BUA Founder, Rabiu, Signs Deal With Sweden’s Alfa Laval To Build Palm Oil Refinery

BUA Group, one of Africa’s fastest-growing industrial conglomerates owned by billionaire industrialist AbdulSamad Rabiu, has partnered with the Food & Water Division of Swedish firm Alfa Laval to build a modern palm oil refinery in Nigeria.

The agreement, signed by Abdul Samad Rabiu, Founder and Executive Chairman of BUA Group, and Panjak Maheshwari, Vice President at Alfa Laval, at the BUA Group Middle East Office, Dubai, United Arab Emirates, marks a key step toward boosting Nigeria’s palm oil production.

The new refinery and fractionation plant, which will have a capacity of 1,000 tons per day, is expected to enhance local processing and help reduce the country’s reliance on imported palm oil.

The facility will not only strengthen Nigeria’s push for industrial self-sufficiency but also support sustainable practices in agriculture and manufacturing. It’s part of a broader effort to add value locally, create jobs, and support economic growth in the palm oil sector.

This project is the latest in a string of bold moves by Rabiu, Nigeria’s third-richest man with a net worth of $4.9 billion.

In December 2024, BUA Group expanded its operations with the launch of a 2,400-ton-per-day Plaster of Paris, POP and plasterboard plant in Port Harcourt.

Around the same time, the company also joined forces with Austria’s Starlinger & Co. to set up a world-class packaging facility capable of producing around 600 million polypropylene bags annually, a major investment in strengthening its supply chain.

The new palm oil refinery, coming on the heels of those developments, adds another layer to BUA Group’s growing footprint in Nigeria’s food and manufacturing industries. It also reinforces the role of BUA Foods Plc — the group’s food business unit — as a leader in the market.

BUA Foods runs several major operations, including sugar refining, oil milling, flour, pasta, and rice production.

Together, Rabiu and his son, Isyaku Naziru Rabiu, own a commanding 94.25 percent stake in the company, which is currently valued at $4.9 billion on the Nigerian Exchange (NGX).

Rabiu holds 92.63 percent, while Isyaku owns 1.62 percent, equivalent to over 291 million shares.