Nigerian billionaire Abdul Samad Rabiu gains N2.7 trillion this week from BUA Cement shares

The Nigerian stock market’s earnings season has once again brought Abdul Samad Rabiu into sharp focus, as a surge in BUA Cement shares added N2.7 trillion ($1.95 billion) to the billionaire industrialist’s fortune in just four trading days, underscoring the growing weight of cement demand in Africa’s most populous economy and across the continent.

Between Monday, April 27, and Thursday, April 30, the market value of Rabiu’s 95.78 percent stake in the company, amounting to 32,437,676,294 shares, rose from N10.86 trillion ($7.88 billion) to N13.56 trillion ($9.8 billion), according to data reviewed by Shore.Africa. The gain places him as the biggest mover on the Nigerian Exchange this week, reinforcing his standing among Africa’s richest individuals and within the world’s top 200.

BUA Cement rises 24.8 percent week, 134.1 percent YTD

The rally reflects investor response to the company’s first-quarter performance. BUA Cement’s share price climbed 24.8 percent, rising from N335 ($0.24) to N418 ($0.30). The gain pushed the stock’s year-to-date gain to 134.1 percent and lifted market cap to N14.2 trillion ($10.2 billion), making it the fourth most valuable listed company on the NGX. Traders on the floor cited buying interest as earnings beat expectations with demand for the stock through the week. 

At the center of the surge is a set of results that signal stronger operating performance. For the three months ended March 31, 2026, the company reported profit of N176.4 billion ($130.5 million), more than double the N81.1 billion ($60.01 million) posted a year earlier. Revenue rose to N354.98 billion ($262.63 million), up from N290.82 billion ($215.1 million), supported by higher sales volumes across key segments.

Bagged cement continued to drive the bulk of revenue, reaching N340.58 billion ($252 million), compared with N290.69 billion ($215.1 million) in the same period last year. Bulk cement sales also showed a notable increase, rising to N14.4 billion ($10.65 million) from N130.73 million ($96,730), reflecting demand from construction projects. The figures point to steady activity across the building sector, with the company benefiting from its scale and distribution reach.

BUA Cement’s expansion target 20 million tonnes capacity

On the balance sheet, total assets climbed to N1.98 trillion ($1.46 billion) as of March 31, 2026, from N1.85 trillion ($1.36 billion) at the end of December. Shareholders’ equity rose to N849.27 billion ($628.5 million), while retained earnings increased to N638.69 billion ($472.64 million), up from N462.31 billion ($342.1 million). The improvement highlights the company’s ability to convert revenue growth into stronger financial footing.

BUA Cement remains a core part of BUA Group, with an installed capacity of 11 million tonnes annually, making it the second-largest cement producer in Nigeria. The company’s role in the domestic cement market, as one of Nigeria’s leading cement makers, continues to expand as it benefits from ongoing construction activity and infrastructure demand.

Looking ahead, the group is advancing plans to nearly double capacity to 20 million tonnes per year. The expansion is backed by a $240 million investment program that includes a new power plant and related infrastructure aimed at improving efficiency and lowering production costs. The spending plan signals a focus on long-term output growth while maintaining cost discipline.

Rabiu’s dividend, share gains strengthen position

For Abdul Samad Rabiu, who ranks as Nigeria’s second-richest man, the gains extend beyond the rise in share price. Based on current holdings, he is expected to receive a dividend payout of N324.4 billion ($237 million) from the cement maker, further strengthening his position in a week that has already delivered one of the largest single gains on the Nigerian market this year.

As trading closed on Thursday, the scale of the increase in BUA Cement’s share price stood out even in a busy earnings period, with investors continuing to weigh strong quarterly numbers against broader market conditions. The figures point to higher earnings, a rise in the share price, and a substantial increase in the wealth of one of Africa’s richest individuals over the past week. The move underscores demand for cement stocks amid local market flows.