Nigerian billionaire Abdul Samad Rabiu has seen his fortune shrink by $906 million in the past 24 hours, reversing part of the sharp gains that pushed his net worth close to $20 billion in May. The latest decline comes as investors continue to take profits in BUA Cement following a strong rally in the company’s shares and the recent payment of a substantial dividend.

Data from the Bloomberg Billionaires Index, which tracks the wealth of the world’s 500 richest people, shows that Rabiu’s net worth fell from $18.7 billion at the start of trading on Monday to $17.8 billion by Tuesday, June 1. Despite the setback, he remains one of Africa’s richest individuals, supported by his controlling interests across the BUA Group empire.

The latest drop in wealth reflects a sharp decline in the market value of BUA Cement, where Rabiu owns a 95.78 percent stake. Shares of the cement producer fell 10 percent over the past trading session, erasing a significant portion of the gains recorded earlier this year. As a result, Rabiu’s year-to-date increase in wealth has narrowed considerably.

Wealth reverses after record peak

The reversal is particularly notable because it comes just weeks after his fortune reached one of its highest levels on record. On May 19, Bloomberg estimated his net worth at $19.7 billion, representing year-to-date gains of $9.54 billion. Since then, nearly $2 billion has been wiped from his fortune, reducing those gains to about $7.64 billion.

The decline in Rabiu’s wealth has closely mirrored the performance of BUA Cement on the Nigerian Exchange. Since May 19, the company’s shares have fallen 17.8 percent, reducing its market capitalization from N15.58 trillion ($11.34 billion) to N12.8 trillion ($9.32 billion). Market participants have largely attributed the pullback to profit-taking after a strong run in the stock and the company’s final dividend payment of N10 per share on May 21.

That dividend translated into a total distribution of N338.6 billion ($248.2 million) to shareholders. As the company’s dominant shareholder, Rabiu received approximately N324.4 billion ($237 million), underscoring the scale of his ownership in the cement producer.

BUA Cement sustains earnings momentum

The payout followed a year of exceptional earnings growth for BUA Cement. Net profit surged 379 percent to N356 billion ($261 million), up from N73.9 billion ($54.2 million) a year earlier. Revenue increased 34.5 percent to N1.179 trillion ($864.3 million), compared with N876.5 billion ($642.5 million) in the previous year.

The strong performance has extended into 2026. For the three months ended March 31, BUA Cement reported profit of N176.4 billion ($130.5 million), more than double the N81.1 billion ($60 million) recorded in the same period a year earlier.

The results reflect sustained cement demand and construction activity, helping drive earnings growth despite broader economic pressures. Although recent selling has weighed on the stock, BUA Cement’s strong results underscore the resilience of its business.