Abdul Samad Rabiu, the Chairman of BUA Group, has officially ascended to the position of Africa’s second-wealthiest individual as of May 7, 2026.
According to the Bloomberg Billionaires Index (BBI), Rabiu’s net worth has surged to $19.1 billion, allowing him to surpass South African luxury goods tycoon Johann Rupert.
This wealth milestone is underpinned by the aggressive market valuation of his primary listed assets, BUA Foods Plc and BUA Cement Plc, which have both benefited from significant capacity expansions and robust earnings in the 2025–2026 fiscal cycle.
Key Wealth Drivers: BUA Foods & BUA Cement
The consolidation of Rabiu’s fortune is primarily tied to the stellar performance of his two major listed subsidiaries on the Nigerian Exchange (NGX):
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BUA Foods Performance: A key catalyst was the Q1 2026 result, where after-tax profit rose 13.5% to ₦142.3 billion. The company has solidified its position as Nigeria’s second-largest pasta producer and is nearing the completion of its integrated sugar refinery, which analysts expect will drive further valuation gains.
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BUA Cement Scaling: BUA Cement reported 2025 revenues of ₦1.17 trillion ($776 million). The ramp-up of the Sokoto Line 5 and Obu Line 3 projects has increased the firm’s total production capacity, allowing it to capture a larger share of the infrastructure spending boom in Nigeria.
Billionaire Outlook
Nigerians dominate Africa’s top ranks, with Rabiu’s diversified empire—cement, foods, sugar—mirroring Aliko Dangote’s (worth $35.4 billion) but with faster 2026 gains tied to food inflation and infrastructure spend.
Rabiu’s strategy of “integrated industrialization” has seen BUA Group evolve from a trading firm into a manufacturing powerhouse. With the Nigerian economy expanding by 3.9% in 2025 and a moderating inflationary environment, BUA’s focus on essential consumer goods (sugar, flour, pasta) and building materials positions Rabiu for continued wealth appreciation.
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