Nigerian billionaire Abdul Samad Rabiu’s net worth jumps $606 million in one day, nears $20 billion

Nigerian billionaire Abdul Samad Rabiu’s wealth climbed further in a single trading session, as gains across his listed companies pushed his fortune closer to $20 billion, according to the Bloomberg Billionaires Index. It reflects continued investor interest in his holdings, particularly in cement and consumer goods, where trading activity has remained firm in recent weeks.

Rabiu, who leads BUA Group, saw his net worth rise by $606 million between market open and close on Tuesday, lifting his fortune from $19.1 billion to $19.7 billion in a single day. The increase comes on the back of steady gains in his publicly listed companies, which have continued to attract strong demand from investors tracking Nigeria’s industrial sector.

Cement shares extend year-to-date rally

The latest $606 million increase builds on a broader pattern of gains this year. His net worth has risen by about $9.53 billion since Jan. 1, supported mainly by the performance of BUA Cement Plc and BUA Foods Plc. Both companies remain central to his wealth profile, with cement carrying the larger share of value creation over the period.

BUA Cement’s share price rose 5.75 percent over the past 24 hours, extending its year-to-date gain to 157.7 percent. That move lifted its market capitalization to N14.73 trillion ($10.7 billion), with the value of Rabiu’s 95.78 percent stake estimated at N14.11 trillion. The performance underscores how closely his net worth remains tied to movements in the Lagos-listed stock.

BUA Foods has also contributed to the overall increase, with its share price up 21 percent since the start of the year. Rabiu holds a 92.64 percent stake in the company, giving him significant exposure to Nigeria’s packaged foods and consumer staples market, where demand has remained relatively stable despite broader cost pressures.

Bagged cement drives BUA Cement revenue, earnings growth

Recent financial results from BUA Cement have also supported investor sentiment. The company reported a profit of N176.4 billion ($130.5 million) for the quarter ended March 31, compared with N81.1 billion ($60.01 million) a year earlier. Revenue rose to N354.98 billion ($262.63 million), driven largely by higher sales volumes in both bagged and bulk cement.

Bagged cement accounted for most of the revenue increase, while bulk cement sales rose sharply from a low base, reflecting stronger demand from large construction projects. Total assets climbed to N1.98 trillion ($1.46 billion), while shareholders’ equity increased to N849.27 billion ($628.5 million). Retained earnings also rose, pointing to improved internal cash generation.