Nigerian billionaire announces US$100 million fund to boost continent
Abdul Samad Rabiu is the founder and chairman of the BUA Group, and is the sixth richest person in Africa, according to Forbes,
CAPE TOWN, March 29 (ANA) – Nigerian businessman and philanthropist Abdul Samad Rabiu has announced this week the launch of the Abdul Samad Rabiu Initiative, an annual fund of US$100 million that is intended to help boost African development.
According to local media reports, the grant will be used to develop education, health, and social development sectors across Africa.
Rabiu is the founder and chairperson of the BUA Group, and is the sixth richest person in Africa, according to Forbes, writes Global Citizen.org.
The Nigerian cement tycoon, 60, is worth $5.5 billion, up from US$3.1 billion last year.
In 2019, his net worth was recorded at US$1.6 billion.
According to media reports, Nigeria will receive US$50 million and the other half of the funding will be distributed across the continent.
Global Citizen.org reports in the first phase of the initiative, six Nigerian universities will receive N1 billion (over US$2 million), to go towards providing and upgrading infrastructure.
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.
The group says that these grants will be directed towards projects that will be delivered by the Abdul Samad Rabiu Initiative for the project duration.
According to a statement released by the BUA group, the company said to ensure that everything remained above board, they will present annual reports, with all activities overseen by a board of trustees.
The group says that its broad focus is equipping facilities, researchers, healthcare practitioners and community-level service providers, with the aim of providing sustainable solutions for generations to come.
– African News Agency (ANA); Editing by Naomi Mackay
