Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund

Nigerian billionaire businessman Abdul Samad Rabiu has announced the creation of the N10-billion ($23.8 million) Nigeria Security Support Fund through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa). He unveiled the project during a meeting with Nigerian President Muhammadu Buhari at the Aso Rock presidential residence in Abuja.

Rabiu launched the initiative to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast, and to strengthen local infrastructure.

The contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman, and follows the $3-million development initiative that Rabiu launched in Niger three weeks ago through ASR Africa. Last week, Rabiu received the Commander of the Order of Merit of Niger Award in recognition of his contributions to the country of Niger and its people.

Rabiu also praised Buhari for creating an enabling environment for businesses to thrive. He cited policies implemented by his administration, which, he said, aided the growth of his manufacturing conglomerate, BUA Group, which is one of the continent’s fastest-growing commercial groups.

He also promised to support the administration’s efforts in industrial development and security.

Rabiu established ASR Africa in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, educational, and social development across Africa.