BUA founder, Rabiu unveils $100m devt fund for Africa

BUA Cement founder and chairman, Abdul Samad Rabiu has launched a $100m Annual Africa Fund for social development and renewal; $50m to Nigeria and $50m to the rest of the continent.

Rabiu, in a statement released on Tuesday said that ASR Africa would focus particularly on education, health and social development sectors, starting with infrastructure and capacity development in these areas.

According to the BUA chairman, the initiative will help in equipping facilities, support researchers, healthcare practitioners and community- level service providers, with the aim of providing sustainable solutions for generations to come.

Rabiu said the ASR’s first trance for Nigeria will be N1bn each in grants to six universities in the six geopolitical zones, towards the initiation and upgrading of infrastructure, where applicable.

The universities in the first setare Ahmadu Bello University, University of Maiduguri, University of Nigeria, University of Benin, University of Ilorin, and University of Ibadan.

Rabiu added that the grants would be directed towards projects that would be delivered by the ASR Initiative for the project duration, adding that for accountability, annual reports would be presented, with activities overseen by a board of trustees.

Rabiu said, “More importantly, I am counting on you as beneficiaries, end-users and therefore custodians of these projects to hold the Abdul Samad Rabiu Initiative to account; contact, commend, recommend or complain to us on asrafrica.org.

“Over the course of the year, I expect to also announce funding opportunities of $50m for the rest of Africa – we are currently in talks with our stakeholders and other partners and announcements will be duly made.”

He pledged to continue to support ongoing efforts by various governments to bridge the development divide across Africa.

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