Nigerian billionaire Abdul Samad Rabiu sees $1 billion wiped from net worth in 4 days

Nigerian billionaire Abdul Samad Rabiu has seen part of his recent market gains erased after a pullback in shares of BUA Cement Plc wiped $1 billion from his fortune in four days, slowing what had been one of the strongest wealth rallies among Africa’s richest individuals this year.

Earlier this week, Rabiu’s net worth climbed to $19.7 billion, bringing him within touching distance of the $20 billion mark for the first time. But a wave of profit-taking on the Nigerian Exchange (NGX) dragged his wealth lower, pulling it back to $18.7 billion, according to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s 500 richest people.

The decline follows a sharp run-up in the shares of several major Nigerian companies as investors reacted to stronger corporate earnings and renewed appetite for local equities. Traders who had benefited from the rally began locking in gains after some stocks crossed key technical levels, leading to renewed selling pressure across parts of the market.

BUA Cement slide trims fortune

Abdul Samad Rabiu’s recent setback was tied largely to the performance of his stake in BUA Cement, where he owns 95.78 percent, equivalent to more than 32.4 billion shares. The company has remained the biggest contributor to his rising wealth this year and was also behind a major jump in his fortune earlier in the week.

On May 19 alone, Rabiu added about $606 million to his net worth as BUA Cement shares rallied strongly during trading on the NGX. The surge pushed his fortune from $19.1 billion at the opening bell to $19.7 billion by the close of trading, placing him close to becoming only the second African billionaire after Aliko Dangote to cross the $20 billion threshold.

That momentum, however, proved short-lived. Shares of BUA Cement have since declined 8.7 percent, reducing the market value of Rabiu’s stake by about N1.3 trillion ($950 million). The value of his holdings dropped from N14.92 trillion ($10.89 billion) on May 19 to N13.62 trillion ($9.94 billion) at the time this report was prepared.

Even with the decline, Rabiu remains Africa’s biggest wealth gainer this year. His fortune has climbed by about $8.56 billion since January, rising from $10.1 billion at the start of 2026 to $18.7 billion. Much of that increase has been driven by gains in both BUA Cement and BUA Foods Plc, although cement has accounted for the larger share of the increase.

Abdul Samad Rabiu gains from record dividend

The billionaire businessman also received a sizeable dividend payment this week from BUA Cement. The cement maker paid a final dividend of N10 per share on May 21, translating to a total distribution of N338.6 billion ($248.2 million) to shareholders. As the company’s dominant shareholder, Rabiu received about N324.4 billion ($237 million) from the payout.

The dividend came after BUA Cement posted a sharp rise in annual earnings. Profit climbed 379 percent to N356 billion ($261 million) from N73.9 billion ($54.2 million) a year earlier. Revenue rose 34.5 percent to N1.179 trillion ($864.3 million), up from N876.5 billion ($642.5 million) in the previous year. Sales of bagged cement continued to account for the bulk of revenue, generating N1.17 trillion ($857.7 million), while bulk cement sales also recorded growth.

The company has carried that performance into 2026. For the first quarter ended March 31, BUA Cement reported profit of N176.4 billion ($130.5 million), compared with N81.1 billion ($60 million) during the same period a year earlier. The latest results suggest that steady construction activity and stronger cement demand across key markets continued to support earnings growth despite wider pressure in the economy.