Even after $20.7 million staff gift, Abdul Samad Rabiu edges closer to $10 billion

Less than a month after his conglomerate, BUA Group, handed out a rare N30 billion ($20.7 million) cash award to long-serving employees, Nigerian billionaire Abdul Samad Rabiu is seeing his personal wealth climb again. His fortune, now estimated at about $9.7 billion, has moved him within striking distance of the $10 billion mark, underscoring the scale of a business empire built across cement, food processing, sugar refining and infrastructure.

The latest rise follows an extraordinary year for Rabiu. At the start of 2025, his net worth stood near $5.1 billion. By Dec. 31, it had reached $9.5 billion, driven largely by sharp gains in the share prices of BUA Cement and BUA Foods, the group’s two publicly listed companies. Early trading in the new year has added another $200 million, according to Forbes’ real-time billionaires data, lifting his wealth to $9.7 billion within the first week of January.

BUA Cement, Foods boost Rabiu

Much of that increase reflects renewed strength in BUA Cement. Shares of the company rose 2.5 percent recently, extending a rally that has seen the stock gain about 96 percent over the past year. BUA Cement produces 11 million tonnes annually and is Nigeria’s second-largest cement maker, supplying a market shaped by steady construction demand across West Africa. Rabiu’s 97.66 percent stake in the company is now valued at N5.9 trillion ($4.1 billion).

BUA Foods has been an even larger driver. Shares of the food producer are up 92.5 percent year-on-year, lifting the value of Rabiu’s 92.63 percent stake to N13.32 trillion ($9.28 billion). The company operates across sugar refining, flour, pasta, edible oils and rice, making it one of the most important food suppliers in Nigeria. On the Nigerian Exchange, Rabiu now ranks as the single largest investor by value, ahead of Aliko Dangote. Still, liabilities estimated at $2.98 billion by Bloomberg continue to weigh on his net worth, thus keeping it below $10 billion.

Growth shared as workers win big

The rise in Rabiu’s fortune has unfolded alongside strong operating results. BUA Foods reported profit of N405.2 billion ($283.5 million) for the nine months ended Sept. 30, 2025, more than double the figure a year earlier. Revenue climbed to N1.42 trillion ($987 million), helped by higher sales volumes and tighter cost management despite inflation and supply chain pressures. BUA Cement also posted sharp gains. Profit rose to N289.86 billion ($200 million) for the same period, compared with N48.97 billion a year earlier, driven by higher prices and steady demand. Revenue increased to N858.7 billion ($590 million), while assets and equity expanded.

Against that backdrop, the employee awards stood out. Five employees received N1 billion ($691,000) each, while another five took home N500 million ($345,000). Several others were awarded N100 million ($69,000) and the rest of the recipients received amounts ranging from N5 million ($3,450) to N20 million ($13,810). By spreading the rewards across job levels, the company highlighted the workforce behind its growth, even as its founder edges closer to one of Africa’s most exclusive financial clubs. (Billionaires Africa)