Reported by Ariajegbe Sylvia Esezobor
Billionaire industrialist and Chairman of BUA Group, Abdul Samad Rabiu, visited President Bola Ahmed Tinubu at his Ikoyi residence in Lagos on Friday, October 2, 2026, accompanied by his son, Isyaku Abdulsamad Khalifa, to mark Nigeria’s 66th Independence Anniversary and to welcome the President back from his working vacation abroad.
Rabiu disclosed the visit in a post on his official X account, describing the occasion as an opportunity to extend his warm wishes to the President and to reflect on the nation’s journey. “Honoured to once again visit His Excellency, the President, with Khalifa, and to extend our warm wishes on the occasion of Nigeria’s Independence Day,” he wrote. He added that it was always a pleasure to share such moments while reflecting on the country’s journey and looking forward with hope to the future. He also congratulated Nigerians at home and abroad, saying, “Wishing all Nigerians, at home and abroad, a very Happy Independence Day. May our beloved country continue to enjoy peace, unity, progress and prosperity”.
The visit carried a personal resonance for the BUA chairman, who noted that he and Nigeria share a birth year. “Nigeria is 66, you know, yesterday. And this is particularly special for me because 1960 is also the year of my birth. So, in a way, Nigeria and I have actually grown up together,” Rabiu told State House correspondents after the meeting. He said he came to see the President, wish him well and seize the opportunity to greet Nigerians on the anniversary. On the President’s appearance, he said, “I saw him and he’s looking very healthy. And I wish him the very best”.
The visit was one of several high-profile engagements the President held at his Lagos residence during the Independence Day period. Tinubu also received the President of Dangote Group, Aliko Dangote, Senate President Godswill Akpabio, and Plateau State Governor Caleb Mutfwang in separate meetings that brought together prominent figures from Nigeria’s business community, the National Assembly and state leadership. Akpabio, who led a delegation of National Assembly members, said the legislature would continue to support the administration’s economic and security measures, adding, “We believe he is doing well. These reforms are working, and, as far as we are concerned, insecurity is abating, and people are able to sleep well”. Mutfwang said he discussed the security situation in Plateau State with the President, noting that his administration was pursuing both kinetic and non-kinetic approaches to address recurring violence.
Rabiu, however, used the occasion to deliver a detailed assessment of the administration’s economic reforms, urging Nigerians to remain patient while highlighting what he described as encouraging signs for businesses. “Quite a lot of things are going on and I understand there are quite a few issues here and there,” he said. “But if you look at the reforms, and I was just discussing this matter with His Excellency, things are actually getting better. It takes a bit of time, no doubt. And I know that Nigerians are going through a lot. But we need to be a bit more patient. For us businessmen, we have started seeing the positive results of the reforms”.
He pointed specifically to the foreign exchange market as evidence of progress. “If you look at the foreign exchange situation today, I think there are probably more dollars coming into Nigeria than even naira that we have now. The rate is very stable. In fact, the exchange rate within the last week has improved or, you know, come down by about N20 to the dollar. So things are really getting better. And we just need to be a bit more patient and things will definitely get better”. His comments aligned with recent data showing the naira appreciating to N1,362 per dollar in the parallel market, narrowing the gap with the official rate to N30, while gross external reserves edged higher to $54.92 billion.
The BUA chairman’s visit and his comments on the economy place him alongside other prominent business leaders who have publicly endorsed the direction of the administration’s reforms while acknowledging the hardship Nigerians continue to face. His presence at the President’s Ikoyi residence, accompanied by his son, also drew attention to the gradual emergence of the next generation of the Rabiu family in the corridors of business and power, a development that has been the subject of increasing public commentary in recent months. Khalifa’s participation in the visit signalled a deliberate effort by the BUA chairman to introduce his son to the highest levels of political and business leadership, a pattern consistent with the succession planning that has characterised some of Nigeria’s most prominent business dynasties.
The visit came as Nigeria marked 66 years of independence under a cloud of economic hardship, with petrol prices hovering between N1,400 and N2,000 per litre, food inflation at 19.57 per cent, and a nationwide warning strike by public sector workers over the minimum wage and fuel prices. Against this backdrop, Rabiu’s appeal for patience was both a recognition of the difficulties Nigerians face and a defence of the reform trajectory that the Tinubu administration has pursued since 2023. His assertion that more dollars are now entering Nigeria than naira, and that the exchange rate has improved by N20 in a week, offers a counterpoint to the widespread criticism of the government’s economic management and provides the administration with a prominent business voice to cite in defence of its policies.
For Tinubu, the visit was an opportunity to showcase support from the private sector at a time when the government’s economic record is under intense scrutiny ahead of the 2027 general elections. For Rabiu, it was a chance to reaffirm his commitment to the administration and to position himself as a constructive partner in the country’s economic transformation. For Nigerians, the exchange between the President and one of the country’s most consequential industrialists offers a snapshot of the ongoing debate over the pace and impact of the reforms. As Rabiu put it, the reforms are working, but patience is required. Whether that patience will be rewarded in time for the 2027 elections remains one of the defining questions of Nigeria’s political and economic moment.
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