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Abdulsamad Rabiu Net Worth Declines By $1.1 Billion In 2024

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Abdulsamad Rabiu, founder of BUA Group, experienced a $1.1 billion drop in his net worth, falling from $5.9 billion in January to $4.8 billion by the end of 2024.

Abdulsamad Rabiu Net Worth declined by $1.1 billion in 2024.

The wealth of Africa’s richest individuals took a hit in 2024, with the combined net worth of the continent’s top billionaires declining over the past 363 days.

According to data collated  from Forbes estimates, only 10 of Africa’s 20 billionaires recorded significant gains or losses this year, with their collective wealth now standing at $61.4 billion—down from $63 billion at the start of the year.

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This year, four of Africa’s wealthiest individuals collectively lost a staggering $4.5 billion from their fortunes, reflecting the profound impact of economic headwinds and market volatility on even the most robust industries. Delays in large-scale projects, declining asset values, and fluctuating markets contributed to these setbacks, affecting sectors like cement production, and energy.

Loss: $1.1 billion

Net Worth: $4.8 billion (Jan 2024: $5.9 billion)

Sector: Diversified

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Abdulsamad Rabiu, founder of BUA Group, experienced a $1.1 billion drop in his net worth, falling from $5.9 billion in January to $4.8 billion by the end of 2024. Rabiu owns significant stakes in BUA Cement and BUA Foods, both of which have faced challenges in Nigeria’s industrial sector.

Despite the financial dip, Rabiu’s contributions to Nigeria’s cement production, sugar refining, and real estate industries remain unparalleled. With strategic adjustments, his industrial empire is poised for recovery and growth in the coming years.

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ASUU Shuts Down Lagos State Universities, Declares Indefinite Strike

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The Academic Staff Union of Universities (ASUU) has declared a total and indefinite strike across Lagos State-owned universities, citing the failure of the state government to implement key provisions of its 2025 agreement with the Federal Government.

The strike affects Lagos State University (LASU), Lagos State University of Education (LASUED), and Lagos State University of Science and Technology (LASUSTECH) and takes effect immediately.

ASUU’s Joint Campus Group covering the three institutions announced the industrial action in a statement on Tuesday, following the expiration of a 14-day ultimatum issued to the Lagos State Government on August 31.

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According to the union, the ultimatum expired without a satisfactory resolution or a concrete commitment from the government to address its demands.

The union said its final warning on September 10 had made it clear that “silence is no longer an option,” but the government failed to initiate meaningful discussions before the September 13 deadline.

“ASUU Joint Campus Group comprising ASUU-LASU, ASUU-LASUED, and ASUU-LASUSTECH hereby declares a total, comprehensive, and indefinite strike action effective immediately,” the union said.

Why ASUU Is Striking

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At the centre of the dispute is ASUU’s demand for the full domestication and implementation of the December 2025 agreement between the union and the Federal Government in all Lagos State-owned universities.

The union specifically demanded the implementation of provisions covering the Consolidated Academic Tools Allowance (CATA) as well as welfare protections for serving and retired academic staff.

ASUU said it arrived at the decision “with a heavy heart,” acknowledging that the strike could disrupt the academic calendar and affect students, parents and university administrators.

Addressing students, the union said the action was ultimately aimed at protecting the quality and sustainability of higher education in the state.

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“This fight is fundamentally about preserving the quality and sustainability of your education,” it said, arguing that a demoralised academic workforce could not deliver the standard of education students deserved.

The union urged students to remain calm, peaceful and law-abiding while efforts continued to secure what it described as a lasting resolution.

It also acknowledged the concerns of parents and guardians over possible delays to their children’s education, saying its patience had “been tested and toyed with over the last eight months.”

Strike Not Against University Management

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ASUU said the industrial action was not directed at the management of the three universities.

“This decision is by no means an adversarial action against your office,” the union said, urging the university administrations to understand the action as an effort to secure better working conditions for academic staff.

It commended the managements of LASU, LASUED and LASUSTECH for their efforts towards domesticating the agreement.

The union, however, accused the Lagos State Government of continued inaction and failure to implement agreements that it said had already been adopted by some neighbouring states.

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National ASUU Backs Action

ASUU said the strike had the backing of its national leadership, which it said had supported the process from the initial correspondence to the university authorities, governing councils and the Visitor, through to the issuance of the 14-day ultimatum.

The union urged the Lagos State Government to follow the example of other state governors who had intervened to resolve similar disputes in their universities.

It also called on traditional rulers, religious leaders, alumni associations, civil society groups and other stakeholders to support its campaign for what it described as the rescue of education in Lagos State.

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The strike, ASUU said, would remain in force until meaningful negotiations produce a satisfactory resolution and the Lagos State Government signs, domesticates and fully implemented.

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NDLEA Arrests Mexican Drug Kingpin, Uncovers Fresh Meth Lab in Ebonyi

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ABUJA — The National Drug Law Enforcement Agency (NDLEA) has arrested a suspected Mexican drug kingpin attempting to flee Nigeria through the Lagos airport and dismantled an industrial-scale methamphetamine laboratory in Ebonyi State.

The development, according to the agency, is part of an expanding investigation into a transnational drug network allegedly recruiting foreign methamphetamine experts and establishing clandestine laboratories in Nigeria’s forests and rural communities.

NDLEA Chairman and Chief Executive Officer, Brig. Gen. Mohamed Marwa (retd.), said the latest operation demonstrated the agency’s determination to prevent Nigeria from becoming a hub for international drug cartels.

Marwa, who spoke through the Director of Media and Advocacy, Femi Babafemi, at a media briefing in Lagos on Tuesday, said the breakthrough followed months of intelligence gathering and forensic investigations into a network linked to several clandestine laboratories uncovered in Ogun, Oyo and Ebonyi states.

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He recalled that NDLEA operatives on May 16, 2026, arrested three Mexican nationals and seven Nigerian collaborators at a forest hideout in Ogun State.

A month later, on June 17, the agency arrested another Mexican national and four Nigerian collaborators at a clandestine methamphetamine laboratory concealed in a forested area of Tapa village, Ibarapa North Local Government Area of Oyo State.

Large quantities of methamphetamine and precursor chemicals were reportedly recovered from the Oyo laboratory.

According to Marwa, investigations by the agency’s Special Operations Unit revealed that the 56-year-old Mexican methamphetamine expert arrested in Oyo had been recruited into Nigeria by a Mexican drug kingpin.

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Working with international partners, investigators obtained a photograph of the suspected kingpin, which the arrested Mexican national reportedly identified as the man who recruited and transported him to Nigeria.

The suspect was subsequently identified as Arturo Carrera Loaiza, who, according to the agency, entered Nigeria on June 10 alongside another Mexican national.

NDLEA operatives eventually tracked and arrested Carrera Loaiza on August 19 while he was allegedly attempting to leave the country through the Lagos airport.

During interrogation, the suspect reportedly claimed that he had been invited to Nigeria by a Nigerian contact identified only as “Henry” under the guise of a restaurant business venture. He also denied knowledge of methamphetamine production or involvement with the Tapa village laboratory.

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However, investigators said they recovered photographs showing Carrera Loaiza wearing a blue laboratory coat and standing among equipment consistent with methamphetamine production.

Analysis of location metadata embedded in the photographs allegedly led investigators to a property under construction at Isiata Ugoni Okposi in Ebonyi State.

On August 30, NDLEA operatives raided the property, which was linked to John Samuel Ivo Okike.

Interviews with people found at the site, including the site engineer and a caretaker, reportedly revealed the presence of a suspicious temporary structure over a septic tank area behind the building, as well as persistent strong chemical odours.

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Investigators also recovered a CCTV memory card from the property.

According to NDLEA, forensic examination of the footage showed a foreign national wearing a blue laboratory coat who matched Carrera Loaiza, as well as repeated appearances by Okike.

The footage allegedly captured the movement of chemicals and laboratory equipment from the property at about 9 p.m. on August 21, with Okike reportedly directing the operation alongside other individuals.

Acting on further intelligence, NDLEA operatives traced the relocated materials to an isolated house in a neighbouring community allegedly under the custody of Nwanja Obasi.

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A subsequent raid led to the recovery of a large cache of chemicals, equipment and paraphernalia associated with methamphetamin

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Watch out as FCT minister Nyesom Wike appears on Arise tv today as special guest

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The minister of the Federal Capital Territory FCT will tonight by 8pm appear on Arise tv as special guest.

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