Boss Of The Week
Abdulsamad Rabiu: Garlands for a Worthy Industrialist at 63
Eric Elezuo
Abdulsamad Isyaku Rabiu’s evolution into the world of superlative entrepreneurship and philanthropism is not a fluke. It is a calculated attempt through hard work, focus and the determination to excel. At 63, Rabiu remains a force to reckon in the business of putting smiles on the faces of Nigerians, especially his North West region origin, and Africans at large.
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 defined comfort.
Rabiu is the Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar among other wonderful household items.
Born on 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 sort 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, and 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 Obu 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 Obu 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 N300million 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, 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 has consistently listed the billionaire among the top billionaires in Africa, “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.
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 President Muhammadu Buhari.
In 2022, the leading businessman, with an umbrella group comprising sugar and fertilizer manufacturing industries among other business concerns, paid a visit to the then President Muhammadu Buhari in Abuja. And true to type, Alhaji Rabiu exhibited the same stuff that has made him the toast of African entrepreneurship, when he made a whopping donation of N10 billion to the Nigeria Security Support Fund on behalf of his foundation, The Abdul Samad Rabiu Africa Initiative (ASR Africa). The donation was geared towards providing security equipment, medical and other supplies, upgrade of health facilities and other infrastructure for families of those on the frontlines.
It is on record that in the past seven years, BUA has built over 10 factories with two of the Group’s subsidiaries now amongst the top 10 largest publicly listed companies in Africa. It was therefore, not out of place to identify with the efforts of the Buhari administration in business and the security space.
Rabiu’s avalanche of successes, humanitarian endeavours and spread of business tentacles has bestowed on him the uncommon title of the highest employer of labour in his region, the Northwest of Nigeria, in addition to continually maintain his status as Nigeria’s second richest man.
Rabiu’s image as a great achiever looms large. He was honoured among other Nigerians by the now embattled Nigerien President, Mohammed Bazoum, with the “Order of Merit of Niger, Great Master of National Awards,” the highest honours of the country for his great strides in increasing understanding between the two nations and for acting as agent of social and economic development. This was to mark the country’s Independence Day.
Practically every woman’s dream, 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 beyond comparison. He is a force to reckon with in the field of enterprise and human capacity building. He is quite a gift to Nigeria, and the world. We wish you a hearty 61st birthday. Congratulations!
By Eric Elezuo
African originality is not in contest. It is evidenced in the prodigious achievements of the rank and file of citizens, who on a daily basis continue to churn out one great after another. Among the list of prolific achievers of Africa is the undisputable Eric Onyango Gumbo; a true African son of Kenyan origin.
Masterful, focused, determined and an all round goal-getter, Gumbo is a legal egghead, who is an Advocate of the Court of Kenya, with over 20 years of legal and advisory experience across Africa, in addition to being an entrepreneurial genius, whose chain of businesses and endeavours speak volume of the mettle he is made of.
Armed with a Bachelor’s degree in Law from Moi University, and a Post graduate Diploma in Law fro the Kenyan School of Law, Gumbo has added a lot of feathers to his cap of merit, including the Commissioner for Oaths, Notary Public and being a Member of the Chartered Institute of Arbitrators. He is one man, who knows his onions in the legal profession, and has used his skills to project the Kenyan justice system as well as project the African continent in the positive legal limelight.
Gumbo is the Managing Partner of G & A (Gumbo and Associates) Advocates LLP, which he founded in 2006, and later established as a Limited Liability Partnership, G&A Advocates LLP, in 2017. And as a visionary leader, he was to expand the firm further to operate in both Nairobi and Eldoret with solid partnerships and collaboration with other leading law firms across Africa.
Beyond his qualification in the normative training of Law, Eric Gumbo has over the years, also enhanced and focused his practice of law in Dispute Resolution and Commercial Law. Towards deepening his training and experience within the two areas of practice, he has also undertaken and completed programs on Financial Markets from Yale University, Arbitration from the Chartered Institute of Arbitrators (Kenya Branch) and Fintech Law and Policy from Duke University. He is currently undertaking a course in Green Business strategy from the Hongkong University of Science and Technology.
Gumbo is not the regular run-off-the-mill Advocate. In his career of over two decades, as an Advocate, he has successfully handled numerous highly sensitive matters according to the G and A website. Some of these include as copiously re-presented:
- As part of the team selected to advise and represent Kenya’s elections management body in all the three (3) Presidential Election Petitions filed in in the Supreme Court of Kenya. Acted as legal counsel for one of the state corporations in relation to a claim presented against the state corporation by a downstream affiliate of one of the multinational oil and gas companies where the value of the subject matter was in excess of US$ 45 Million.
- Advised and represented a leading electric power producer in a ground breaking transaction between it and the Government of Djibouti for drilling of three geothermal wells in Djibouti.
- Provided legal advisory and contracting support to a transport-sector state corporation which involved reviewing and drafting of commercial agreements, and negotiating of diverse aspects with various contracting parties in relation to one of the country’s flagship infrastructure projects.
- In the Public Private Partnership space, Gumbo is currently part of a team that is advising and representing one of the energy sector state corporations in relation to a claim filed before the Public-Private Partnership Petitions Committee in relation to a project valued in excess of US$ 320 Million.
- Gumbo also continues to act for diverse entities entrusted with the carrying out of various regulatory and independent constitutional mandates in sectors such as health, energy, telecommunication, education, trade, aviation, procurement, environment and natural resources, capital markets and financial services.
Gumbo is involved in numerous other activities beyond engaging in the actual practice of law.
In the first place, he currently serves as a Non-Executive Chairperson of the Legal Aid Centre for Eldoret (LACE), and also a Council Member representing the Law Society of Kenya in the Council for Legal Education (C.L.E). This is not excluding the fact that he is also a Board Member of the Kenya Re-Insurance Company Limited (Kenya Re), a public listed company.
Larger than life itself, Gumbo’s profile keeps expanding with mouthwatering appointments, requiring zeal, experience, gusto and can-do-attitude. Recently, he was appointed by His Excellency the President of Kenya, Willam Ruto, to serve as a member of the panel mandated to recruit the Auditor General for the Republic of Kenya, and has affiliations that enhance his proclivity to meritorious practice of law. Such affiliations include memberships of the Law Society of Kenya, the East Africa Law Society, Chartered Institute of Administrators and the Legal Aid Centre of Eldoret.
A seasoned legal counsel with over 20 years of experience across Africa, Gumbo has built a strong reputation in the legal industry, specializing in financial services, regulatory matters, advisory roles, commercial transactions, and dispute resolution. He is highly sought after as a consultant, and provides advisory services to both private and public sectors on high-stakes transactions and regulatory frameworks in banking, infrastructure development, energy, and ICT.
His website also described him as “A seasoned public speaker and thought leader, he actively contributes to legal reforms and policy discussions, particularly in financial engineering, electoral law, and governance,” and “has successfully led legal teams in significant sovereign finance transactions and complex cross-border projects, showcasing his expertise and commitment to advancing the legal landscape in Africa.”
Beyond consulting for the Kenyan government, Gumbo has proved his trans-border billing by offering generous consultations to the governments of Somaliland and Tanzania as well as corporate entities such as Rasmala Trade Finance Fund, Alliance for Green Revolution in Africa and Ardmore Capital Management LLC among others.
In addition to his many endeavours, which include advocacy and consultancy among others, Gumbo find time to engage in speaking Engagements as captured below:
● Presented a seminal paper on the recent developments in electoral law in Kenya to the Faculty of law Mount Kenya University of Kenya on 31st January, 2024.
● Presented a paper on the art of persuasion and legal drafting in a symposium organized by the Law Society of Kenya for advocates in private practice on the 9th June, 2023.
● Presented a paper on trial advocacy in a seminar for advocates in dispute resolution practice in Kenya on the 15th September, 2023.
● Presented a paper on employment law and practice in commercial banking institutions on the 29th November,2023.
Married with an enviable family of adorable children, Gumbo is a great sports enthusiast, with special bias to golf, which he plays voraciously. Golf, to him, is the next big time.
Africa needs Africans. African needs prolific Africans. Africa needs Eric Onyango Gumbo!
By Eric Elezuo
Beyond ancestral qualification, the newly crowned Owa Obokun of Ijeshaland, the 49th in the series, Oba Clement Adesuyi Haastrup, is a man of many parts; focused, capable, disciplined, fulfilled and down to earth. He is typically the product of what patience can produce, as his emergence was via the efforts of respected kingmakers of Ìjẹ̀ṣàland with a seal of approval by the State Governor, Ademola Adeleke. The process of emergence was grounded in the deep rooted traditions and values of the Yoruba culture.
Named as the paramount ruler in December, 2024, and crown substantive royal father on January 5, 2025, the former Deputy Governor of Osun State, has proved to be a good choice, bringing to bear his years of entrepreneurship and political sagacity to bring development and all round growth to his kingdom.
Addressed as His Imperial Majesty, Oba Looja Clement Adesuyi Haastrup, Owa Ajimoko III, the Owa Obokun Adimula and Paramount Ruler of Ìjẹ̀ṣàland, the oba launches into leadership with a combined flair of experience, vision, and dedication to service, which has steadily elevated the kingdom within a short period.
The Oba, by every standard, is not a run-of-the-mill monarch, he well trained and ground in not a few sectors of human endeavours. Not only was a former number two man of his state, he is a distinguished entrepreneur, and founder of ENL Consortium, one of the leading terminal operators in Nigeria, which under his stewardship, the company played crucial roles in the nation’s trade and logistics renewal. Beyond these, Haastrup is also a trained Pharmacist.
The new oba, who is celebrated for his academic excellence and dynamic leadership, replaced Oba Gabriel Adekunle Aromolaran II, who passed on recently.
With a legacy of public service, entrepreneurial success, and philanthropic dedication, Oba Haastrup’s enthronement heralds a new era for Ijesaland. As the Owa Obokun, his vision and leadership promise to transform Ijesaland into a beacon of unity, innovation, and prosperity. The people of Ijesaland eagerly anticipate the dawn of a brighter future under his reign.
Oba Haastrup’s reign is poised to deliver unity, prosperity, and a thriving future for the kingdom, ensuring that Ijeshaland remains a beacon of cultural heritage and progress in Nigeria and beyond.
The Dawn Commission, on its website, captures the trajectory of the disciplined oba as follows:
Prince Clement Adesuyi Haastrup was born on September 19, 1948, into the illustrious Ajimoko royal family of Ijesaland in Osun State, Nigeria. His upbringing was steeped in the values of service, discipline, and leadership that are hallmarks of his royal lineage. From an early age, he exhibited the qualities of a visionary, a trait further nurtured by his family’s deep cultural heritage and Christian faith.
Oba Haastrup’s academic journey laid the groundwork for his remarkable career. He attended Eko Boys’ High School in Lagos from 1963 to 1967, where he demonstrated an exceptional commitment to learning and leadership. He furthered his education at the Federal School of Science and later pursued a Bachelor’s degree in Pharmacy at Howard University in Washington, D.C., graduating in 1974. Determined to expand his horizons, he spent several years in the United States, where he not only gained academic knowledge but also developed a global perspective and the discipline required for success.
Returning to Nigeria in 1981, Prince Haastrup immersed himself in public service. His political career gained prominence in 1990, when he was elected as the Deputy Governor of Osun State, serving under Governor Isiaka Adetunji Adeleke during the Third Republic.
In his capacity as Deputy Governor, Oba Haastrup championed significant reforms and spearheaded key initiatives that enhanced governance and public administration. His tenure saw him secure impactful public-private partnerships with federal agencies such as the Power Holding Company of Nigeria (PHCN), the Nigerian Ports Authority (NPA), and the Federal Housing Authority (FHA). These achievements solidified his reputation as a pragmatic and results-oriented leader, earning him widespread admiration and paving the way for his transition into the private sector.
After leaving public office in 1992, Prince Haastrup turned his attention to the business world, where he continued to make significant contributions to Nigeria’s economic development. In 2002, he founded ENL Consortium Limited, initially focusing on utility management. Recognizing opportunities in Nigeria’s maritime sector, he expanded ENL’s operations to include port management and infrastructure development.
In 2006, ENL Consortium, under his visionary leadership, secured the concession for Terminals C and D at the Apapa Port Complex in Lagos. These terminals, which handle both general and containerized cargoes, have set benchmarks for efficiency in port operations.
The company’s innovative approach included:
- Extensive rehabilitation of port infrastructure
- Deployment of cutting-edge equipment
- Introduction of labor reforms, which improved productivity and industrial harmony
Today, ENL Consortium operates one of the largest seaport facilities in West Africa, with 11 berths capable of handling between 9.7 and 11 meters of draft. The company has diversified into power generation, estate development, and hospitality, contributing to job creation and industrial growth in Nigeria.
Prince Haastrup’s contributions have earned him recognition as one of Nigeria’s foremost maritime magnates. His leadership in transforming port operations and enhancing transparency has positioned Nigerian ports as competitive global players. His efforts have not only improved Nigeria’s standing in the maritime industry but also generated significant revenue and fostered economic growth.
Through the Clement Adesuyi Haastrup Foundation (CAH Foundation), Oba Haastrup has impacted lives by awarding scholarships to over 500 students, enabling them to access higher education locally and internationally. His philanthropic initiatives extend to feeding the hungry and empowering the underprivileged, solidifying his reputation as a compassionate and community-orientated leader.
Oba Clement Adesuyi Haastrup emerged as the Owa Obokun of Ijeshaland following a meticulous selection process by the kingdom’s esteemed kingmakers. His selection was officially approved by Governor Ademola Adeleke of Osun State on December 27, 2024, after the passing of Oba Adekunle Aromolaran II on September 11, 2023.
The coronation ceremony, a grand and historic event graced by dignitaries from across Nigeria and beyond, included the presentation of the Staff of Office and Instrument of Appointment. This event marked the official commencement of his reign, accompanied by traditional rites, festivities, and cultural displays that highlighted the rich heritage of Ijesaland.
Oba Haastrup’s enthronement is a powerful blend of tradition and modernity. Building on the legacy of Oba Aromolaran II, who was renowned as the first Nigerian monarch to hold a Ph.D., Oba Haastrup brings a global perspective shaped by his illustrious career in governance and business. His leadership is underpinned by a vision to bring unity, prosperity, and innovation to Ijesaland.
Oba Haastrup’s reign is poised to usher in transformative change across the kingdom. Guided by decades of experience in governance and business, his priorities include:
- Agricultural Modernization: Promoting mechanized farming to enhance food production and create jobs.
- Infrastructure Development: Collaborating with stakeholders to improve roads, healthcare facilities, and schools.
- Economic Empowerment: Encouraging investment and entrepreneurship to drive local economic growth.
- Social Harmony: Fostering unity and resolving communal disputes to strengthen bonds within the community.
Oba Haastrup is married to Olori Vicky Haastrup, the Chairperson of the Seaport Terminal Operators Association of Nigeria (STOAN). The oba and his olori are blessed with wonderful children.
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