Boss Picks

Battle of the Titans: Abdulsamad Rabiu Overtakes Aliko Dangote in Nigeria

Published

2 years ago

July 8, 2023

Eric

By Eric Elezuo

Abdulsamad Rabiu’s consistent climb on the ladder of success has become phenomenal. The unassuming Chairman at BUA Group has become a study in entrepreneurial discipline, focus, philanthropy and intentional sacrifice. But what can actually be said of a man who has steadily evolved as one of Africa’s biggest investors, in fact, the biggest in the order of reckoning on the Nigerian Exchange. He has graciously used his BUA Foundation and the phenomenal Abdul Samad Rabiu Africa Initiative to not only affect lives, but ensured that the people of the world, especially his native Nigeria, live in better comfort. The Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar, flour among other wonderful household items has been a epitome of enterprise. He is presently by divine and entrepreneurial orchestration the richest Nigerian investor, dethroning his closest rival, Alhaji Aliko Dangote. He is also the third richest man in the Africa, behind South African billionaire, Johann Rupert and Nigeria’s Aliko Dangote.

A recent list compiled by Billionaires in Africa has revealed the rankings on the Nigerian Exchange, NGX, showing that Abdulsamad Rabiu, the billionaire businessman and industrialist, has overtaken Aliko Dangote as the richest investor in the country.

According to data tracked by Billionaires.Africa, Rabiu’s holdings in his publicly-listed businesses on the local bourse are valued at an impressive $6.01 billion, making him the only investor with an investment portfolio worth over $6 billion. This is a feat that can only be achieved through wholesome business acumen and dedication. Dangote’s is presently valued at $5.8 billion.

Rabiu’s surge in wealth can be attributed to the remarkable growth in the market value of his stake in his unified food business, BUA Foods. The company currently ranks fifth most valuable on the Nigerian Exchange.

Since the beginning of the year, according to a report by Daily Independent, Rabiu’s stake in BUA Foods has witnessed a staggering 109-percent increase, fueled by the strong buying interest in the leading foods conglomerate. The industrialist, who founded BUA Group in 1988, holds a 96.29-percent stake in his flagship company, BUA Cement, both in his name and through his wholly-owned BUA International. The value of his stake in the company has now reached a whopping $3.008 billion.

Additionally, Rabiu owns a 92.6-percent stake in BUA Foods, which is currently worth $3 billion, bringing the total value of his holdings to $6.01 billion.

Despite facing political and economic challenges at the start of the year, BUA Foods managed to sustain its leadership position in the Nigerian economy.

The company reported an impressive profit growth of 77.1 percent in the first quarter of 2023, with profits rising from N22.84 billion ($47.6 million) to N4046 billion ($87.58 million).

This remarkable financial performance has boosted investor confidence and led to a triple-digit surge in BUA Foods’ share price since the beginning of the year. As a result, Rabiu has emerged as the new king of the Nigerian Exchange, overshadowing the legendary Dangote in the race for wealth supremacy.

Other of Rabiu’s fortunes improved as well giving him the leverage to finish the year 2022 and start 2023 on a high note:

BUA Foods’ shares jumped more than 10% from N40 ($0.0968) to N44 ($0.1065) as of January 6.

The company’s market capitalisation increased to N792 billion ($1.92 billion), as Rabiu’s fortune also increased from $5.3 billion to $7.2 billion.

In May 2023, Rabiu dusted South African billionaire, Nicky Oppenheimer, who currently has a net worth of $8.4 billion to hit the third richest man position in Africa with $8.6 billion. Abdul Samad Rabiu’s net worth has risen by over $3.7 billion in the past year; from $4.9 billion. He is a consistent achiever.

Early in 2022, he supervised the opening of a three million metric tonnes per annum BUA Cement Sokoto Line 4 Factory or 3MPTA BUA cement, line 4 cement plant, in Sokoto, which the then president, Muhammadu Buhari, commissioned, describing him as the biggest investor in Nigeria’s northwest region.

A thoroughbred stickler for excellence, Rabiu ensured that the BUA Cement Sokoto Line 4 was built to the following specifications: three million metric tonnes per annum capacity; 6,000 TPD ILC with the highest energy efficiency and latest pollution abating equipment; 48 MW dual fuel power Plant and so on. The Line 5 is already in the works.

Rabiu’s friends and colleagues in the industry have not minced words as they have described him as an entrepreneur who knows his onions as well as an industrialist of importance. His continuous feature on the Forbes list of billionaires in the world, is as a result of his inclination to creating wealth for others through the provision of veritable employment opportunities. Therefore, the impact of his businesses are felt on many lives and many homes.

THE INVINCIBLE ABDULSAMAD RABIU

Born August 4, 1960, in Kano, to one of Nigeria’s foremost industrialists in the 1970s and 1980s, Khalifah Isyaku Rabiu, Abdul Samad Isyaku Rabiu CON is a perfect combination of many things in one.

It was in his native Kano that he kick-started his academic pursuit, carousing through elementary education with ease as a gifted child, and obtained his First School Leaving Certificate. He was later admitted into the Federal Government College, Kano, where he had his secondary education, and gradually with honours.

With a combination of fate, brilliance and determination, Abdulsamad was catapulted to Capital University in Columbus, Ohio, where he studiously studied Economics, and acquired his tertiary education before returning to Nigeria, all before his 24th birthday, to oversee his family business. He was that much sought after, and highly brilliant, and considered capable of holding fort for his father, who was being detained by the administration of General Muhammadu Buhari over matters concerning import duties.

In 1988, just after learning the ropes of entrepreneurial excellence, Abdul Samad Rabiu established BUA International Limited, for the sole purpose of commodity trading. The company followed after the footsteps of his father, and imported rice, edible oil, flour, iron and steel.

In 1990, having exhibited the character worthy of a world class entrepreneur, and the ability to execute classical projects, Rabiu’s BUA was invited by the government, which owned Delta Steel Company to supply its raw materials in exchange for finished products. This provided a much-needed leverage for the young company, and consequently expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.

Rabiu’s dexterity showed further a few years later, when the company acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria, and there erupted the company’s and BUA’s influence and care over the people in the provision of affordable edible oil. His passion to see people excel in comfort has continued to make him churn out one great tiding after another, and endearing him in the hearts of the generality of the public.

A man with a vision for tomorrow, Rabiu, in 2005, started two flour-milling plants, in Lagos and in Kano, and by 2008, had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. This was a feat only a bravest of hearts could wroth. As a result, in 2009, the company went on to acquire a controlling stake in a publicly-listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015. Rabiu’s passion for expansion is unequalled.

BUA Group has since concentrated and excelled in manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion. This is in addition to being the chairman of the Bank of Industry (BOI).

The Group, in 2019, announced plans to merge its privately owned BUA Cement with the publicly traded Cement Company of Northern Nigeria Plc (CCNN), to create Nigeria’s second largest cement producer thereby consolidating the grip on the cement market and breaking its monopolistic status.

It is worthy of note that Cement Company of Northern Nigeria PLC in which Rabiu owned more than 97% was producing two million metric tons of cement per annum (Mtpa) while BUA Cement has an annual production capacity of 6Mtpa. The move is in line with the company’s resolve to deepen the Nigerian capital markets and enhance the growth of the cement industry.

Rabiu’s expansion strides cannot be complete without a mention of his extraordinary philanthropic gestures.

In April 2020, he made a whopping donation towards the fight to contain the spread of the Coronavirus pandemic presently ravaging the country.

In a letter dated April 24, 2020, he personally signed and addressed to The Presidential Task Force on COVID-19, the billionaire businessman, congratulated the duo of the Task Force and the Nigeria Centre for Disease Control (NCDC) for doing a good job while observing that much as so much has been done, there was still need to do a lot more, as the disease continued to make inroads into many parts of the country, especially Lagos and Kano states.

“I view with deep concern, the increased rate of spread of the Coronavirus, especially in Kano and Lagos states despite concerted collective efforts to curb the spread and effects of the virus in Nigeria,” he said.

With sincere reference to ‘what is going on, especially in Kano at the moment’ the philanthropist, who had earlier donated N1 billion to the private sector led CACOVID and other states, announced the release of another N3.3 billion ‘grant to the working group made up of the Presidential Task Force, NCDC and other stakeholders in equipping two existing permanent facilities in Kano and Lagos states’.

He said: “To this end, I am immediately committing and making available – through the Bua Foundation two grants of Two Billion Naira for the Kano-based intervention and One Billion Naira for Lagos State being the two epicentres of this virus in Nigeria.”

Rabiu also informed that “a sum of N300 million will also be made available immediately in cash to the Presidential Task Force to assist with logistical and operational activities of the taskforce. This grant is in addition to BUA’s earlier contributions to the private sector led CA-COVID coalition and donations to other states.”

Giving directive on how the funds will be spent, the BUA Foundation Chairman hinted that the “working Group will be expected to use resources at its disposal to ensure these facilities – to be determined by the Working Group – are fully equipped in the shortest possible time.”

He further revealed his trust in the working group to judiciously use the grant for the purposes meant, saying “I believe this will effectively help to expand the scope of interventions, ongoing research as well support already stretched medical cities dedicated to this fight.”

Rabiu’s BUA had in March through a confirmed funds transfer to the COVID-19 relief fund account with the Central Bank of Nigeria redeemed its pledge of N1billion ($2.6m) to the fight against COVID-19. In addition, the company also announced another donation of N300 million to Sokoto, Edo and Ogun States to assist in galvanizing a coordinated response and adequate preparedness in the fight against the COVID-19 pandemic in this states. The donations to Sokoto and Edo States were on behalf of its Cement subsidiary, BUA Cement which has its major operations in those states whilst Ogun was also selected as a beneficiary due to its proximity to Lagos which had been the epicenter of the virus in Nigeria.

In total, Rabiu and his group donated N4.6 billion to the fight against the dreaded pandemic in a addition to other incentives, making them the single highest donor as at date.

In 2021, Rabiu’s focus bestowed on him the grace of becoming the biggest gainer in shares. According to Forbes, which listed the billionaire among the four top billionaires in Africa for the year, “shares of his BUA Cement PLC, which listed on the Nigeria Stock Exchange in January 2020, doubled in value in the past year. That pushed Rabiu’s fortune up by an extraordinary 77%, to $5.5 billion. One thing to note: Rabiu and his son together own about 97% of the company, giving the company a tiny public float. The Nigerian Stock Exchange requires that either 20% or more of a company’s shares to be floated to the public, or that the floated shares are worth at least 20 billion naira — about $50 million — a paltry sum, to be sure. A spokesman for the Nigerian Stock Exchange told Forbes that BUA Cement meets the second requirement. (Forbes discounts the value of stakes when the public float of a company is less than 5%.)”

Rabiu has constantly used his BUA Foundation for his philanthropic activities. Some of them include the construction of a 7,000-square-meter paediatric ward at the Aminu Kano Teaching Hospital and the construction of the Centre for Islamic Studies at Bayero University Kano amongst several others.

In January, 2022, using his Abdul Samad Rabiu Initiative for Africa (ASR Africa) Security Sector Support Grant, he awarded the Nigeria Immigration Service (NIS) and the Nigerian Correctional Service (NCoS) N500 million each to boost operations.

He is known to have signed several major deals with French companies in recent times, from Axens as technical partner to his new refinery, to a 300tn plasterboard factory deal with French construction giant St Gobain. He followed it up with listing a segment of his business empire on the Lagos Stock Exchange.

In June 2021 therefore, when French President Emmanuel Macron inaugurated the France-Nigeria Business Council, a private sector initiative to enhance business relations between the two countries, Abdul Samad Rabiu was appointed its inaugural President. He had earlier been appointed Chairman of the France Nigeria Investment Club. These appointments drew encomiums from high places including former President Muhammadu Buhari.

The dashing Abdul Samad is married to his beautiful wife, and they are blessed with children, among whom are Isyaku Rabiu, Junaid Rabiu, Rukkayah Rania Rabiu and Khadijah Rabiu. He has 42 siblings including Nafiu Rabiu and Rabiu Rabiu, the chairman of IRS Airlines.

Rabiu’s abilities are compared only with the best. He is a force to reckon with in the field of enterprise and human capacity building. He is quite a gift to Nigeria, Africa and the world.

Attesting to Rabiu’s business ingenuity is not rocket science. Here is a man, who has taken his family-business practically to the next generation. It is a feat of no mean value considering that he is thriving in a country where businesses die with their founding fathers.

A toast to Nigeria’s richest investor! Congratulations sir!

Boss Picks

HLF Honours Olufemi Adelowo with Prestigious Leadership Award

Published

1 week ago

May 6, 2025

Eric

By Eric Elezuo

It was a moment of glory when at the Oriental Hotels in Victoria Island, renowned Consultant Rheumatologist, who doubles as a medical professor and consultant physician, Prof Olufemi Oladipo Adelowo, was honoured for excellence in medical practice and public health leadership, by the Hall of Labour Foundation (HLF), during its 28th year anniversary.

In his opening remarks at the awards, the HLF chairman, an international citizen of repute, who is a former Secretary General of the Commonwealth, Chief Emeka Anyaoku, praised Adelowo and other honourees for their lifelong dedication to national development.

Also commending Adelowo and his colleagues, the HLF Executive Secretary Mrs Patricia Otuedon-Arawore described the honourees as “real models” whose legacy would inspire younger generations.

“The more we do this, the more I wonder why people say Nigeria is not a good country,” she said. “Every year, we discover more and more role models across different fields. That should tell us that Nigeria is full of good people doing great things.”

A physician of immense abilities, Adelowo’s recognition is premised on his efforts, and desire to continue to affect humanity, and leave a lasting impact, while maintaining his pedigree as West Africa’s first Rheumatologist.

According to the organizers, in a letter signed by Otuedon-Arawore, Prof Adelowo’s award is predicated on his established track of outstanding contributions in the field of medicine.

The letter further noted that “this has set him apart as a great Nigerian role model”.

Adelowo will be crowned with his honours at the 28th anniversary celebration of the Foundation scheduled for May 28, 2025 at the Oriental Hotel, in Victoria Island, Lagos.

The medical expert is not new to awards and honours, however, as he has constantly amassed recognition every step of the as a result of his timeless researches, innovations and discoveries.

It would be recalled that not too long ago, The Ogbomoso Pivotal Club, a group of astute professionals, academics and entrepreneurs, celebrated the first Rheumatologist in West Africa, in addition to calling on the Federal Government to recognise Prof. Adelowo with National Honour for making the country proud.

Prof. Adelowo was recognised for his exceptional contributions to the field of Rheumatology with the prestigious APLAR Master Award, conferred by the Asia Pacific League of Associations for Rheumatology (APLAR), making him the first African to be so bestowed.

A distinguished Ogbomoso-born scholar, Adelowo received the award fro APLAR in recognition of his remarkable contributions to rheumatology, particularly in teaching, research, and professional service within the APLAR region.

Adelowo is a medical expert of repute, described as a Professor of Medicine, Consultant Physician, and Rheumatologist. He has held numerous academic and leadership roles both locally and internationally.

He served as the President of the African League of Associations for Rheumatology (AFLAR) from 2014 to 2019 and as chairman of the Executive Committee of the International League of Associations for Rheumatology (ILAR) from 2015 to 2016.

Throughout his career, Prof. Adelowo has made a significant impact in Nigeria and beyond, establishing rheumatology clinics at the University of Ilorin Teaching Hospital, Olabisi Onabanjo University Teaching Hospital, Lagos State University Teaching Hospital (LASUTH), and University of Lagos Teaching Hospital (LUTH). He has supervised over 30 FMCP and FWACP dissertations and trained more than 55 rheumatologists in Nigeria, three of whom are now Professors. Additionally, over 25 of his trainees are consultant rheumatologists in Nigerian teaching and specialist hospitals, while 15 others practise in the USA, Canada, the UK, and Kenya.

The Ogbomoso Pivotal Club, had also at a special event in Lagos, honour and presented Prof Adelowo with a special award in recognition of his achievements and as an inspiration for younger generations to follow in his footsteps.

Describing the Professor at the event, President of the Club, Joel Owoade, said Adelowo was an exemplary leader whose dedication, commitment, and hard work have made him a model for others.

“Professor Adelowo is a shining light, and we are proud to be associated with him. We will continue to celebrate him and others who are making Ogbomoso and Nigeria proud in their careers and service to both the nation and the international community,” Owoade said.

Adelowo’s career path is captured as follows:

Bachelor of Medicine, Bachelor of Surgery, University Ibadan, Nigeria, 1973

FMCP, Nigerian Postgrad. Medical College, 1982

Fellowship of the West African College of Physicians, W. African Postgrad. Medical Coll, 1993

Senior house officer UCH, Idaban, Nigeria, 1975-1978, senior registrar Nigeria, 1979-1982

Honorary registrar St. Bartholomew Hospital, London, 1980-1982

Senior lecturer, consultant physician U.I.T.H., Nigeria, 1983-1985

Medical director Adeola Specialist Hospital, Nigeria, 1985-1992

Professor medicine, consultant Ogun State University, Nigeria, since 1992

Chairman Post Graduate Medical College Board of Rheumatology

Examiner Nigerian Post Graduate Medical College, West African College of Physicians.

Prof Adelowo is presently a Consultant with the Lagos State University Teaching Hospital and Arthrimed Specialist Clinic, Ikeja, and he qualifies by scholarship to be addressed as follows: MD, FMCP, FWACP FRCP Edin FRCP (Lond) FAMedS MACR MAPLAR.

The Prof specialises in many foelds of medicine including Rheumatology Osteoarthritis, Arthritis, Rheumatoid Arthritis, Scleroderma, Systemic Lupus Erythematosus, and Autoimmune Disease. He also has 115 Publications, 21,100 RReads as well as 2,144 Citations.

Apart from being a renowned professional, he is also a distinguished family man, and is blessed with children.

Boss Picks

Man of the Year: Adedeji Adeleke Bags More Laurels

Published

1 month ago

April 14, 2025

Eric

By Eric Elezuo

He is renowned. He is distinguished. He is a symbol of entrepreneurial intelligence. He is a master of laurels, honours and awards. He is the 2024 Vanguard Personality of the Year, among of host of recognitions. He is Dr. Adedeji Adeleke, the Chairman, Pacific Holdings Limited.

With a retinue of friends, family members, colleagues, associates, staff and well wishers, Adeleke, represented by the Deputy Governor of Osun State, Prince Kola Adewusi, stepped on the stage of the the Eko Hotels and Suites, where he was decorated with the personality award for his outstanding contributions to the power sector. His impact in the education sector cannot be overemphasized, as well.

At 68, he still remains one of the most sought after personalities with the milk of human kindness. His philanthropy reverberates across the length and breadth of the African continent, and with a net-worth of over 1.7 billion in United States of American dollars, it is not hard to imagine that the erudite scholar and reputed oil and real estate magnate, Dr. Adeleke, is a force to reckon with in the Nigerian socio-political and economic terrain. It is no wonder therefore, that he was found worthy to wear the prestigious crown of personality of the year.

To many, he is the hitherto unknown ‘Baba Olowo’, as represented by his son, David Adeleke, in his hit song, Emi Omo Baba Olowo, to many others, he is just the father of one of Nigeria’s successful musicians, Davido, and to many others, he is the pathfinder that has helped in paving a path of fruitfulness for the Adeleke family in particular, and the people of Osun State in general.

Ebullient and irrepressibly renowned, Dr. Adedeji Tajudeen Adeleke, a native of Ede in Osun State, was born on March 6, 1957 in Enugu State, to Ayoola Raji Adeleke and Esther Nnenna Adeleke. Growing up with his maternal grandmother, fashioned in him the distinct features of Nigerian-ism thus becoming one of the few Nigerians, who are privileged to savour the true Nigerian originality, boasting of two physical ethnic nationalities – Yoruba and Igbo.

Adeleke’s linage is blessed as his siblings are also movers and shakers of the Nigerian political and economic environments. His elder brother, late Senator Isiaka Adetunji Adeleke, was the first civilian governor of Osun State, and his younger brother, Senator Ademola Adeleke, is the present governor of Osun State.

Fondly called Deji by family members and loved ones, and Chairman by friends and associates, Dr. Adeleke, whose father was a renowned labour leader and activist, in addition to being the Balogun of Ede land and one time Senator of the Federal Republic of Nigeria, is many things one.

Tapping from the Igbo background of his beloved mother and the Yoruba originality of his father, Dr. Adeleke has overtime showcased qualities that stood him out as a believer in the oneness of the country, Nigeria.

Dr. Adeleke lived his early life in Enugu, where he developed inert abilities to mastering business craftsmanship, before moving to Ansar-Ud-Deen Primary School, Surulere Lagos, for his primary education. Thereafter, he proceeded to Seventh-Day Adventist Grammar School, Ede where he graduated from in 1975, obtaining his West African School Certificate in flying colours.

His brilliance, coupled with opportunities, created a leeway for him thereafter to proceed to Western Kentucky University in the United States of America where he distinguished himself in academics and other endeavours, and graduating with a Bachelors degree in Finance in 1979.

A thoroughbred lover of education, Adeleke followed up his bachelors degree triumph with an MBA in 1981 and thereafter a Ph.D. in International Business from Pacific Columbia University, Mills Valley, California in 1983. It is not an understatement to say the proverbial ‘baba olowo’ is well read.

Having completed the academic trilogy, and with undisputable qualifications, Adeleke returned to serve his fatherland in the capacity of a Corps member in the National Youth Service Corps scheme; a clarion call he obeyed with all his being as a true Nigerian.

Armed and totally ready to take on the world, Adeleke ventured into the entrepreneurial world, audaciously establishing a drilling company, Pacific Drilling Company Limited which soon became the brainchild of other entrepreneurial ventures, metamorphosing into Pacific Holdings Limited, with a distinct focus on finances and investments in different sectors of the Nigerian economy, which comprises other groups of companies with diverse biases, including Pacific Energy Limited.

An egghead of no mean abilities, Adeleke is one of few academics, who holds double doctoral degrees, as he was privileged to bag a second Ph.D from the University of Phoenix, Arizona USA, where he studiously laboured for his honours.

His lofty academic sojourns have in more ways than one paved the way for him to conquer the competitive world of entrepreneurship. He is also the founder and Chairman Board of Directors of Pacific Merchant Bank Ltd which later became one of the legacy banks in the guise of present day Unity Bank Plc.

Quintessential in all ramifications, Dr. Adeleke is a philanthropist of note as his foundations and establishments speak volumes of his worth, and what he is capable of doing. Among his many foundations, dedicated to the upliftment of mankind, is the Springtime Development Foundation (SDF), a not-for-profit NGO, which has become a vehicle for the awards of scholarships at all levels of education, and distribution of medical assistance to diverse medical units across board; locally and internationally to meet the needs of needy Nigerians.

Adeleke’s SDF is also the brain behind the establishment of the prestigious Adeleke University Ede, where he is the Pro-Chancellor. In addition, Dr. Adeleke sits on the board of various blue chip companies across the globe.

The man of means through the Springtime Development Foundation (SDF) founded Adeleke University in Ede, Osun State, to ensure less privileged students have access to a quality higher education.

He is known to be not just a father in words, but highly impactful, consciously and unconsciously imparting his children and any other person that crosses his path with his Midas touch of gold. It is said that no one, who had ever crossed his path, leaves the same. Some say he is generous to a fault, and evenly and happily distributes his God-given wealth.

Yes, testimonials abound of those who had come his way, and had a total turnaround in both status and acumen, connecting a meaningful impact to their lives. With his SDF tool, not a few lives have witnessed a turnaround.

Dr. Adeleke is blessed with four children, two males and two females named Adewale Adeleke, David Adeleke (Davido), Sharon and Ashley Coco, from his beautiful wife, Veronica, who died in 2003, and many grandchildren. His children are living examples of his paternal influence as they all have carved a veritable niche and influence for themselves in different areas of human endeavours.

His youngest son, Davido, is a world renowned musician and philanthropist, carting away awards after awards just like his father, in many areas, and living the life of a real chip off the old block with humongous acts of giving that has left many just wondering.

He also has numerous grandchildren among whom are Imade Adeleke, Hailey Adeleke and the newest twins, who are Davido’s children.

Adeleke is a lover of life, and the good things that come with it. As a result, he owns a Bombardier Challenger 605 Business jet and a Bombardier Global Express 6000 for both classic luxury and ease of movement, as an international businessman, who is constantly on the move.

Through his Pacific Energy Limited, Davido’s dad has played a pivotal role in delivering about 15% of the nation’s electricity supply. His visionary leadership is further reflected in the near completion of a $2 billion thermal power plant, poised to become the largest in Nigeria. Adeleke has not relented in providing high class social amenities for the Nigerian populace.

At 68, he could be described as an accomplished husband, father, nationalist and entrepreneur.

We salute your dexterity and pray for more of wealth and health and many more honours and awards to celebrate.

We celebrate you sir!

Boss Picks

The Man, Dr. Akinwumi Ayodeji Adesina

Published

2 months ago

March 17, 2025

Eric

Dr. Akinwumi Ayodeji Adesina
President and Chairman of the Boards of Directors, African Development Bank Group

Dr. Akinwumi A. Adesina is the 8th elected President of the African Development Bank Group. He was first elected to the position on May 28, 2015, and historically unanimously re-elected in 2020.
Dr. Adesina is a globally renowned development economist and agricultural development expert, with more than 30 years of international experience. He was the first student to graduate with First Class bachelor’s degree in Agricultural Economics from the University of Ife (now Obafemi Awolowo University), Nigeria, in 1981.
He holds a master’s degree (1985) and a PhD in Agricultural Economics (1988) from Purdue University, USA, where he won the Outstanding PhD thesis award for that year. Dr. Adesina also won the prestigious Rockefeller Foundation Social Science Fellowship in 1988, which launched him into his international career.

A bold reformer, as the Minister of Agriculture in Nigeria from 2011-2015, Dr. Adesina turned Nigeria’s agriculture sector around within four years. Under his tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which economically impacted the lives and livelihoods of 15 million farmers by directly providing them with subsidized farm inputs at scale using their mobile phones.

A firm believer in private sector-led growth, Dr. Adesina radically changed the perception of agriculture in Nigeria from ‘subsistence’ to a viable business activity that successfully attracted $5.6 billion in private sector investments. Ultimately, under his leadership, Nigeria’s food production expanded by an historic additional 21 million metric tons.
Prior to his appointment as Minister of Agriculture, Dr. Adesina was the Vice President for Policy and Partnerships with the Alliance for a Green Revolution in Africa (AGRA), where he led several bold and innovative policy and finance initiatives that leveraged over $4 billion in Bank finance commitments to Africa’s agriculture sector. Working with African Heads of State, Ministers of Finance, Central Bank Governors, and leaders in the commercial banking industry and across several African countries, Dr. Adesina successfully led one of the largest global efforts to leverage domestic bank finance for the agricultural sector.

He also previously served as Associate Director and Regional Director for the Southern Africa Office of the Rockefeller Foundation for over a decade.
A prolific writer, Dr. Adesina has authored over 70 scholarly publications on policy, agricultural development, and African development issues.

He is a globally respected economist and has served as the President of the African Association of Agricultural Economists, as well as on the Editorial Board of several academic journals, including the International Journal of Agricultural Economists. He was awarded the Outstanding Black Agricultural Economist Award by the American Association of Agricultural Economists. He was a Distinguished Africanist Scholar at Cornell University, USA.

As President of the African Development Bank, in 2015, he launched a bold strategy to transform the bank’s business model and the lives of millions of Africans. The Strategy known as the High 5s: to Light Up and Power Africa; Feed Africa; Integrate Africa; Industrialize Africa; and Improve the quality of life of the people of Africa, have since impacted the lives of more than 500 million Africans.

To attract increased investments into Africa, Dr. Adesina launched the Africa Investment Forum (AIF) in 2018, the first event of its kind, to attract global capital and accelerate Africa’s economic development. The unique investment forum, which has several African and global financial institutional partners, has become the premier investment marketplace for Africa, attracting over $200 billion worth of investment interests across Africa.
Dr. Adesina has received several distinctions and global awards, including the 2007 YARA Prize in Oslo, Norway, for his pioneering leadership in African Agriculture. The Distinguished Alumni Award from Purdue University, USA, in 2008; Distinguished Alumni Award in 2009 and the Grand Commander of Great Ife in 2013, both from the Obafemi Awolowo University, Nigeria; and Borlaug CAST Communications Award in 2010 by the Council for Agricultural Science and Technology, USA, for his global leadership in agricultural science and technology.

He has received several honorary doctoral awards globally, including Franklin and Marshall College, USA; Purdue University, USA; Michigan State University, USA; Duke University, USA; and the University of Alberta Canada.

In Africa, he has received honorary doctorates by major universities, including Makerere University, Uganda; Ethiopia’s Addis Ababa University; The American University of Nigeria; Obafemi Awolowo University, Nigeria; Adekunle Ajasin University, Nigeria; Afe Babalola University Nigeria; Federal University of Technology, Akure, Nigeria; Bowen University Nigeria; Veritas University, Nigeria; Bayero University, Nigeria; and the Nigerian Defense Academy.

In October 2017, his alma mater, Purdue University, USA, decorated him with its highest honor, the Order of the Griffin, a rare honor given only to 50 persons since 1893, including Neil Armstrong, the first man to walk on the moon.

In 2010, Dr. Adesina was appointed by the United Nations Secretary General, Ban Ki-moon, as one of 17 world leaders to galvanize international support for the United Nations Millennium Development Goals.

In 2019, the United Nations Secretary General António Guterres appointed Dr. Adesina as one of 23 global leaders to help end hunger and malnutrition. He serves globally as one of the Commissioners for the Global Climate Commission, co-Chaired by Bill Gates, and former United Nations Secretary General Ban Ki-Moon, to tackle global climate change. Dr. Adesina also serves on the Global Panel on Agriculture and Food Systems for Nutrition.

Dr. Adesina has won several international awards including the Forbes Africa Person of the Year for his bold reforms in Nigeria’s agriculture sector; Nigeria’s Leadership Newspaper’s 2013 Public Servant of the Year, for his bold policy reforms, transparency, and public accountability; and the Extra-Ordinary Achievement Award by Silverbird Television, Nigeria, for his achievements as Nigeria’s Minister of Agriculture.

Also, the West African Institute of Public Health, recognized Dr. Adesina with its 2020 Distinguished Fellowship Award, for his innovative and successful efforts to curb the impact of the coronavirus pandemic in Africa.

At a national level, Dr. Adesina has been conferred with Nigeria’s second-highest national honor, the Commander of the Order of the Niger, for his outstanding service to his country, Nigeria.

In recognition of his outstanding leadership, passion, and dedication for accelerating African development, he has also been awarded the highest national honors of nine African countries: Senegal, Cameroon, Madagascar, Togo, Liberia, Niger, The Gambia, Djibouti and Tunisia respectively. In March 2025, he was conferred with Kenya’s highest national honor, the Chief of the Order of tbe Golden Heart, the 10th recipient of the honor since Independence.

In 2017, the World Food Prize Foundation awarded Dr. Adesina the World Food Prize, generally known as the “Nobel Prize for Agriculture.” Dr. Adesina devoted the $250,000 Laureate award to the establishment of the World Hunger Fighters Foundation, to help support Africa’s youth in agriculture and to develop a new generation of world hunger fighters. In the same year, Bill Gates listed Dr. Adesina’s award of the World Food Prize and his gesture to use it to support the youth in Africa as one of the seven most encouraging moments of 2017.

In 2019, Dr. Adesina was awarded several distinguished awards including the prestigious Sunhak Peace Prize in Seoul, South Korea, for his global leadership on agriculture, food security, transparency, and good governance. He dedicated his $500,000 award prize to the World Hunger Fighters Foundation that he established to fight global hunger.

He was awarded the Emeka Anyaoku Lifetime Achievement Award of Outstanding International Icon by the Hallmarks of Labor Foundation, during which Chief Anyaoku, former Commonwealth Secretary General said, “Dr. Adesina’s work, and leadership are legendary, unprecedented and worthy of emulation.”

In 2019, Dr. Adesina led the African Development Bank to achieve its highest capital increase since the Bank’s establishment in 1964, when shareholders raised the general capital of the Bank from $93 billion to $208 billion – a historic achievement for Africa.

In 2020, Dr. Adesina was re-elected to a second term as President of the African Development Bank Group with 100% of the votes of all 81 African and Non-African shareholder countries, the first such achievement in the then 55-year history of the African Development Bank, a demonstration of global confidence in his outstanding leadership of the African Development Bank.

In 2023, Dr. Adesina and the President of Senegal convened the Feed Africa Summit, which attracted 34 African Heads of State, the President of Ireland and hundreds of ministers from within and outside Africa and successfully mobilized $72 billion for tackling food security in Africa – the largest ever globally coordinated effort in Africa’s history.

In 2023, Dr. Adesina was named one of the 100 Most Influential Africans by the New Africa Magazine.

In 2024, Dr. Adesina was awarded the prestigious Obafemi Awolowo Prize for Leadership which recognized him as “a Pan Africanist with enthusiastic commitment to the positive transformation of the continent, he has demonstrated core leadership qualities that have been associated with Chief Obafemi Awolowo, and which this Prize is meant to encourage and reward. Dr. Adesina is a person whose outstanding leadership has occasioned public policies that have positively transformed millions of lives.”

In 2024, Dr. Adesina and the President of the World Bank Group Ajay Banga launched an historic partnership that led to the creation of Mission300, an ambitious multibillion dollar initiative to connect 300 million people in Africa to electricity by 2030.

Dr. Adesina has transformed the African Development Bank Group into an award-winning global brand that is a leader in financial innovation. For the second time, the African Development Bank Group has been ranked in the 2024 Aid Transparency Index as the most transparent development organization in the world and recorded the highest score ever by any development organization.

Under Dr. Adesina’s leadership, the Bank Group’s general capital has significantly grown from $93 billion when he took office as President in 2015 to $318 billion on 2024, following approval by the Board of Governors during the Bank Group’s Annual Meetings in Nairobi. The quantum financial increase reflects strong confidence in the leadership and management of Africa’s only AAA rated financial institution.

To reform the global financial architecture, under Dr Adesina’s leadership, the African Development Bank teamed up with the Inter-American Development Bank, and developed an innovative proposal, approved in 2024 by the IMF to channel Special Drawing Rights (SDRs) through multilateral development banks. The bold, pioneering, and innovative initiative could unlock new lending opportunities for all global development finance institutions, and the African Development Bank, at greater scale and multiply the leveraging impact of the allocations to the benefit of millions of Africans.

In 2024 Dr Adesina was named as the inaugural African-of-the-Decade Award recipient by the All-Africa Business Leaders Awards (AABLA™). His citation noted: “Dr. Adesina has demonstrated a significant impact on the African continent through innovative solutions, projects, or initiatives that address the continent’s pressing socio-economic and environmental challenges. He has consistently shown leadership, vision, and dedication, driving positive change in sustainable development in Africa,”

The leading reputation management firm, Reputation Poll International, has listed Dr. Adesina among the 100 most reputable people in the world.