Official list of the top 10 richest Nigerians in 2016 and their worth (With Pictures)

5. Abdulsamad Rabiu

Age: 55
Net Worth: $1 billion
Source of Wealth: Cement, sugar, flour

Abdul Samad Rabiu established BUA International Limited in 1988 for the sole purpose of commodity trading. The company engaged in the importation of rice, edible oil, flour and iron and steel. In 1990, the then Government owned Delta Steel Company contracted BUA to supply its raw materials needs, for which Bua was paid with finished products. This provided the much-needed windfall for the young company. Bua further ventured into steel, billets and iron ore importation and supplying multiple rolling mills in the country.

Few years down the line, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria and later set up 2 flour milling plants in Lagos and Kano in 2005. By 2008, Bua broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. The company went on the acquire a controlling stake in a publicly listed Cement Company of Northern Nigeria in 2009 and commenced to the construction of a $500 million cement plant in Edo State to be commissioned early 2015.