Abdul Samad Rabiu’s 3 Rules of Success.
— Abdul Samad Rabiu, CEO of BUA Group and Nigeria’s second richest man, reveals his top three success rules.
— According to Billionaires Africa, Rabius’ fortune is worth $7.2 billion, thanks to a 10 percent increase in the value of BUA Foods’ stock from N40 ($0.0968) to N44 ($0.1065) as of press time on Jan. 6.
— “If you are doing something, don’t think about how much money you are making or how much money you’re going to make. Abdul Samad Rabiu.
Abdul Samad Rabiu, CEO and Chairman of BUA Group reportedly increased his net worth by approximately $1.9 billion on Thursday, January 6. According to Billionaires Africa, Rabius’ fortune is worth $7.2 billion, thanks to a 10 percent increase in the value of BUA Foods’ stock from N40 ($0.0968) to N44 ($0.1065) as of press time on Jan. 6.
However, after proving to all by his achievements in days that following his footstep can actually lead one to success, either as a business owner or an emoloyee, the industrialist reveals his 3 major principles of success.
1. Be focused.
Avoiding situations where one find it difficult to pay attention can sometimes seem impossible. You do all in your capacity, yet the mind wanders off just when it is needed to be focused.
Rabiu explained that being focused can be positive or negative as it can either make or break you.
He advised that “If you are doing something, don’t think about how much money you are making or how much money you’re going to make. The important thing is once you’re doing something, make sure you’re focused. Once you start building something, make sure that you finish it.”
2. Encourage Africa’s private sector.
One of the impacts of the private sector is to provide jobs which will thus reduce poverty.
Rabiu claimed that if encouraged, Africa’s private sector can create job opportunities and eradicate poverty in Africa.
According to his response in his interview with CNBC Africa, the billionaire explained that Africans need to support the private sector as it has the power to bring millions of people out of lack.
Using China, India as a subject matter, the two countries have managed to pull out millions of people out of poverty. India for instance helped more than 250 million citizens out of poverty within the year 2006 and year 2016 reducing the percentage of poor people to less than 30%.
Rabiu advised that we give absolute support to Africa’s private sector not just believe. One way to start that is by encouraging agriculture. Farming is industrious if encouraged.
3. Choose the right location for your business.
In starting a business, location is vital and should be carefully considered.
Before you start any business or project, it is important to think critically on its survival and evaluate it’s nearness to raw materials and the market at large.
According to the BUA Group CEO, building a 200, 000 b/d grassroots integrated refining and petrochemical plant in Ibeno local government area was due to the availability of feedstock.
Based on the point made, the location was decided solely because it is way easier for the company to prosper. “We do not have to transport raw materials or feedstock to the project area. We decided on that location because it it much easier for the feedstock is readily available, and it is a location where we have a late jetty, we can bring in products and exports from the location. Otherwise, we would have to build bigger storage facilities which would run to enormous expenses for our business”.