Billionaire Abdul Samad Rabiu unveils $3-million development initiative

Nigerian billionaire businessman and leading industrialist Abdul Samad Rabiu has launched a $3-million development initiative in Niger through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa).

Rabiu, who was hosted by Nigerien President Mohamed Bazoum at the State House in Niamey this weekend, launched a $3-million development initiative under ASR Africa as part of an effort to eradicate poverty and drive sustainable development in the country.

The move aligns with ASR Africa’s vision of “unlocking sustainable development opportunities in Africa, by Africans, for Africans.” It comes nearly two months after the Rabiu-led philanthropic organization began the construction of eight multifunctional libraries in Ghanaian schools.

Speaking at the unveiling of the development initiative, Rabiu said the project will foster growth and development and highlights Niger’s long-standing relationship with his conglomerate, BUA Group, which ranks among one of Africa’s fastest growing brands.

ASR Africa is a philanthropic organization founded by Rabiu in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, education, and social development throughout Africa. 

Rabiu, Africa’s fifth-richest man, is presently worth $6.3 billion, according to data retrieved from U.S. business magazine Forbes.

The leading billionaire received a N86.5-billion ($208 million) dividend from his stake in BUA Cement last week as part of the cash rewards paid to the company’s shareholders on July 21.

The massive $208-million dividend, which was electronically deposited into Rabiu’s bank account, is 32.5-percent larger than the N64.53 billion ($157.02 million) dividend that he received last year.