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 by TVC News on Thursday on the website shows that Rabiu’s net worth is reported at $19.1 billion, placing him in second position after……
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 by TVC News on Thursday on the website shows that Rabiu’s net worth is reported at $19.1 billion, placing him in second position after Aliko Dangote.
Rabiu is the founder and chairman of BUA Group, a conglomerate in Nigeria. Its Lagos-based subsidiary, BUA Cement, is the country’s second-largest cement producer and had revenue of 1.2 trillion Nigerian naira ($776 million) in 2025.
Another publicly traded subsidiary, BUA Foods, is the second-largest pasta producer in Nigeria.
According to Business Insider, Rabiu’s net worth is positioned at $19.0 billion after an impressive year-to-date increase of $8.88 billion.
Rabiu now trails only Aliko Dangote, surpassing South Africa’s Johann Rupert, whose net worth dropped to $17.7 billion.
Rabiu’s global ranking climbed to 138th as his wealth surged significantly this year. A strong financial performance by BUA Foods, which recorded a 14% rise in Q1 2026 after-tax earnings, was a key driver behind his wealth growth.
His net worth was valued at $15.9 billion last week, up $5.78 billion year to date, underlining his meteoric rise.
Vanguard reported that the company’s unaudited Q1 2026 results showed a 14% increase in earnings after tax to ₦142.32 billion, up from ₦125.28 billion in the same time last year.
This expansion demonstrates careful cost control, increased operational efficiency, and a focus on value development.
Despite an 11% fall in revenue to ₦394.6 billion due to moderated pricing, reduced inflation, and a stable foreign exchange situation, profitability remained robust.
