Nigerian billionaire Rabiu launches $100m annual Africa fund

Abdul Samad Rabiu Initiative has unveiled a $100m Annual Africa Fund for social development and renewal – $50m to Nigeria and $50m to the rest of the continent.

Founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5 billion, Abdulsamad Rabiu, said in a statement on Tuesday that ASR Africa was specifically extending its work to the education, health and social development sectors, starting with infrastructure and capacity development in these areas.

According to Rabiu, whose father, Isyaku Rabiu, was once detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties, the focus of the initiative is equipping facilities, researchers, healthcare practitioners and community- level service providers, with the aim of providing sustainable solutions for generations to come.

He said the ASR’s first cohort for Nigeria will be N1bn each in grants to six universities in the six geopolitical zones, towards the initiation and upgrading of infrastructure, where applicable.

The universities in the first phase include Ahmadu Bello University, University of Maiduguri, University of Nigeria, University of Benin, University of Ilorin, and University of Ibadan, according to the statement.

The chairman said the grants would be directed towards projects that would be delivered by the ASR Initiative for the project duration, adding that for accountability, annual reports would be presented, with activities overseen by a board of trustees.

Rabiu said, “More importantly, I am counting on you as beneficiaries, end-users and therefore custodians of these projects to hold the Abdul Samad Rabiu Initiative to account; contact, commend, recommend or complain to us on asrafrica.org.

“Over the course of the year, I expect to also announce funding opportunities of $50m for the rest of Africa – we are currently in talks with our stakeholders and other partners and announcements will be duly made.”

He promised to continue to support ongoing efforts by various governments to bridge the development divide across Africa.

Abdul Samad Rabiu was born in Kano in the north-western part of Nigeria, where he obtained his early education. He attended Capital University in Columbus, Ohio, and returned to Nigeria at the age of 24 to oversee the family business.