Business News
BUA chairman Abdul Samad Rabiu becomes Africa’s second-richest man, overtakes Johann Rupert
Chairman of BUA Cement, Abdul Samad Rabiu, has risen to become Africa’s second-richest man as of May 7, 2026, according to Bloomberg’s Billionaires Index.
A check of the Bloomberg Billionaires Index shows that Rabiu’s net worth is now estimated at $19.1 billion, placing him second only to Africa’s richest man, Aliko Dangote.
The Nigerian billionaire is the founder and chairman of BUA Group, a major conglomerate with interests spanning cement, food, and manufacturing. Its Lagos-based subsidiary, BUA Cement, is currently Nigeria’s second-largest cement producer and reportedly generated revenue of about ₦1.2 trillion ($776 million) in 2025.
Another key arm of the group, BUA Foods, is also a leading player in Nigeria’s food sector and ranks as the country’s second-largest pasta producer.
According to Business Insider, Rabiu’s wealth has surged significantly this year, with his net worth rising by about $8.88 billion year-to-date, reflecting strong performance across his business portfolio.
His global ranking has now climbed to 138th position among the world’s richest individuals, overtaking South Africa’s Johann Rupert, whose net worth reportedly stands at $17.7 billion.
Reports indicate that Rabiu’s fortune was valued at about $15.9 billion just last week, underscoring the rapid pace of his wealth growth.
Recent financial results from BUA Foods further boosted investor confidence, with the company posting a 14% increase in Q1 2026 after-tax earnings, rising to ₦142.32 billion from ₦125.28 billion in the same period last year.
Despite a reported 11% decline in revenue to ₦394.6 billion due to pricing adjustments, easing inflation, and improved foreign exchange stability, the company maintained strong profitability driven by cost efficiency and operational discipline.
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