Boss Of The Week
The Award Winning Life of BUA Boss, Abdulsamad Rabiu
By Eric Elezuo
On November 4, 2023, Africa’s accomplished industrialist and billionaire businessman, Abdulsamad Rabiu, the ebullient Chairman of BUA Group, will step out in style to be bestowed with the prestigious Leadership Excellence Awards (LEEX Awards), which he has just won as The Man of the Year.
The LEEX Awards was endorsed in 2020 by the African Union Economic, Social and Cultural Council (AU-ECOSOCC), and in 2021 by the African Union Film Institute (AFI).
The award, the fifth in a row, and organised annually by IgbereTV, recognises and honours the outstanding impacts of leaders across both the public and private sectors in Nigeria as well as promotes outstanding leaders and personalities, whose impacts have been felt in Nigeria’s political, social and economic spheres.
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, craft, 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 in Nigeria 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 world, especially his native Nigeria, live in defined comfort. He is Chairman/Chief Executive Officer, Bua Group, makers of quality cement, sugar among other wonderful household items.
The BUA chairperson polled a total of 568,247 votes to defeat other nominees. The polls were monitored by News Agency of Nigeria (NAN).
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 as at the last month.
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.
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).
In May 2023, Rabiu dusted South African billionaire Nicky Oppenheimer, who currently has a net worth of $8.4 billion to hit 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 to 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 worlds as they have described 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 millionaires through the provision of veritable employment opportunities, with special focus on those of his northwest origin. Today, he is the third richest man in Africa, and the richest investor in Nigeria Exchange.
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 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.”
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.
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.
The BUA founder recently came to the aid of the Nigerian educational system with a 5.5 billion naira grant for infrastructural development to 22 universities and other tertiary institutions. The grant came under the ASR Tertiary Education Grants Scheme.
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 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, 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.
Once again, congratulations sir, and wishing you many more grounds to conquer.
By Eric Elezuo
Africa is a great land, and Africans are great and intelligent people, contributing more than their quota to the growth and development of world economy, sustainability and peace. This is a direct consequence of the untold efforts of the continent’s men and women of different class and creed, who are doing great things across the length and breadth of the continent and beyond. One of such indefatigable geniuses is the incredible Martial Kpochan, an African of Beniniose descent, who plies his enterprise across every available space in the universe. He majors in trade and investment, auditing and accounting among distinguished entrepreneurial endeavours.
Martial Kpochan image looms large, and speaks volumes in the financial and accounting world as he is reputed to be the brain behind the founding and establishment of the 10 Principles of Economy of Being, which has garnered a wide global recognition.
Born in Cotonou, Benin Republic, on June 30, 1981 to the family of Mr and Mrs Pierrot Kpochan, Martial as he is fondly known among family and friends, is an epitome of business solutions, initiatives and economic renewal, having invested over 20 years of his life in entrepreneurship, garnering experience in financial auditing, accounting expertise, and business and damage valuation. Martial Kpochan has, without equivocation, built a remarkable career rich in diverse experiences and deep expertise.
Martial’s professional career kickstarted in 2002, when he was absorbed at the audit firm, SACOR, in Paris, France. Afterwards, and with a backload of experience, he moved to Montreal, Canada, where he joined Picard Choronzey Inc.
In 2005, he returned to France and worked with BDO and DELOITTE groups in quick succession.
Budding with the zeal to further affect the world, Martial, in 2008, and driven by an entrepreneurial vision, desire to affect humanity, his country of birth and his country of residence, France, he founded Natray Consulting Group, a company he chairs till the present.
Among many of his larger than life academic and professional build-ups and accomplishments, Martial is certified in Public Expenditure and Financial Accountability (PEFA), a framework developed by the IMF and the World Bank for assessing public financial management.
He is also a statutory auditor at the Court of Appeal of Versailles, and his qualifications also include certifications in business and damage valuation, as well as degrees in accounting expertise and advanced accounting and financial studies. He is a member of the Order of Chartered Accountants of Benin, the Order of Chartered Accountants of France, and the South African Institute of Professional Accountants.
Additionally, Martial Kpochan has led numerous audit and financial expertise missions for prestigious companies, governments, and projects funded by international donors such as the World Bank and the European Union, positioning him as a recognized leader in his field.
Under his leadership, Natray Consulting Group has become a major international player with a significant presence in Africa and Europe. Martial Kpochan’s international experience spans several continents, with missions in France, Canada, Hong Kong, South Africa, West Africa, North Africa, and Central Africa. This exposure to diverse economic contexts has allowed him to develop great openness and a deep understanding of global financial dynamics, enhancing his ability to adapt to local specificities while maintaining a global vision.
In parallel with his career in finance, Martial Kpochan is passionate about humanist philosophy. This intellectual quest led him to found the Institute of Economic and Political Intelligence in 2012, followed by the creation of the Institute of Being, which he currently presides over. This institute aims to defend the public interest in the decision-making process.
In this capacity, he has published the “10 Principles of the Economy of Being,” which he actively promotes in Africa and internationally. Today, Martial Kpochan dedicates himself to the Institute of Being, where he continues to influence public decision-making by defending the general interest.
His dual approach, combining rigorous technical expertise with deep philosophical reflection, gives him a unique perspective on addressing the complex challenges facing contemporary societies. His vision and leadership position him as a key actor capable of making significant contributions to public governance and improving management practices on a global scale.
Aligned with his grand vision of the Economy of Being, he supports the ECRU ESSENCE project, which aims to create a production line using locally made fabric from Benin, bringing it to the forefront. This project could create more than 10,000 long-term jobs. Through his investment, the ecru fabric was showcased in its first fashion show during FESMMA 2024.
His commitment to democracy has led him to participate in two major conferences at the Vatican, one on education and democracy, and the other on democracy in a fragmented world. On these occasions, he had the opportunity to meet the Pope during two audiences.
His involvement and visionary approach have allowed him to meet the President of the Parliament of the Canton of Geneva and participate in a conference at the World Economic Forum.
Martial is an advocate for the dissemination of the “10 Principles of the Economy of Being.” He presented these principles at the Global Governance Fund, an ECOSOC NGO of the United Nations, as well as at the African Union Commission in Addis Ababa.
He also showcased these principles during Mandela Days, where he took part in a charity event distributing thousands of meals and blankets in Tsakhane.
A happily is married man, and wonderful father to his four lovely children, Martial dreams to see the adoption of a Universal Declaration of the Economy of Being, similar to the Universal Declaration of Human Rights.
For your steadfast commitment to the growth of African economy through down to earth Enterprises, you are our boss of the week. Congratulations sir!
By Eric Elezuo
“Your dreams must exceed your current capacity to achieve them…you are enough, you can do it,” – Dr. Funmi Adewara
Nigerians in the Diaspora have left nothing to chance in proving that the country is blessed with abundance of talents across diverse fields of human endeavours; entertainment, medicine, sports, academia and a whole lot more.
Among the categories of bring our pride home Nigerians is the beautiful and sophisticated Founder/Chief Executive Officer of Mobihealth International, Dr. Funmi Adewara, who prides herself as an accomplished medical technocrat, physician, entrepreneur, telehealth expert among a host of distinct profitable human engagements. It’s worthy of note that Adewara’s Mobihealth is not a run-off-the-mill health institution; it is a dedicated and specialized arm of medication and medical health delivery. She was once Forbes Woman African Technology and Innovation Award winner.
Young vibrant and highly calculative, Dr. Adewara cuts across as the dual citizen of many ages, juxaposing medical disciplines of diverse times to create an all new medical development, acceptable for all times, and operational in this present dispensation.
A proud graduate of the University of Ibadan, where she studied Medicine, Dr. Adewara was born and brought up in Kaduna State before higher education brought her down to the west. She relocated to the United Kingdom after graduation to further her education at the University of Cambridge, where she earned a Master’s degree in Bioscience Enterprise.
Among a lot of things she is, within a brief spell of time, Dr. Funmi Adewara covets a British-Nigerian status, walks head held high as a Cambridge-trained Bioscience Entrepreneur, and is proud to tell every listening ear of her undeniable status of a globally recognized telehealth expert. Hers, in achievements, is not a fluke. She is a hard worker, and it is no accident that she is everything that she is today.
Her exceptional service delivery, inventive abilities, initiatives and dedication to assignments have bestowed on her recognitions and awards from A-list corners.
She is a multi-award-winning entrepreneur, and has an extensive background in medicine, pharmaceuticals, and business development. Her personal profile credited her with over 15 years of experience working within the UK’s National Health Service (NHS) and the pharmaceutical industry as a Drug Safety Physician.
For those, who must have harboured the question, why Mobihealth? It is of paramount importance to note that she was, and is still driven by passion for the transformation of healthcare in underserved communities.
Consequently, Dr. Adewara’s Mobihealth International, a company dedicated to solving critical healthcare challenges in Africa and beyond came to existence. Her leadership has seen Mobihealth develop comprehensive telehealth solutions that address issues like shortages of healthcare professionals, high treatment costs, and long-distance travel for patients.
Having partnered with the high and mighty in global business, she had received grants from nobles including the Bill & Melinda Gates Foundation, on which pedestal Mobihealth’s integrated Telehealth clinics are making strides towards achieving Universal Health Coverage, with a focus on primary healthcare centers (PHCs).
Dr. Adewara’s work has garnered international recognition, earning her numerous awards. She was one of seven global winners of the World Bank SDGs&Her 2020 Awards, selected from over 2,400 entries, and was also a winner of the Sanofi Africa-Tech Challenge in Paris in 2020. Under her visionary leadership, Mobihealth pioneered the first telehealth initiative for the Nigerian Air Force in 2021, marking a historic milestone in Africa.
Dr. Adewara is also a recipient of the African Female Tech Founders Award, which led to her invitation to the Africa-UK Investment Summit by former Prime Minister Boris Johnson in 2020. In 2023, she was named the winner of the Forbes Woman African Technology and Innovation Awards and became a top 50 finalist in Africa’s Business Heroes competition. Her entrepreneurial journey was also celebrated at the NASDAQ Entrepreneurial Milestone Maker Program, where she was showcased at New York’s Times Square in 2023.
With H.E Wemkele Mene, Secretary General, African Continental Free Trade Area Secretariat.
Dr. Funmi Adewara continues to be a leading voice in telemedicine, advocating technological solutions that improve healthcare access for all.
With her giant strides in the field of medicine, the accomplished CEO of Mobihealth International, has traced her way home to Nigeria, where she advocated the adoption of telemedicine in the Nigerian health sector.
She noted that it could help address 60 per cent of the medical issues facing Nigerians. This was during the two-day 2024 Africa Social Impact Summit held in Lagos, with the theme, ‘Reimagining Progress: A New Blueprint for Sustainable Growth in Africa’, and co-convened by the Sterling One Foundation, and the United Nations Nigeria.
To her, telemedicine offers a transformative solution to Nigeria’s healthcare system in the immediate and long term, and could address 60 per cent of the medical issues facing the citizens, adding that it connects patients in remote areas with medical professionals, providing timely consultations, diagnoses, and treatments without the need for travelling.
With staff of FCTA
She informed that more key benefits of telemedicine adoption in the country abound, and they include increased access to health services, cost-effectiveness, improved health outcomes, enhanced data management, and education, among others.
In her words “With quicker access to medical expertise, patients can receive timely interventions, reduce the risk of complications, and improve overall health outcomes.
“Digital platforms facilitate better tracking and management of patient data, leading to more informed and effective healthcare decisions, adding that knowledge and skills can be facilitated through telehealth to address the skill gap and boost manpower,” she informed.
With Kenyan President H.E William Ruto during US Africa Business Forum, Washington DC 2023
She is obsessively committed to driving robust telemedicine adoption, especially for primary healthcare, and has not hesitated on seeking collaboration government agencies, healthcare providers, and private sector stakeholders.
Her goals are broad and inordinate, accommodating improvement of access to maternal and child health, reproductive health, health education, as well as reducing hospitalisation by 70 per cent, and making it cost-effective.
It is her diligence and marketing ability of sellable product and services that prompted Afreximbank to sign project preparation facility with Mobihealth to drive digital healthcare solutions across Africa.
The pact is expected to bolster the expansion of Mobihealth’s telemedicine services in Nigeria, and also assess the feasibility of establishing similar services in Egypt, Ghana, Kenya and Cote d’ Ivoire.
Under the terms of the agreement, Afreximbank will part-finance project preparatory activities that will leverage MobiHealth’s successfully integrated telemedicine proprietary platform, initially piloted in Nigeria, to the four additional countries. This initiative is expected to rapidly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with out-patient facilities. The project preparation facility of up to US$ 1.5 million is expected to advance the Project to bankability, whereupon this is expected to unlock further investments estimated at US$ 65 million.
It takes only an entrepreneur that knows her onions to land such magnificent advantages. It is very clear that she is practically existing to affect lives, irrespective of whose.
She noted that “The signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent. We are thrilled to have the support of Afreximbank, a pan-African multilateral financial institution with the scale and capacity to enable us to achieve this objective in a timely manner. Their involvement is a strong validation for our business model and I would like to laud Afreximbank, AIF and USTDA for their visionary leadership and steadfast commitment to support the provision of quality healthcare to African citizens.”
She has also partnered with the Federal Capital Territory Administration (FCTA) to expand access to quality healthcare, improved health facilities and to bring medical expertise closer to the people.
The entrepreneur is well traveled, and had interfaced with notable World Leaders in politics and business among others. Some of them are Dr Akinwumi Adesina
President, African Development Bank (AfDB); Kenyan President, H.E William Ruto, at the US Africa Business Forum, Washington DC 2023; H.E Wemkele Mene, Secretary General, African Continental Free Trade Area Secretariat, in addition to numerous congratulatory messages from notable World personalities and bodies including former Nigerian President, Muhammadu Buhari and Forbes.
ABOUT MOBIHEALTH
Mobihealth is a Nigerian subsidiary of Mobihealth International Ltd., a UK-domiciled telehealth provider. Mobihealth was founded by Dr. Funmi Adewara in 2017 and publicly rolled out its service offerings in 2020.
In late 2020, Dr. Adewara was recognized by the World Bank for her work with Mobihealth and the development of its digital healthcare platform with the “Her World Bank SDGs&Her (Sustainable Development Goals) Award 2020.” The award was a part of a virtual award event carried out by the World Bank, in partnership with UNDP, UN Women, and the Wharton School Zicklin Center that recognizes women entrepreneurs. From 2020 to 2021, Mobihealth’s subscriber base in Nigeria grew from less than 4,000 to more than 34,000, and revenue increased from $83,500 to $814,400.
Adewara is a distinguished family woman, and has been prolific and combining the home front with entrepreneurship, and by dint of hard work and divine assessment, none has suffered neglect.
This is saying a hearty congratulations to greatness; congratulations Dr. Funmi Adewara for being a medical entrepreneur like no other.
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