Abdul Samad Rabiu becomes Africa’s third-richest as net worth hits $11 billion

Nigerian billionaire industrialist and philanthropist Abdul Samad Rabiu has reached a major milestone, becoming Africa’s third-richest person with a net worth of $11 billion. The surge, driven by a single-day gain of $560 million, comes barely three weeks after he surpassed the $10 billion mark. According to Forbes, Rabiu is now the world’s 278th richest individual, surpassing South African billionaire Nicky Oppenheimer, heir to the De Beers diamond fortune, whose net worth stands at $10.6 billion, ranking him 294th globally.

Rabiu’s fortune rises $1.4 billion to $11 billion

Rabiu’s year-to-date wealth gains stand at $1.4 billion, following a remarkable 2025 in which his fortune surged from $5.1 billion to $9.5 billion, largely driven by sharp gains in the share prices of BUA Cement and BUA Foods, two publicly listed companies under his BUA Group conglomerate. Early trading in BUA Cement shares this year pushed his net worth above $10 billion on Jan. 31, and sustained gains in BUA Foods—where he holds a 92.63 percent stake—have solidified his position ahead of Oppenheimer. The company’s shares climbed 5.77 percent today on the Nigerian Exchange, raising its market capitalization to N15.2 trillion.

BUA Foods’ recent share performance follows better-than-expected financial results. For the period ended Dec. 31, 2025, profit rose to N507.7 billion ($366.6 million) from N266 billion a year earlier, while revenue increased to N1.8 trillion ($1.29 billion) from N1.52 trillion, boosted by sales of sugar, pasta and rice alongside tighter cost control. The balance sheet strengthened as total assets reached N1.38 trillion ($990 million), retained earnings grew to N694.7 billion ($500 million), and shareholders’ equity expanded to N702.8 billion ($507 million).

New deals targets sugar, logistics, agro-Industry and cement

Beyond these gains, Rabiu continues to expand his business empire. BUA Group recently signed a strategic MoU with Abu Dhabi-based AD Ports Group and MAIR Group to explore collaboration in sugar refining, agro-industrial development, and global logistics. The partnership is aimed at boosting regional food security, industrial capacity, and positioning Abu Dhabi as a hub for trade and manufacturing. Meanwhile, BUA Cement plans to nearly double production to 20 million metric tons annually under an agreement with China’s CBMI Construction Co., narrowing the gap with Dangote Cement’s 52 million metric ton capacity and strengthening BUA’s presence across West Africa’s construction market.