Abdul Samad Rabiu Africa Initiative Launches $100m Annual Africa Fund
Nigerian industrialist and philanthropist, Abdul Samad Rabiu, on Tuesday announced the launch of the ABDUL SAMAD RABIU AFRICA INITIATIVE (ASR AFRICA) as well as a yearly Africa Fund endowment of $100 million starting from 2021 that will cater to various interventions in Education Health and Social Development.
According to a statement by the ASR Africa Initiative, $50 million will be dedicated to Nigeria yearly and $50 million to the rest of Africa.
Rabiu, who is the Founder and Chairman of BUA Group, one of Africa’s largest Foods, Mining, Infrastructure and Manufacturing conglomerates is also the sixth richest black person in the world according to the latest Forbes rankings.
The initiative also announced grants of 1billion Naira each to 6 Nigerian Universities across Nigeria’s geopolitical zones.
These grants will go towards the initiation and upgrading of infrastructure, where applicable.
The universities benefitting from the first phase include Ahmadu Bello University, University of Maiduguri, University of Nigeria, University of Benin, University of Ilorin, and University of Ibadan.
These grants will be directed towards projects that will be delivered by the ASR Africa Initiative for the project duration.