Nigerian billionaire Abdul Samad Rabiu has seen his wealth jump by 57 percent since the start of the year, driven by a strong rally in shares of his flagship companies, according to the Bloomberg Billionaires Index.
Rabiu added an estimated US$5.78 billion to his net worth in under four months, bringing his total fortune to US$15.9 billion as of April 27, propelling him to become Africa’s third-richest individual.
The surge places him ahead of South African businessman Nicky Oppenheimer, whose wealth stood at $14.3 billion over the same period.
Rabiu now ranks behind Nigeria’s Aliko Dangote, with US$33.6 billion, and South Africa’s Johann Rupert, with $18 billion, in the latest standings.
The 65-year-old industrialist’s fortune is closely tied to his holdings in the BUA Group conglomerate, particularly its publicly traded subsidiaries BUA Cement and BUA Foods.
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Shares in both companies have posted significant gains on the Nigerian Exchange in recent months, supported by strong earnings growth and robust demand across key sectors.
BUA Cement, Nigeria’s second-largest cement producer, reported a net profit of 356 billion naira ($260 million) in 2025, representing a sharp increase from the previous year. The company has an installed production capacity of 17 million tonnes annually and is expanding operations with a new three-million-tonne plant under construction in Edo State, expected to begin production in 2027.
Meanwhile, BUA Foods — which produces staples including flour, sugar, rice and edible oils — recorded a net profit of 518.4 billion naira in 2025, up 95 percent year-on-year.
Analysts say the performance of both companies reflects strong domestic demand in Africa’s most populous country, as well as strategic investments aimed at expanding production capacity and market share.
Rabiu’s rapid wealth increase highlights the influence of stock market movements on billionaire rankings, particularly in markets where ownership stakes are highly concentrated.
It also underscores the growing prominence of Nigerian industrial firms in regional capital markets, even amid broader economic challenges including inflation and currency volatility.
While the rally has boosted investor confidence, market watchers caution that equity gains can be sensitive to shifts in macroeconomic conditions and policy changes.
Still, Rabiu’s rise marks one of the most significant wealth increases globally so far this year, reinforcing his position as a key figure in Africa’s industrial and business landscape.
Rabiu is a Nigerian industrialist and founder of the BUA Group, one of West Africa’s largest privately owned business empires. Born in 1960, he built his fortune largely from commodities trading before expanding aggressively into manufacturing.
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His business model has focused on import substitution—producing goods locally that Nigeria previously imported, such as cement, sugar, and flour.
