Chairman of BUA Cement, Abdul Samad Rabiu, has emerged as Africa’s second-richest individual, according to the latest Bloomberg Billionaires Index released on May 7, 2026.
Reports indicate that Rabiu’s net worth climbed to $19.1 billion, placing him behind Africa’s richest man, Aliko Dangote.
The development means Rabiu has overtaken South African billionaire Johann Rupert, whose fortune reportedly dropped to $17.7 billion.
According to reports, Rabiu’s wealth has increased significantly this year, rising by approximately $8.88 billion since the beginning of 2026. His position on the global rich list also improved, moving him to 138th among the world’s wealthiest individuals.
The businessman’s fortune reportedly stood at $15.9 billion just a week earlier, reflecting rapid growth linked largely to the strong performance of BUA Foods, one of the publicly traded companies under the BUA Group.
Analysts attributed the increase to the company’s strong financial results in the first quarter of 2026. Reports showed that BUA Foods recorded a 14 percent rise in profit after tax, posting ₦142.32 billion compared to ₦125.28 billion within the same period in 2025.
Despite an 11 percent drop in revenue to ₦394.6 billion, the company maintained solid profitability, a performance linked to improved cost management, operational efficiency, easing inflation, and relative foreign exchange stability.
Rabiu is the founder and chairman of BUA Group, one of Nigeria’s leading conglomerates with interests spanning cement production, food processing, and manufacturing. Its subsidiary, BUA Cement, remains Nigeria’s second-largest cement producer, while BUA Foods is also recognised as one of the country’s major pasta manufacturers.