Abdulsamad Rabiu’s Fortune Swells by $2.2 Billion in Just Seven Months

Nigerian industrialist and billionaire Abdulsamad Rabiu has seen his net worth soar by a staggering $2.2 billion in the first seven months of 2025. This remarkable surge in wealth is largely driven by the soaring share prices of his flagship companies, BUA Cement Plc and BUA Foods Plc, both of which have recorded exceptional growth and investor confidence on the Nigerian Exchange (NGX).

At the start of the year, Rabiu’s net worth was estimated at about $5.1 billion. However, as of August 9, 2025, the Forbes real-time billionaire tracker values his fortune at an impressive $7.3 billion. This represents a daily gain of roughly $92 million — a 1.25% increase — and places him comfortably among the top 500 richest people globally, ranked 480th.

Abdulsamad Rabiu is the founder and chairman of BUA Group, a diversified conglomerate with significant interests in cement production, sugar refining, flour milling, edible oils, and real estate. He holds commanding stakes in the publicly listed arms of the group, owning about 98.2% of BUA Cement and 95% of BUA Foods, giving him direct control over the companies’ strategic directions and financial outcomes.

Rabiu’s journey from a business scion in Kano to one of Africa’s most influential industrialists is a story of vision, patience, and strategic expansion. Starting in 1988, he initially ventured into importing iron, steel, and chemicals, but over the decades he has transformed BUA Group into a powerhouse that plays a central role in Nigeria’s industrial landscape.

A major factor fueling the dramatic rise in Rabiu’s net worth is the phenomenal stock market performance of BUA Cement Plc. Since January, the company’s share price has climbed by over 81%, from N93.00 to a high of around N175.00 before a slight pullback to N168.60 per share on August 8, 2025.

The cement firm’s impressive rally has been one of the most outstanding on the Nigerian Exchange this year. Over the past month alone, BUA Cement shares gained 82%, ranking it as the fourth-best performing stock on the exchange during that period. In the last three months, the stock has delivered a 101% return, a clear indicator of sustained investor enthusiasm and confidence in the company’s prospects.

Not to be outdone, BUA Foods Plc has enjoyed solid gains throughout 2025 as well. The company’s stock rose from N415 at the start of the year to N574.90 by early August — a healthy increase of 38.5%. In the most recent four weeks, BUA Foods shares appreciated by 25.3%, cementing its place among the exchange’s top performers.

BUA Foods’ growth is tied to its broad product range, which includes staples like sugar, flour, pasta, and edible oils. Its extensive distribution network ensures these products reach every corner of Nigeria, driving sales volume and market share. This broad footprint and diversified portfolio have helped the company maintain steady growth even amid fluctuating market conditions.

Rabiu’s wealth increase is not just the result of favorable market movements; it also reflects his deliberate strategic decisions to deepen his control of his companies. In June 2023, for example, he significantly boosted his direct stake in BUA Cement by 56.37%, pushing his total ownership to 96.12%. This move reinforced his grip on one of Nigeria’s largest cement producers.

The groundwork for this dominance was laid years earlier. In early 2020, Rabiu orchestrated the merger of his privately-owned Obu Cement with the publicly listed Cement Company of Northern Nigeria (CCNN), creating BUA Cement Plc. This merger catapulted the company into the ranks of Africa’s largest cement producers, operating multiple plants across Nigeria and driving economies of scale.

Rabiu’s rise mirrors Nigeria’s own economic transformation. Born into a business family in Kano, he inherited land from his father but chose to carve his own path in commerce. Starting with trading activities, he gradually built his empire by reinvesting profits, seizing market opportunities, and diversifying his ventures.

Today, BUA Cement and BUA Foods are among the most valuable stocks on the NGX, symbolizing Nigeria’s growing industrial and consumer sectors. Their outstanding 2025 performance is a testament to strong management, clear strategic focus, and the resilience of Nigeria’s economy.

Rabiu’s recent wealth gains underscore a broader trend where African entrepreneurs are expanding their wealth through strategic investments and capitalization on local market growth. His $2.2 billion gain in seven months is a remarkable feat that highlights the enormous opportunities in Nigeria’s industrial sectors, especially cement and food manufacturing, which remain fundamental to the country’s development and urbanization.

As Nigeria’s population grows and urban centers expand, demand for cement, building materials, and food products is expected to rise sharply. Companies like BUA Group are well-positioned to capitalize on these trends, which in turn continues to boost Rabiu’s net worth.

The future looks bright for Abdulsamad Rabiu and the BUA Group. With infrastructure development, real estate projects, and consumer market expansion gaining momentum, his conglomerate stands to benefit from Nigeria’s economic growth in the years ahead.

Rabiu’s story is not just about wealth accumulation. It is also about strategic foresight, building local industries, and contributing to Nigeria’s industrial capacity. For many aspiring African entrepreneurs, his trajectory serves as an inspiring blueprint on how to grow a business from local beginnings to a globally recognized conglomerate.