Nigerian billionaire Abdul Samad Rabiu’s BUA Group expands energy portfolio with LNG project
BUA Group, Africa’s fastest-growing industrial and manufacturing conglomerate led by Nigerian billionaire Abdul Samad Rabiu, has entered into a strategic agreement with global energy equipment leader CIMC ENRIC, in collaboration with Axxela Group.
This collaboration announced via a LinkedIn post aims to establish a 700-tonne-per-day mini liquefied natural gas (LNG) project, solidifying BUA Group’s foray into the energy sector. With ARabiu, Nigeria’s second-richest man, at the helm, BUA Group has emerged as a major player in Africa’s foods, mining, manufacturing, and industrial sectors.
The recent agreement marks a significant milestone, highlighting BUA Group’s commitment to sustainable energy solutions across its diverse business operations. Emphasizing the importance of cleaner and energy-efficient practices, Rabiu, chairman of BUA Group, reiterated the company’s dedication to Environmental, Social, and Governance (ESG) commitments and sustainability initiatives.
Despite already relying on gas as a primary energy source for its extensive 1,000MW captive power plants in Nigeria, Rabiu highlighted the mini LNG project’s role in bolstering the availability of cleaner energy throughout the year. “We are excited about the prospects of this project and look forward to a fruitful collaboration with CIMC ENRIC and Axxela,” he added.
The agreement, sealed by representatives from BUA Group, CIMC ENRIC, and Axxela Group, is expected to have a substantial impact on the regional energy landscape. This strategic move aligns with the Nigerian Government’s commitment to diversify its energy portfolio, marking a positive stride toward sustainable and diversified energy sources.
BUA Group‘s venture into the energy sector underscores its commitment to investing in cutting-edge technology and infrastructure. Beyond enhancing operational capabilities, the conglomerate aims to benefit the communities it serves. The LNG project, with its potential to enhance energy availability, aligns with BUA’s goals and supports broader national objectives.
As the project progresses, it is anticipated to play a pivotal role in advancing Nigeria’s position in the global energy market. The collaboration between BUA Group, CIMC ENRIC, and Axxela is poised to become a model for sustainable and innovative energy initiatives on the continent.(Billionaires Africa)
