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.
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.
The latest ranking means the BUA chairman has overtaken South African billionaire Johann Rupert, whose fortune reportedly declined to $17.7bn.
According to Business Insider, Rabiu’s wealth climbed significantly this year, increasing by about $8.88bn year-to-date.
His global ranking also improved to 138th position among the world’s richest individuals.
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.
The company recorded a 14 per cent increase in profit after tax for the first quarter of 2026.
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.
Although the company’s revenue dropped by 11 per cent to ₦394.6bn, profitability remained strong.
Reports attributed the performance to improved cost control, operational efficiency, moderated pricing, easing inflation and relative foreign exchange stability.
Rabiu is the founder and chairman of BUA Group, one of Nigeria’s leading conglomerates with interests in cement, food production and manufacturing.
Its subsidiary, BUA Cement, is Nigeria’s second-largest cement producer and generated revenue of about ₦1.2tn in 2025.
Another subsidiary, BUA Foods, is also regarded as the country’s second-largest pasta producer.