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According to the latest Bloomberg Billionaires Index released on May 7, 2026, Abdul Samad Rabiu, Chairman of BUA Cement, is the second-richest man in Africa.
Rabiu’s net worth rose to $19.1bn, second only to Africa’s richest man, Aliko Dangote, TVC News checks on Thursday showed.
The new ranking means Rabiu has overtaken South African billionaire Johann Rupert, whose fortune is said to have shrunk to $17.7 billion.
Business Insider reports Rabiu’s wealth has surged this year and is up by roughly $8.88bn year-to-date.
His world rankings also rose to 138th position among the richest people in the world.
Rabiu’s net worth stood at $15.9bn last week, a meteoric rise mostly due to his businesses’ performance.
Analysts say Rabiu’s increased wealth is due to the strong financial performance of BUA Foods, one of the publicly listed subsidiaries of BUA Group.
The company said its profit after tax was 14 per cent higher in the first quarter of 2026.
Vanguard reports that BUA Foods recorded unaudited earnings after tax of ₦142.32bn in Q1 2026, compared to ₦125.28bn recorded in the corresponding period in 2025.
The company’s revenue fell 11 percent to ₦394.6bn, but profitability remained strong.
Reports credited the performance to better cost control, operational efficiencies, moderated pricing, easing inflation and relative foreign exchange stability.
Rabiu is the founder and chairman of BUA Group, a major conglomerate in Nigeria with stakes in cement, food production and manufacturing.
It has a subsidiary company, BUA Cement, which is the second largest producer of cement in Nigeria and had a revenue of about ₦1.2tn in 2025.
BUA Foods is also considered to be the second largest pasta producer in the country, and is another subsidiary.
