BUA boss hops on multibillion dollar yacht with friends, associates
The bliss of a magnate lies in his capacity to surmount the odds, shadow fortune and harness it, without pining for what had been lost. Ultimately, he attains success in common hours that he might bask in its luxuriant pasture, securing the future, in the eternal now.
This timeless truth manifests as you read in the life of Abdulsamad Rabiu. Days after the successful bidding process that produced Axens, the largest hydrocarbon firm in France, as the licensee of the multibillion-dollar BUA Group’s 200,000 barrels per day (BPD) refinery and petrochemical plant in Nigeria, chairman of the BUA Group, Rabiu, is back to his favourite pastime; sailing on his super luxury yacht, clinking glasses in celebration and savouring the blue waters of the enthralling French Riviera.
Enthusing about his recent breakthrough, Rabiu said that, “The viability of the project, which would be located in Akwa Ibom State, was assured, given the economics of fuel importation in the country.”
Nigeria imports 90 per cent of its petroleum products and spends 35 per cent of her foreign exchange on importing petroleum products, he explained, adding that his investment in sustainability would pay off in the long run, as new fuel standards continue to evolve along with the climate crisis.
He said, “It is in the DNA of BUA Group; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants. This is the hard part, we cannot get this wrong. It is like in an aeroplane, you always look at who built the engine, it is the most important thing.”
Indeed, life is rosier for Rabiu in the wake of his recent feat, and the Kano-born billionaire lives it to the hilt without inhibitions. Like he did when he celebrated his 60th birthday, last August, with an extravagant getaway aboard his expedition yacht valued at $15million, Rabiu has convened some of his closest associates to celebrate his most recent mega business success on the super-luxury yacht.
The vessel is capable of providing ultra-luxe accommodations and a wide array of toys and tools for exploration while at it. It also has a movie theatre, outdoor bar, indoor swimming pool, jacuzzi and helipad among other luxury amenities that make the world go round. The celebration is still on, as you read.
In a competitive bidding process managed by energy consultants, KBR, which will also be handling subsequent rounds for the engineering and construction phase, Axens overcame strong competition from US firm, Honeywell UOP, to nick the deal that entails licensing key refinery technologies to the BUA Group. The contract for the refinery which will be built using an undisclosed mix of debt and equity, with several commercial banks in negotiations with BUA Group, was signed in Paris between Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.
The new refinery, with a capacity to produce 200,000 barrels per day (bpd), is expected to be operational in 2024.
