- Abdulsamad Rabiu gains ₦1.23trn in 24 hours
- Net worth rises to $12.3bn, up 8.1%
- Now 4th richest man in Africa
- Cement and food businesses drive surge
Nigerian billionaire industrialist Abdulsamad Rabiu has recorded a massive wealth increase after gaining ₦1.23 trillion ($915 million) in a single day, elevating him to the position of the fourth richest man in Africa, according to the latest global rankings.
Data from the Bloomberg Billionaires Index shows that Rabiu’s net worth jumped by 8.1 percent to an estimated $12.3 billion as of February 18, 2026.
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The sudden rise in fortune places the BUA Group chairman fourth among Africa’s wealthiest individuals, behind Aliko Dangote ($31.9bn), Johann Rupert ($18.9bn), and Nicky Oppenheimer ($14.0bn).
Popularly referred to in business circles as “Mr Talk and Do,” the Kano-born entrepreneur has built one of Africa’s most influential industrial empires, with interests spanning cement production, food processing, infrastructure and manufacturing.
BUA Cement, the group’s flagship subsidiary, is Nigeria’s second-largest cement producer and generated ₦876 billion ($602 million) in revenue in 2024, highlighting its strategic role in the nation’s construction and infrastructure sector.
Financial records indicate that Rabiu owns about 98 percent of BUA Cement, held directly and through three related entities, based on the company’s first-quarter 2025 report. This dominant ownership makes cement the single biggest contributor to his wealth, especially amid rising infrastructure investment across Nigeria.
In the fast-moving consumer goods space, Rabiu also controls a 93 percent stake in BUA Foods, Nigeria’s second-largest pasta producer, according to its third-quarter 2025 financial disclosures.
Analysts note that several privately held companies within the BUA Group are not fully reflected in current wealth calculations due to limited public disclosure. As a result, Rabiu’s actual fortune may be higher than reported, even after factoring in liabilities, taxes, insider transactions and market performance.
Beyond business expansion, Rabiu has increasingly positioned BUA Group as a people-focused organisation. In December 2025, he approved the distribution of $20.7 million in cash rewards to long-serving employees, one of the largest staff reward initiatives ever undertaken by a privately owned Nigerian company.
The payouts were announced during the BUA Night of Excellence Long Service Awards, held on December 13, 2025, at Eko Hotel & Suites, recognising employees for loyalty and years of service across cement, sugar, flour, food processing and infrastructure-related operations.