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  • Senate confirms Odion, Rabiu as FCCPC executive commissioners

    Senate confirms Odion, Rabiu as FCCPC executive commissioners

    The Senate on Wednesday confirmed the nomination of Mr. Louis Odion, a former Senior Technical Assistant on Media to ex-Vice President Yemi Osinbajo, as Executive Commissioner (Operations) of the Federal Competition and Consumer Protection Commission (FCCPC).

    Also confirmed was Hajia Ummusalma Isiyaka Rabiu for appointment as Executive Commissioner (Corporate Services) of the FCCPC.

    The confirmation followed the consideration and adoption of the report of the Senate Committee on Trade and Investment, chaired by Senator Umar Sadiq.

    President Bola Ahmed Tinubu had earlier forwarded the names of both nominees to the Senate for screening and confirmation.

    Odion, a veteran journalist and former Commissioner for Information in Edo State, will oversee operations at the commission, while Ummusalma Isiyaka Rabiu from Kano State will handle corporate services.

    READ ALSO: CBN, finance ministry present Nigeria’s economic progress at G24 meetings

    Presenting the committee’s report, Senator Sadiq said the nominees were found competent and qualified, having demonstrated “integrity, professionalism, and a sound understanding of consumer protection and market regulation.”

    He added that their appointments align with the administration’s goal of promoting fair competition and protecting consumer rights in Nigeria’s growing digital and commercial sectors.

    The Senate adopted the committee’s report and confirmed both nominees through a unanimous voice vote.

    In a related development, the Senate Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Adeniyi Adegbonmire, also presented its report on the screening of Professor Yusuf Mohammad as Commissioner of the Nigerian Law Reform Commission (NLRC), representing the North East geopolitical zone.

    Adegbonmire noted that the nominee met all constitutional requirements and possessed the experience needed to contribute to the ongoing reform of Nigeria’s legal framework.

    He said, “The committee found Professor Yusuf Mohammad to be eminently qualified and of proven integrity. His appointment will strengthen the capacity of the Nigerian Law Reform Commission to review outdated statutes and harmonise them with current realities.”

    The chamber subsequently approved his nomination after a motion for confirmation was moved and adopted without objection.

  • Dangote, Adenuga, Rabiu, Otedola remain on Forbes Africa’s billionaires list

    Dangote, Adenuga, Rabiu, Otedola remain on Forbes Africa’s billionaires list

    • Dangote’s wealth surges by $10 billion, Otedola adds 30%

    Nigeria’s wealthiest businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola have emerged as the only Nigerians on the 2025 ‘Africa’s Billionaires List’ compiled by Forbes, which was released on Saturday.

    Again, Dangote topped the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago. The big jump in his fortune was primarily due to Forbes adding the value of his refinery.

    The Dangote Group operates in diverse sectors, including cement, sugar, flour, salt, seasoning, pasta, beverages, real estate, and has projects in oil & gas and fertilizer.

    On the other hand, Adenuga who was 5th on the list, had $6.8 billion in his kitty during the period under consideration, while Rabiu was worth $5.1 billion. Adenuga runs the Pan-African telecommunications business, Globacom, while Rabiu owns the BUA Group with interest in cement, sugar, oil, among others.

    Nigerian business mogul and philanthropist, Otedola, emerged the 16th richest person in Africa on the Forbes list, with his wealth surging by over 30 per cent in the last one year.

    In the new list, Forbes stated that Otedola’s wealth hit $1.5 billion during the period, with the rate of increase in total wealth coming behind Johann Rupert of South Africa, whose wealth grew 39 per cent.

    A prominent Nigerian businessman, Otedola has established and led several companies across various sectors and has many notable enterprises associated with his name.

    Checks showed some of them as Geregu Power Plc, the first electricity-generating company in Nigeria to be listed on the Nigerian Exchange in October 2022, where he serves as the Chairman.

    Among others, he is also the Chairman of First Holdco Plc, formerly FBN Holdings Plc,  a financial holding company that acts as the parent company for a diversified group of financial services businesses, including commercial banking, merchant banking, capital markets, trusteeship, and insurance brokerage, operating across Africa.

    An unrelenting philanthropist, Otedola has been a significant supporter of Save the Children, donating billions of Naira and becoming a Vice President in recognition of his efforts to improve the lives of children in Nigeria. Save the Children is an organisation that works to improve the lives of vulnerable children worldwide.

    Read Also: First Lady urges empathy, unity at Eid-el-Fitr

    “Another billionaire whose fortune grew more than 30 per cent (was) Femi Otedola of Nigeria ($1.5 billion), chairman of listed power generation firm Geregu Power Plc. Shares of Geregu surged some 40 per cent in the past year following a jump in revenue and profits,” the Forbes report added.

    Forbes list tracks the wealth of African billionaires who reside in Africa or have their primary business there. Forbes said net worths were calculated using stock prices and currency exchange rates from the close of business on March 7, 2025.

    Stressing that net worth changes were measured from Forbes’ 2024 African billionaires list, published in January 2024, Forbes stated that to value privately held businesses, it starts with estimates of revenues or profits and applies prevailing price-to-sale or price-to-earnings ratios for similar public companies.

    In the same vein, the report noted that the cumulative wealth of Africa’s billionaires surpassed $100 billion for the first time ever as the continent’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year.

    South Africa had the largest number of billionaires this year, with seven, followed by four from Nigeria and four from Egypt.

  • Ageless Rabiu Ali leads CHAN Eagles to Ghana

    Ageless Rabiu Ali leads CHAN Eagles to Ghana

    Veteran Kano Pillars Rabiu Ali will lead an 18-man CHAN Eagles squad for a crucial first leg playoff against Ghana in Accra Sunday.

    The selection of Rabiu, 44, who has featured at two previous CHAN tournaments, has divided opinions with some critics kicking against it because they argue he is past his prime.

    Read Also: Atalanta snub Liverpool’s January interest in Lookman

    Stand-in Head Coach Daniel Ogunmodede has also picked wing-back Sadiq Ishmael, centre-back Stephen Manyo, midfielders Musa Zayyad and Jide Fatokun, and forwards Anas Yusuf and Sikiru Alimi for Sunday match against Ghana’s Black Galaxies in Accra.

    The second leg will hold at the Godswill Akpabio Stadium, Uyo on Saturday, 28th December, with the winner on aggregate to pick a ticket to the 8th African Nations Championship taking place in Tanzania, Kenya and Uganda, 1st – 28th February, 2025.

  • Terribly Rabiu

    Terribly Rabiu

    The terrible thing about Rabiu Kwakwanso is that he wants to be Aminu Kano.

    But he does not think like him, talk like him, organize like him and, more importantly, perform like him. He is an imitation, even self-mockery of the Talakawa hero.

    He likes to believe he is a man of the people. But he is like Chinua Achebe’s M.A. Nanga in A Man of The People. Just as we have false prophets and fake products, we also have false inheritors. So, his Kwakwansiya movement is not a movement of ideas but of sentiment.

    The people want an Aminu Kano rebirth, a new ferment like of old, so we have impostors trying to exploit it.

    Now he wants to fight Lagos with his platform. He said Lagos wants to colonise Kano. He is not ashamed to say so. He is attacking the new tax proposals and the emir as the permutations to overthrow Kano. Pity for him. Let him analyse the tax proposal and tell where it colonises Kano. Kano is supposed to be the commerce hub of the north. It has fallen out of that orbit.

    Read Also: Council chairmen more corrupt than governors, says Ngige

     He never helped it in his over 16 years in government. If he is fighting the tax policy, it is because he wants to reap where he did not sow. His rant is a confession of failure more than a complaint, fearmongering more than love of his people. Recently, the young rioted and was emboldened by his Governor Abba Yusuf.

     It backfired as they almost overturned the Government House. Rather than rant over tax, let him pay attention to his neighbour in Kaduna who is installing economic infrastructure for the future. Governor Uba Sani said the north should not lie to itself and its people but do something about it. Kwakwanso is blaming others. His governor Yusuf wants to make the north an enemy of the president because the president wants justice for Talakawa, not vampire elites like Kwakwanso.

     Kwakwanso seeks a feudal tax system.

     The Arewa Consultative Forum’s chairman was suspended because of the move to try a coalition against the president. He wanted to make it North versus South, and that shows that they brought their cards too early. Who is behind the ACF chair’s error? Why can’t Rabiu and Yusuf reverse the suspension? Enough of Kwakwanso being a Nigerian first. He is not even a Talakawa man. He is their cynical exploiter.

  • FX gains: Commodities’ prices to drop, says Rabiu

    FX gains: Commodities’ prices to drop, says Rabiu

    • Lauds Tinubu’s economic policies

    Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has predicted that prices of commodities and services in the country will continue to drop in coming days, citing strengthening Naira.

    Speaking to reporters in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu, Rabiu also projected that the with the current trend in the foreign exchange market, the Naira should soon exchange at ₦1, 000 to $ 1.

    The BUA founder, who commended President Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilizing the exchange rate, also lauded the collaborative efforts between the government  and the private sector in advancing economy recovery.

    “The collaboration between the government and the private sector to hasten the economic recovery is doing very well.

    “The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost N1,200/$.

    Read Also: Prices of commodities, services will drop in coming days — Rabiu

    “We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar.

    “We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$.

    “We must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better.

    Rabiu also anticipated a gradual decrease in commodity prices in the coming months, citing the recent reduction in diesel prices as an example.

    “A lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.

  • Prices of commodities, services will drop in coming days — Rabiu

    Prices of commodities, services will drop in coming days — Rabiu

    Chairman of BUA Group, Alhaji Abdul Samad Rabiu, has predicted that prices of commodities and services in the country will continue to drop in coming days, citing strengthening Naira. 

    Speaking to reporters in Lagos after paying Eid-el-Fitr homage to President Bola Tinubu, Rabiu also projected that the with the current trend in the foreign exchange market, the Naira should soon exchange at ₦1, 000 to $ 1.

    The BUA founder, who commended President Tinubu and the Central Bank of Nigeria (CBN) for their efforts in stabilising the exchange rate, also lauded the collaborative efforts between the government  and the private sector in advancing economy recovery. 

    “The collaboration between the government and the private sector to hasten the economic recovery is doing very well. 

    “The biggest issue had always been foreign exchange; you know everything in Nigeria is in the debt of foreign exchange. At a time, it was almost N1900/$, but today, the rate is coming down to almost N1,200/$. 

    “We knew then that the high rate was due to many factors, including speculation and manipulation, and a lot of people were actually commercializing their dollar. 

    Read Also: Dangote, Adenugua, Otedola, Rabiu on Forbes’ rich list

    “We knew that the reform was not going to be easy, it was frosty at the beginning, but now, it is much calmer and I expect that the exchange rate to be below N1000/$. 

    “We must commend His Excellency, President Tinubu, and the CBN on what they have done and achieved. If the exchange rate is down to where a lot of people can afford it, things will be better,” he stated.

    Rabiu also anticipated a gradual decrease in commodity prices in the coming months, citing the recent reduction in diesel prices as an example.

    “A lot of companies may have bought things and goods when the rate was higher, so it will take a bit of time before things fizzle out, so I expect that in a few months’ time, you will see that prices will definitely come down.

    “For example, the price of diesel a few days back was N1700 per liter, but today, it’s about, N1,200 to a liter 

    “As a matter of fact, we bought diesel from Dangote Refinery on Monday below N1200/Liter for our transport and operations. We bought quite a lot and definitely, prices will continue to go down. 

    “I know that Dangote gave us a lower price because of our relationship but that goes to show that prices are coming down and I’m sure and confident that things will continue to come down so we need to be a bit more patient, things are taking shape. The Government has done very well,” he said.  

    The BUA founder commended the convergence of exchange rates in Nigeria as a significant achievement after decades of disparity, commending the government’s commitment to achieving this milestone.

    “This is the first time in over 30 years that I have seen one exchange rate in Nigeria, so it’s really commendable and I believe that in a few months, we will see things going back to normal.

    “We all need to come together and support the government and her policies. The government means well but we need to be patient. 

    “These reforms will take time, it is not easy and it is not something that can be done in one day, so we are working together, especially, now that Mr. President has established a Committee, comprising the government and the private sector, so we are supporting each other. 

    “We are always advising the government and the government is listening and this is very important. The fact that the government is listening means so much to the Private Sector,” he said.

  • BREAKING: BUA crashes cement price to N3,500 per bag

    BREAKING: BUA crashes cement price to N3,500 per bag

    BUA Group has announced a reduction of ex-factory cement price to N3,500 per bag.

    The Nation had reported that the Chairman of BUA Cement Plc., Abdul Samad Rabiu, in a meeting with President Tinubu announced plans to reduce the price of cement N5,500 to between N3,000 and N3,500.

    The current ex-factory price is N4,650, while it is being sold at N5,000 in the market

    The company in a statement on Sunday announced that the new price will take effect from Monday, October 2, 2023.

    Read Also: BUA Cement moves to cut product price

    The statement, titled ‘Reduce in Prices of BUA Cement’, reads: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.

    “As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

    “Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

    “NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

  • CCNN poised for better returns, says Rabiu

    Chairman, Cement Company of Northern Nigeria (CCNN) Plc, Alhaji Abdul Samad Rabiu, has said the recent business combination between CCNN and Kalambaina Cement Company has positioned CCNN to deliver improved performance in the years ahead.

    Rabiu, founder and Chief Executive Officer of BUA Group, was honoured with beating of the closing gong yesterday at the Nigerian Stock Exchange (NSE) in commemoration of the successful completion of the CCNN-Kalambaina Cement merger. The listing of the shares of the expanded CCNN had lifted the company to 12th most capitalised company on the Exchange.

    Rabiu said the merger would serve to further boost efficiency, productivity, output and better returns for CCNN.

    “The opportunities within CCNN’s key markets and its export potential are almost endless. Situated just about 100km from Niger Republic and as the nearest cement plant to key markets in Northern Nigeria, the enlarged CCNN is now poised to compete effectively and serve those markets better at a lower cost with more energy efficiency through our use of coal,” Rabiu said.

    He said the company expects to remain the number one player in the northern regional market for the considerable future while building capacity for future demand.

    CCNN had listed 11.887 billion ordinary shares of 50 kobo each on the Daily Official List of the Exchange, raising the cement company’s total issued and fully paid up shares from 1.257 billion ordinary shares of 50 kobo each to 13.143 billion ordinary shares of 50 kobo each.

    CCNN and Kalambaina Cement Company- a wholly-owned subsidiary of BUA Cement Company Limited had merged to strengthen CCNN as North-West Nigeria’s largest cement company.  Both CCNN and Kalambaina Cement are based in Sokoto.

    CCNN has a 500,000 metric tonnes per annum cement plant while Kalambaina Cement has a 1.5 million metric tonnes per annum plant, making a combined capacity of 2.0 million metric tonnes per annum. Kalambaina Cement plant uses alternative fuel such as coal, heavy oils and gas and it is expected to help solve the power problem with limited downtime and further opportunities for growth and expansion.

    CCNN and Kalambaina Cement Company have related core investor. Damnaz Cement Company Limited holds 50.7 per cent majority equity stake in CCNN. Alhaji Abdul Samad Rabiu holds the majority equity stake in Damnaz while his company-BUA International Limited holds the remaining minority stake in Damnaz.

  • BUA CEO Rabiu shortlisted for Africa CEO of the Year Awards

    Executive Chairman/CEO of BUA Group Abdulsamad Rabiu has been shortlisted as a nominee for the Africa CEO of the year Awards scheduled to hold in Abidjan, Côte d’Ivoire today.

    Rabiu was nominated based on his outstanding performance  and track  record in the economic/industrial development of the Africa continent across key sectors of the continent’s economy such as agriculture, manufacturing, infrastructure, among others.

    Other individuals nominated are the Zenith Bank’s Chief Executive, Jim Ovia; CEO, Equity Bank, James Mwangi; CEO, Telcar Cocoa, Kate Kanyi Tometi Fotso; Founder and Chairman, Econet Group, Strive Masiyiwa; Managing Director, Saham Finances Nadia Fettah; and CEO, Attijariwafa Bank, Mohamed El-Kettani.

    Within the year under review, BUA Group opened its $1billion ultra-modern cement plant line 1 and 2 in Obu-Okpella in Edo State, completed the construction of its Sokoto Cement expansion, concluded the construction of its BUA Rice Mill in Kano State, and completed its BUA Sugar Plant in Port Harcourt.

    The Africa CEO of the Year Award recognises the leaders, companies and investors whose strategies and performance have contributed most to the momentum of Africa’s growth over the past year. More than 200 companies, investors and CEOs have been nominated over the last five years, embodying the vitality of Africa’s economy.

    Also, Rabiu will be one of the main speakers at the opening plenary session tagged, “Tech Revolutions: Widening Gap or Leapfrog Opportunity?”.

    He would address issues associated with technological disruption, job creation and the adoption of policy for education, infrastructure and governance for Africa.

    The 2018 edition is organized by Jeune Afrique Media Group, Rainbow Unlimited and co-hosted by the International Finance Corporation (IFC) with BUA as a Gold Sponsor.

  • BUA boss Rabiu bags another award in South Africa

    Most men who have overseen the rise of a business empire are wont to rest on their oars while savouring the bountiful fruits of their toil. Not so BUA boss Abdulsamad Rabiu. The energetic boss of the business conglomerate, whose interests span manufacturing, port concessioning, real estate development, oil and gas and shipping, continues to innovate and launch big ideas.

    A dynamic game changer with a knack for radical engineering, Rabiu has over time earned the respect and approval of his billionaire peers as he successfully expanded BUA Group into a force to reckon with in the business world. For example, BUA is one of the few viable competitors to heavyweight Dangote Group in the cement and sugar sectors.

    Recently, the billionaire magnate who is worth $1.1 billion, according to Forbes, was recognised for his exploits at the All Africa Business Leaders Awards at a grand finale held in Johannesburg, South Africa. He beat several leading lights in business from east, west, nortth and south of the continent to the coveted award, demonstrating how high his reputation has soared in the competitive business world.

    With his earlier award as the West African Industrialist of the Year by AABLA, Abdulsamad Rabiu is no doubt perched permanently on the treetop as one of the most influential business figures in Africa.