Abdulsamad Rabiu’s Net Worth Hits $18.7 Billion, Up 84% in 2026

Nigerian industrialist and BUA Group founder Abdulsamad Rabiu has seen his net worth surge to nearly $19 billion, driven by strong gains in his listed holdings on the Nigerian Exchange and improved earnings from his cement and food businesses.

Latest estimates from the Bloomberg Billionaire Index put Rabiu’s fortune at approximately $18.7 billion as of May 28, 2026. That marks a year-to-date increase of more than 80%, or about $8.54 billion, according to checks by Nairametrics.

The sharp rise reflects strong investor appetite for his core assets, particularly BUA Foods Plc and BUA Cement Plc. Both stocks rank among the most influential industrial counters on the local bourse.

Rabiu, 65, built BUA Group into one of Nigeria’s largest diversified conglomerates. The group has interests in cement manufacturing, food processing, infrastructure, and industrial production. His wealth is heavily concentrated in listed equities. He holds about 98% of BUA Cement directly and through related entities, and a controlling stake of roughly 93% in BUA Foods, according to company disclosures.

BUA Cement and BUA Foods Drive Gains

BUA Cement remains the cornerstone of his portfolio. It is Nigeria’s second-largest cement producer. The company recorded revenue of about N1.2 trillion ($776 million) in 2025, supported by steady domestic demand and infrastructure expansion across key regions.

BUA Foods has maintained its position as Nigeria’s second-largest pasta producer and a leading player in the fast-moving consumer goods segment. Market data shows that Rabiu’s net worth trajectory is closely tied to BUA Foods, which has remained the strongest value driver among his holdings. The stock has benefited from improved investor sentiment around local manufacturing firms, currency-related pricing advantages, and sustained demand for staple foods.

In February 2026, Rabiu’s net worth was estimated at $12.3 billion. The rapid re-rating of his assets within a few months highlights the market’s confidence in his businesses.

Earnings Performance

Recent financial filings from BUA Foods show a profit before tax of N153.76 billion in the first quarter of 2026. That is a 12.74% year-on-year increase, even though revenue declined by 11% to N394.62 billion. The company attributed the improved profitability to lower operating and finance costs, while noting a reduction in foreign exchange gains compared to the prior year.

BUA Cement continues to show strong margin resilience. It reported a net profit margin of 49.69%, ahead of listed peers such as Lafarge Africa and Dangote Cement. That reinforces its position as one of the most profitable cement manufacturers in the country.

Rabiu, a Commander of the Federal Republic (CFR), remains one of Nigeria’s most prominent industrial investors.