Abdul Samad Rabiu, Founder and Chairman of BUA Group, has seen his net worth climb to a record $12.3 billion, making him the 4th richest person in Africa.
Rabiu’s wealth rose by $2.3 billion in just the first six weeks of the year, driven largely by the rapid rise of BUA Foods Plc on the Nigerian Exchange (NGX).
According to the Bloomberg Billionaires Index, Rabiu now ranks 273rd globally.
While Aliko Dangote remains Africa’s richest individual with an estimated $32.7 billion, Rabiu now trails only Johann Rupert & family and Nicky Oppenheimer in continental rankings.
Business analysts attribute Rabiu’s surge in wealth to the strong performance of two listed companies in which he holds super-majority stakes: 98% of BUA Cement and 93% of BUA Foods.
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BUA Foods recorded a 91% increase in profit, reporting ₦507.7 billion after-tax earnings for FY 2025, nearly double its 2024 result. Revenue from its rice segment alone grew by 1,612%, as its integrated rice mill reached full production capacity.
BUA Cement, Nigeria’s second-largest cement producer, generated ₦876 billion in revenue in 2024, reinforcing its role in the country’s construction and infrastructure supply chain.
The group has also reduced its foreign exchange losses by 90%, shifting toward local sourcing and proactive currency hedging strategies.
Rabiu is expanding further, with plans to push cement production capacity toward 20 million tonnes annually and bring the first phase of the Lafiagi Sugar Project on stream by mid-2026.
Market data shows BUA Cement shares are up 13.73% year-to-date, while BUA Foods has gained 5.77% so far in 2026. BUA Foods’ market capitalisation now stands at ₦15.2 trillion, with BUA Cement valued at ₦6.87 trillion.
