Abdul Samad Rabiu set to become Nigeria’s next $10 billion man

Nigerian billionaire industrialist Abdul Samad Rabiu is closing in on a major personal-wealth milestone. According to Forbes, his fortune now stands at about $9.2 billion, placing him roughly $800 million away from becoming the second Nigerian worth more than $10 billion.

Rabiu leads BUA Group, a Lagos-based manufacturing and industrial conglomerate with interests spanning infrastructure, food production and cement manufacturing. His wealth increase, thus far, runs alongside that of fellow billionaire Aliko Dangote and signals a shift in wealth accumulation among the country’s industrial elite.

BUA Foods, BUA Cement drive Rabiu’s $9.2 billion fortune

Much of the increase in Rabiu’s net worth stems from his holdings in two listed companies: BUA Foods and BUA Cement. The shares of BUA Foods have climbed about 66 percent this year, while BUA Cement’s stock has surged by approximately 93 percent. That rise has boosted the market value of his 92.6 percent stake in BUA Foods to N12.2 trillion ($8.4 billion) and his 97.66 percent stake in BUA Cement to N5.96 trillion ($4.1 billion).

The surge reflects solid business results in the first half of 2025. BUA Foods posted revenue of N912.5 billion ($596 million) for the six months ended June 30, up 36 percent from a year earlier. Net profit for the period nearly doubled, from N130.9 billion ($85.5 million) in H1 2024 to N260 billion ($169.8 million) in H1 2025, thanks  to higher volumes, improved pricing and lower finance costs as key factors.

Meanwhile, BUA Cement’s revenue rose from N363.94 billion ($237.7 million) in the first half of 2024 to N580.3 billion ($380 million) a year later. Its profit jumped from N34.25 billion ($22.4 million) to N180.89 billion ($118.1 million) in the same span, underscoring its growing strength in Nigeria’s building-materials sector.

Abdul Samad Rabiu’s rising fortune and heavy debts

Rabiu’s gains this year extend beyond rising share prices. On Sept. 12, he received a dividend of N216.75 billion ($144.4 million)from his stake in BUA Foods, representing the bulk of the company’s final payout for its 2024 fiscal year. With profits nearly doubling in the first half of 2025, larger dividends appear likely in the years ahead.

Currency movements have also boosted his wealth. The Nigerian naira has strengthened by more than 12 percent against the U.S. dollar over the past year, thus reflecting renewed economic confidence under President Bola Ahmed Tinubu’s reforms amid tighter monetary policy by the Central Bank of Nigeria, increased fintech adoption and higher oil production, alongside stronger foreign portfolio inflows.

As Rabiu edges closer to the top tier of African billionaires, his recent wealth gains show how company growth, growing share values, dividend income, and good macroeconomic changes can all work together to make people richer. His net worth remains tempered by liabilities. Bloomberg reported in October 2023 that his debts exceeded $2.98 billion. (Billionaires Africa)