Nigerian industrialist and founder of BUA Group, Abdulsamad Rabiu, has seen his net worth climb sharply to nearly $19 billion, driven by sustained gains in his listed holdings on the Nigerian Exchange (NGX) and improved earnings performance across his cement and food subsidiaries.
Latest estimates put Rabiu’s fortune at approximately $18.7 billion as of May 28, 2026, marking a significant year-to-date surge of more than 80% or about $8.54 billion, according to checks by Nairametrics on Bloomberg billionaire index.
The increase reflects strong investor appetite for his core assets, particularly BUA Foods Plc and BUA Cement Plc, which continue to rank among the most influential industrial stocks on the local bourse.
What the data is saying
Checks by Nairametrics showed that Rabiu’s net worth profile recorded a year-to-date increase by approximately $8.54 billion, representing an 84.3% gain over the period of the Jan 1, 2026 till May 28, 2026.
Rabiu, 65, has built BUA Group into one of Nigeria’s largest diversified conglomerates, with interests spanning cement manufacturing, food processing, infrastructure, and industrial production. His wealth is heavily concentrated in listed equities, with about 98% ownership in BUA Cement held directly and through related entities, according to company disclosures, while he also maintains a controlling stake of roughly 93% in BUA Foods.
What you should know
BUA Cement remains a cornerstone of his portfolio and Nigeria’s industrial base, ranking as the country’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 activities across key regions. Alongside it, 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 has been closely tied to the performance of 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 in staple food categories.
In earlier reporting, Rabiu’s net worth had been estimated at $12.3 billion in February 2026, showing the rapid re-rating of his assets within a few months.
Recent financial filings from BUA Foods show a profit before tax of N153.76 billion in Q1 2026, representing a 12.74% year-on-year increase, even as revenue declined by 11% to N394.62 billion. The company attributed improved profitability to lower operating and finance costs, while noting a reduction in foreign exchange gains compared to the prior year.
BUA Cement also continues to demonstrate strong margin resilience, reporting a net profit margin of 49.69%, ahead of listed peers such as Lafarge Africa and Dangote Cement, reinforcing its position as one of the most profitable cement manufacturers in the country.
Rabiu, who has previously been honoured as a Commander of the Federal Republic (CFR), remains one of Nigeria’s most prominent industrial investors.
