Nigeria's 3rd Richest Man Signs Deals to Build Palm Oil Refinery, Noodles Factory, Others
- A move that is set to improve Nigeria's agricultural processing capabilities, Abdulsamad Rabiu has signed a deal to construct a Palm Oil refinery
- The deal, which was signed in Dubai, was one of the many agreements reached by Nigerian billionaire
- Rabiu is the third richest man in Nigeria, according to Forbes, behind Mike Adenuga and Aliko Dangote
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Abdulsamad Rabiu, the founder of BUA Group, one of Africa’s largest food, mining, manufacturing, and industrial conglomerates, has signed a series of industrial and agro-processing agreements in Dubai.
Among the deals is an agreement to construct a 1,000 metric tonnes-per-day palm oil refinery and a 20mw gas power plant.
Source: Facebook
The deals, which were struck in BUA Group’s Middle East Office in Dubai, also include plans to build 10 production lines dedicated to fried instant noodles.
There are also plans for a gas power plant.
Here is an insight into the deals of Abdulsamad Rabiu
Rabiu, through his company BUA Group, signed the palm oil refinery agreement with Swedish industrial firm Alfa Laval.
Abdul Samad Rabiu, founder and executive chairman of BUA Group, and Panjak Maheshwari, vice president of the Food & Water Division Hub at Alfa Laval, were on hand to ink the palm oil refinery.
The state-of-the-art facility is expected to significantly enhance Nigeria’s agro-processing capacity, reduce import dependency on refined edible oils, and boost employment across the agricultural value chain.
In a statement shared on social media, BUA said the project is positioned to transform raw palm oil into refined, high-quality edible oil products for both domestic use and export.
Source: Facebook
BUA group also secured a power generation deal with India-based Green Power International to build a dedicated 20mw gas-fired plant to support BUA’s LNG operations, enabling energy independence from Nigeria’s unreliable national grid.
The food processing agreements for noodle production lines were signed with Qingdao ZhengYa Technology and Shanghai Poemy Machinery of China.
This agreement is expected to help build 10 Lines for Fried Instant Noodles Production for the BUA group.
These initiatives are expected to create jobs, boost food security, and enhance export competitiveness.
Rabiu and his net worth
According to Forbes, as of Monday, April 21, Rabiu has a net worth of $4.7 billion and trails Mike Adenuga and Aliko Dangote on the list of Nigeria’s richest men.
BUA Cement makes huge donation
Earlier, Legit.ng reported that BUA Cement, one of the companies under the BUA group, provided 16 host communities in the Wamakko Local Government Area of Sokoto state with pharmaceuticals valued at N35 million.
BUA Cement's managing director and Chief Executive Officer, Yusuf Binji, gave the drugs to the beneficiary villages.
He clarified that the gesture was intended to guarantee that there was adequate medication at the host communities' clinics and hospitals.
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Source: Legit.ng
