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Nigerian Billionaire Abdul Samad Rabiu Rejects APC Appointment

This information was revealed in a statement released by the company on its X page on Friday.

Rabiu had previously been nominated by the party to be a part of the 34-member committee formed on Thursday.

The statement mentioned two reasons for Rabiu’s decision: he was not consulted by the party before his name was included on the list, and his busy schedule would hinder his ability to dedicate time to the committee.

“It is important to note that our Chairman, Abdul Samad Rabiu and BUA Group have consistently adopted an apolitical stance over the years. This approach is integral to the nature of our business and aligns with Mr. Rabiu’s focus on fostering economic growth through BUA Group’s initiatives and philanthropic efforts through ASR Africa.

With respect to this, we wish to inform the publishers, our partners, stakeholders, and the general public that Mr. Rabiu has decided to graciously decline the nomination/appointment. This decision is made in light of the fact that he was not previously consulted regarding his inclusion in the list and his inability to commit time due to his demanding schedule.”

The inauguration of the committees is scheduled to take place on December 6 in Abuja.

The reason for Rabiu’s nomination may be related to his influence in the Nigerian economic space.

Rabiu’s net worth recently soared to an impressive $7 billion positioning him among the wealthiest individuals in Africa.

He holds a majority stake in BUA Foods, which became a publicly traded company in 2022. He also owns BUA Cement, his flagship cement company, which is publicly traded.

In October, he announced plans to reduce the price of cement from N5,500 to N3,500 per bag, aiming to make it more affordable for consumers and businesses, thereby boosting construction activity and contributing to economic growth in Africa.

Recently, he made significant philanthropic contributions, including a donation of $2.5 million for mosque reconstruction and the establishment of a N1 billion innovation hub at the University of Maiduguri.

Source : Business Insider