth is $4.7 billion, is a strong supporter of regional collaborations, local manufacturing, and the construction of sustainable infrastructure as a means of propelling Africa's industrialisation.

BUA has made over $1 billion in investments across a range of industries since 2023, demonstrating its faith in Nigeria's economic environment under the pro-investment policies of the current administration. BUA has shown its dedication to regional development by transferring a multipurpose building to the North-West Development Commission in Kano State.

Additionally, the company installed wheat handling equipment in collaboration with Agrimac Makina, increasing Nigeria's yearly food production capacity to 2 million metric tonnes and promoting the country's food security objectives.

Abdul Samad Rabiu announces important partnership

Legit.ng reported that under the leadership of Nigerian billionaire Abdul Samad Rabiu, one of Africa's fastest-growing industrial conglomerates, BUA Group, is making yet another audacious move to increase Nigeria's food supply.

The conglomerate has partnered with Agrimac Makina Limited, a Turkish company, to construct and install wheat processing and conveying machinery capable of handling two million metric tonnes annually.

Nigeria would be one step closer to food self-sufficiency thanks to the new system, which will connect BUA Ports directly to BUA Flour & Pasta Mills in Port Harcourt, Rivers State. Additionally, Billionaire.Africa reported that it will strengthen Port Harcourt's position as a major hub for manufacturing and farming in the area.

Source: Legit.ng