Abdul Samad Rabiu donates $500,000 to Sokoto State University

Nigerian billionaire Abdul Samad Rabiu has donated N200 million ($525,250) to construct an ICT faculty building at Sokoto State University.

Rabiu is the founder and CEO of BUA Cement, which owns and operates three plants in Sokoto state. His cement company is the leading rival of Dangote Cement.

In a statement, the billionaire said Sokoto has played a significant role in the company’s growth and success over the years. “Therefore, it is also of critical importance that the BUA supports the development of talent in future-proof industries for the state such as ICT, research and education,” The Nation reported.

In January, Rabiu and Africa’s sixth wealthiest person received an honorary doctorate degree from the school during its 2021 convocation ceremony.

BUA Group is a conglomerate focusing on production, infrastructure and agriculture. In January, the group mentioned on the Nigerian Stock Exchange (NSE) official website that the cement manufacturing company earned a profit of N16.95 billion ($44.52 million) in the last quarter of 2020. As of March 17, Forbes recorded Rabiu’s net worth as $5 billion.

In January 2020, Rabiu merged his privately-owned Obu Cement with the listed firm Cement Co., a company in which he had a majority stake. The combined firm, BUA Cement Plc, currently lists on the NSE, where he owns 92.3 percent of the shares. Rabiu is the single majority shareholder of BUA Cement, taking into account his direct and indirect holdings amounting to 31.27 billion ordinary shares.

On March 15, Rabiu’s stake in BUA Cement increased by N1.2 trillion (N315.15 million) in value since its listing on the NSE in 2020, Nairametrics reported.