Founder and chairman of BUA Group Abdul Samad Rabiu has seen his net worth rise to about $18.7 billion following gains in his listed companies on the Nigerian Exchange.
According to estimates cited by Nairametrics from the Bloomberg Billionaires Index, Mr Rabiu’s wealth increased by about $8.54 billion between January 1 and May 28.
The increase was linked to the performance of BUA Cement Plc and BUA Foods Plc, two of the group’s major companies listed on the Nigerian Exchange.
The 75-year-old owns about 98 percent of BUA Cement directly and through related entities, while he also controls about 93 percent of BUA Foods, according to company disclosures.
BUA Cement remains one of Nigeria’s largest cement producers. The company recorded revenue of about N1.2 trillion in 2025, supported by demand for cement and infrastructure projects across the country.
BUA Foods also maintained its position in Nigeria’s food production sector, particularly in pasta and other consumer products.
Market data showed that investor interest in local manufacturing companies and demand for staple food products contributed to the rise in the value of BUA Foods shares.
Earlier in February, Abdul Samad Rabiu’s net worth had been estimated at about $12.3 billion.
Recent financial filings from BUA Foods showed a profit before tax of N153.76 billion in the first quarter of 2026, representing an increase of 12.74 percent compared to the same period last year.
The company, however, recorded a decline in revenue to N394.62 billion during the quarter.
BUA Cement also reported a net profit margin of 49.69 percent, ahead of other listed cement companies including Dangote Cement and Lafarge Africa.
Rabiu recently moved ahead of South African businessman Johann Rupert to become Africa’s second-richest person, according to the Bloomberg Billionaires Index.
The index placed him behind only businessman Aliko Dangote among African billionaires.
