Abdulsamad Rabiu's Net Worth Climbs to $12.3 Billion as BUA Stocks Rally
Nigerian industrialist Abdulsamad Rabiu has seen his net worth skyrocket to an estimated $12.3 billion as of February 18, 2026, according to data from the Bloomberg Billionaires Index. This remarkable increase reflects a surge in the value of his holdings in BUA Cement and BUA Foods, both of which have performed strongly on the Nigerian Exchange (NGX).
Daily and Year-to-Date Wealth Gains
Rabiu's wealth experienced a significant boost of $915 million in just one day, marking an 8.1% jump. Over the course of the year, his net worth has grown by $2.13 billion, equivalent to approximately 21%. This growth underscores the robust performance of his key assets in the market.
Key Contributors to Rabiu's Fortune
The billionaire's wealth is largely tied to his substantial stakes in two major companies:
- BUA Cement: Rabiu owns approximately 98% of BUA Cement Plc, Nigeria's second-largest cement manufacturer. The company reported revenue of 876 billion Nigerian naira ($602 million) in 2024, playing a pivotal role in the country's construction and infrastructure sectors.
- BUA Foods: He holds a 93% stake in BUA Foods, which is Nigeria's second-largest pasta producer. The company has expanded its operations into essential staples such as sugar, flour, rice, and edible oils, contributing significantly to his overall wealth.
These holdings have been instrumental in driving Rabiu's financial ascent, particularly amid ongoing infrastructure development and consumer demand in Nigeria.
Market Performance and Investor Confidence
The surge in Rabiu's net worth is attributed to gains in BUA Foods Plc and the strong performance of cement and consumer staples stocks on the NGX. Investor confidence remains high, buoyed by the consistent growth and strategic expansions within the BUA Group. Bloomberg's valuation accounts for various factors, including liabilities, acquisition costs, insider transactions, taxes, market trends, and philanthropic activities, though some privately held businesses within the group are not fully disclosed, leading to a conservative estimate of his fortune.
Leadership and Employee Recognition
In December 2025, Rabiu announced a cash reward program worth about $20.7 million for long-serving employees across the BUA Group, recognizing their contributions across cement, sugar, flour, food processing, and infrastructure-related manufacturing. Additionally, the group has initiated a generational leadership shift, with Isyaku Abdulsamad Rabiu, also known as Khalifa Rabiu, appointed as Chief Officer, Global Procurement and Strategic Operations at BUA Foods effective January 29, 2026.
Background and Business Expansion
Abdulsamad Rabiu, born in 1960 in Kano, hails from a prominent business family. After studying Economics at Capital University in the United States, he returned to Nigeria at age 24 to support the family business. He founded BUA Group in 1988, initially focusing on imports before expanding into large-scale manufacturing. A key milestone was the acquisition of Cement Company of Northern Nigeria (CCNN) in 2009, which laid the groundwork for BUA Cement's listing on the NGX in January 2020, followed by BUA Foods in January 2022.
Recently, BUA Cement signed a $240 million agreement with Chinese engineering firm CBMI to build a new cement line at its Sokoto plant, adding 3 million metric tons to annual output and raising total capacity to 20 million tons. This expansion is crucial for regional supply in Nigeria's North-West.
Rabiu's rise to billionaire status highlights his strategic vision and the growing influence of Nigerian industrialists on the global stage.
