Nigerian billionaire businessman Abdulsamad Rabiu has seen a sharp rise in his net worth, which currently stands at about $19.0 billion, driven by strong gains in his business empire and a remarkable year-to-date increase of $8.88 billion. This performance makes him Africa’s best-performing billionaire so far this year.
Rabiu’s latest surge places him firmly as the continent’s second-richest man, behind Aliko Dangote, further strengthening Nigeria’s dominance at the top of Africa’s wealth rankings.
He now sits ahead of South African billionaire Johann Rupert, whose net worth is estimated at $17.7 billion. Rupert has reportedly lost about $1.75 billion year-to-date and currently ranks 160th on the Bloomberg Billionaires Index.
Rabiu, on the other hand, has climbed to 138th globally, reflecting a significant upward movement fueled by consistent gains in his portfolio. His wealth was estimated at $15.9 billion just a week earlier, underscoring how rapidly his fortune has grown in recent months.
At one point earlier in the year, Nathie Kirsh briefly led Africa’s wealth gainers list, but Rabiu’s sustained rise has reshaped the standings, pushing him closer to the $20 billion mark.
Strong performance from BUA Foods
A key driver of Rabiu’s growing fortune is the strong performance of BUA Foods Plc, which continues to show resilience despite economic headwinds in Nigeria.
The company’s unaudited results for the first quarter of 2026 showed a 14% rise in profit after tax, increasing to ₦142.32 billion from ₦125.28 billion recorded in the same period last year.
Although revenue declined by 11% to ₦394.6 billion due to moderated pricing, easing inflation, and relative exchange rate stability, profitability remained strong.
BUA Foods recorded a 9% increase in gross profit to ₦175.65 billion, supported by reduced input costs and improved operational efficiency. Operating profit also grew by 11% to ₦154.6 billion, while earnings per share rose by 14% to ₦7.91, reflecting increased value for shareholders.
The company’s total assets also expanded by 12% to ₦1.555 trillion, driven by ongoing capacity expansion and investments across its operations.
Overall, the strong financial performance of BUA Foods continues to reinforce Rabiu’s position as one of Africa’s most influential and fast-rising billionaires.
