BUA Foods adds $2.3 billion to Nigerian billionaire Abdul Samad Rabiu’s fortune

Nigerian billionaire Abdul Samad Rabiu was among Nigeria’s top gainers in 2026, adding over $2.3 billion to his wealth from his food business. This impressive growth was driven by the strong performance of his 92.64% stake in BUA Foods, the Lagos-based food giant that went public four years ago.

The gain comes as his food business delivered a stronger bottom line at the start of 2026, despite revenue coming under pressure, underscoring how cost control and internal efficiency are shaping results across Nigeria’s consumer goods sector.

While broader stock valuations weakened, some holdings posted modest single-digit gains. Rabiu’s stake in BUA Foods outperformed, rising more than 25%, supported by the company’s backward integration strategy. The value of his stake climbed to $2.6 billion on April 28 as BUA Foods shares hit a record high of N967 ($0.71). The rally remained intact through June 4 before easing slightly, leaving his holding valued at $2.32 billion, with the stock settling at N939 ($0.69) as of the time of reporting.

Rabiu, Nigeria’s second-richest individual, has seen his BUA Foods stake, which is over 16.67 billion shares, gain N2.34 trillion ($2.32 billion) since the start of the year. This surge has boosted his stake’s value to approximately N15.66 trillion ($11.51 billion), making him the highest gainer so far in 2026 on the Nigerian Exchange (NGX).

BUA Foods’ stock soars 25.27% in dollar gains and 17.54% in local currency

BUA Foods is the Nigerian-based BUA Group’s unified food business segment. BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta, and BUA Rice Limited are some of its subsidiaries. Rabiu, the chairman of BUA Group, one of Africa’s fastest-growing manufacturing conglomerates, own 92.64% of BUA Foods. The stake, which is presently worth over $11.5 billion, accounts for more 76% portion of his $15.1-billion net worth, according to Forbes.

BUA Foods’ stock soared by 25.27% in dollar gains and 17.54% in local currency in 2026, climbing from N798.9 ($0.58) to N939 ($0.69) on the Nigerian Exchange. This strong performance boosted the company’s market capitalization to over N16.9 trillion ($12.4 billion), drawing heightened investor attention as it now ranks as the second most capitalized stock on the Nigerian bourse.

Rabiu’s stake in BUA Foods climbed from N13.32 trillion ($9.19 billion) to N15.66 trillion ($11.51 billion) in 2026, making a N2.34 trillion ($2.32 billion). The performance underscores how Nigeria’s food and infrastructure sectors have improved in recent times, rewarding shareholders. 

In the first three months of its 2026 fiscal year, the consolidated food business’ unaudited financial report revealed a 14% profit surge from N125.28 billion ($92.18 million) in Q1 2025, up to N142.32 billion ($104.73 million) during the same period in 2026. The figures, drawn from the company’s unaudited financial statement, show steady earnings growth driven largely by improved margins rather than higher sales.

Gross profit also improved, climbing to N175.6 billion ($127.7 million) from N160.9 billion ($116.9 million) in the same period last year. The increase points to tighter cost management and improved margins, even as top-line growth slowed. 

Revenue fell to N394.7 billion ($286.5 million) from N442.1 billion ($321 million) due to weaker sales in key segments. Sugar sales—both fortified and non-fortified—declined during the quarter, while revenue from bakery flour dropped to N136.9 billion ($99.4 million) from N163.2 billion ($118.5 million). Suggesting cautious buying patterns in some parts of the market.

Equity and retained earnings increase

BUA Foods operates a fully integrated model spanning sugar refining, flour milling, pasta production, rice processing, and edible oils. Its portfolio includes BUA Sugar Refinery, BUA Oil Mills, IRS Flour, and IRS Pasta, giving the group tighter control over sourcing and distribution. 

The balance sheet also strengthened during the period. Total assets rose to N1.55 trillion ($1.12 billion) as of March 31, 2026, from N1.39 trillion ($1.01 billion) at the end of last year. Shareholders’ equity increased to N855.8 billion ($621 million), while retained earnings climbed to N847.7 billion ($614.9 million).