Abdul Samad Rabiu, the Nigerian industrialist behind BUA Group, has officially joined the elite club of Nigerian billionaires whose fortunes surpass $10 billion. The founder and chairman of one of Africa’s most diversified manufacturing and industrial conglomerates now ranks as Nigeria’s second-richest person and the world’s 319th wealthiest individual, according to Forbes. His rise places him alongside telecom and oil mogul Mike Adenuga, who crossed the $10 billion threshold in 2016, and Aliko Dangote, Africa’s only billionaire valued at over $20 billion.
Rabiu’s fortune doubles amid market rally
Rabiu’s wealth has grown dramatically over the past year. Forbes data shows his net worth has doubled, moving from $5.1 billion to $10.1 billion. The increase reflects the breadth of his business empire, which spans cement, sugar, food processing, and infrastructure—sectors intimately tied to Nigeria’s population growth and everyday consumption. While the valuation is largely driven by his equity holdings, recent gains are tied to a broader revaluation of his assets portfolio, which extends beyond the publicly listed stakes.
The rally in the Nigerian Exchange has played a pivotal role. BUA Cement, Nigeria’s second-largest producer with annual output of 17 million tons, has seen shares rise 2.5 percent recently, completing a year-long gain of 96 percent. Rabiu owns 97.66 percent of the company, currently valued at N5.9 trillion ($4.1 billion). BUA Foods has been an even stronger driver of his fortune. The company’s shares climbed 92.5 percent year-on-year, lifting the value of his 92.63 percent stake to N13.32 trillion ($9.28 billion). Debt remains a moderating factor, with Bloomberg estimating Rabiu’s miscellaneous liabilities at roughly $2.98 billion.
BUA Foods hits record $367 million profit
The milestone coincides with a remarkable performance by BUA Foods for the 2025 financial year. The company reported profit of N507.7 billion ($366.6 million) for the nine months ended Dec. 31, 2025, up from N266 billion ($192.7 million) in the previous year, fueled by stronger sales across sugar, pasta and rice, along with tighter management of production and distribution costs amid an inflationary and currency-challenged environment.
Revenue rose to N1.8 trillion ($1.29 billion), compared with N1.52 trillion ($1.1 billion) in 2024. Total assets expanded to N1.38 trillion ($990 million) from N1.095 trillion ($780 million) and retained earnings grew to N694.7 billion ($500 million) from N421 billion ($300 million) and shareholders’ equity increased to N702.8 billion ($507 million) from N429 billion ($309.5 million).
Abdul Samad Rabiu’s impressive wealth growth is more than a personal milestone. It reflects the deepening influence of his businesses on Nigeria’s economy, particularly in industries that touch daily life across the country. From cement that builds homes and roads to staple foods that fill plates, his companies have become integral to the country’s industrial and consumer framework. Crossing the $10 billion mark cements his standing not only as one of Nigeria’s wealthiest figures but also as a defining force in Africa’s manufacturing and industrial sectors.
