Nigerian billionaire and industrialist Abdulsamad Rabiu added approximately $915 million (about ₦1.23 trillion) to his net worth in a single day, propelling him to the position of the fourth richest person in Africa, according to the Bloomberg Billionaires Index update on February 18, 2026.
Rabiu’s fortune rose 8.1% to an estimated $12.3 billion, overtaking several other prominent African tycoons on the daily ranking.
He now trails:
– Aliko Dangote ($31.9 billion)
– Johann Rupert ($18.9 billion)
– Nicky Oppenheimer ($14.0 billion)
Known in business circles as “Mr. Talk and Do” for his reputation of delivering on ambitious promises, Rabiu is the founder and chairman of BUA Group, a diversified conglomerate with major operations in cement, sugar, flour, food processing, real estate, infrastructure, and manufacturing.
BUA Cement, the group’s flagship listed subsidiary and Nigeria’s second-largest cement producer, remains the single biggest driver of his wealth. Rabiu holds approximately 98% of BUA Cement (directly and through related entities), according to the company’s 2025 first-quarter financial report. The firm recorded ₦876 billion ($602 million) in revenue in 2024, benefiting from sustained infrastructure spending and ongoing capacity expansions across Nigeria.
In the fast-moving consumer goods sector, Rabiu controls about 93% of BUA Foods—Nigeria’s second-largest pasta producer—per the company’s 2025 third-quarter disclosures.
Several other privately held businesses within the BUA Group are not fully reflected in public wealth estimates due to limited disclosure requirements. Bloomberg’s valuation methodology incorporates market performance, acquisition costs, insider transactions, taxes, liabilities, and philanthropic commitments for a more balanced assessment.
Rabiu has consistently emphasised employee welfare and community impact. In December 2025, he disbursed roughly $20.7 million in cash rewards to long-serving BUA Group staff during the BUA Night of Excellence Long Service Awards at Eko Hotel & Suites—one of the largest employee reward programmes ever announced by a privately owned Nigerian company.
The group is also preparing for generational transition. In January 2026, BUA Foods appointed Isyaku Abdulsamad Rabiu (known as Khalifa Rabiu), the billionaire’s son, as Chief Officer, Global Procurement and Strategic Operations.
Born in 1960 in Kano, Rabiu comes from a prominent business family. His late father, Khalifa Isyaku Rabiu, established Isyaku Rabiu & Sons, with interests in manufacturing, finance, and real estate. After studying Economics at Capital University in the United States, Rabiu returned to Nigeria at age 24 to join the family enterprise.
He founded BUA Group in 1988, initially focusing on commodity imports before shifting into large-scale manufacturing through strategic acquisitions, including the 2009 takeover of Cement Company of Northern Nigeria (CCNN). BUA Cement listed on the Nigerian Exchange (NGX) in January 2020, followed by BUA Foods in January 2022—milestones that significantly boosted his public profile and wealth.
Rabiu’s rapid rise underscores the growing economic influence of local manufacturing giants in Nigeria and across Africa.
