BUA chairman becomes Africa’s second richest man as his net worth jumps to $19.1bn

‎Chairman of BUA Cement, Abdul Samad Rabiu, has emerged as Africa’s second-richest man, according to the latest Bloomberg Billionaires Index released on May 7, 2026.

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‎According to checks carried out by TVC News on Thursday, Rabiu’s net worth jumped to $19.1bn, placing him behind only Africa’s richest man, Aliko Dangote.

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‎The latest ranking means the BUA chairman has overtaken South African billionaire Johann Rupert, whose fortune reportedly declined to $17.7bn.

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‎According to Business Insider, Rabiu’s wealth climbed significantly this year, increasing by about $8.88bn year-to-date.

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‎His global ranking also improved to 138th position among the world’s richest individuals.

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‎Rabiu’s net worth stood at $15.9bn last week, reflecting rapid growth driven largely by the performance of his businesses.

‎Analysts linked the increase in Rabiu’s wealth to the strong financial performance of BUA Foods, one of the publicly traded subsidiaries of the BUA Group.

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‎The company recorded a 14 per cent increase in profit after tax for the first quarter of 2026.

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‎Vanguard reports explained that BUA Foods posted unaudited earnings after tax of ₦142.32bn in Q1 2026, compared to ₦125.28bn recorded during the same period in 2025.

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‎Although the company’s revenue dropped by 11 per cent to ₦394.6bn, profitability remained strong.

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‎Reports attributed the performance to improved cost control, operational efficiency, moderated pricing, easing inflation and relative foreign exchange stability.

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‎Rabiu is the founder and chairman of BUA Group, one of Nigeria’s leading conglomerates with interests in cement, food production and manufacturing.

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‎Its subsidiary, BUA Cement, is Nigeria’s second-largest cement producer and generated revenue of about ₦1.2tn in 2025.

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‎Another subsidiary, BUA Foods, is also regarded as the country’s second-largest pasta producer.

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