The latest Bloomberg Billionaires Index released on May 7, 2026, shows that Abdul Samad Rabiu, Chairman of BUA Cement, is Africa’s second-richest man.
TVC News checks on Thursday indicated that Rabiu’s net worth increased to $19.1bn, second only to Africa’s richest man, Aliko Dangote.
The new ranking means that Rabiu has overtaken South African billionaire Johann Rupert, whose fortune is said to have shrunk to $17.7bn.
Rabiu’s wealth has surged this year and is up by roughly $8.88bn year-to-date, according to Business Insider.
His world rankings also moved up to 138th position among the richest people in the world.
Last week Rabiu’s net worth was $15.9bn, a rapid rise driven largely by the performance of his businesses.
Analysts said the rise in Rabiu’s wealth was due to the strong financial performance of BUA Foods, one of the publicly listed subsidiaries of the BUA Group.
The company reported a 14 percent rise in profit after tax for 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 same period in 2025.
Profitability remained strong despite the company’s revenue falling 11 percent to ₦394.6bn.
The performance was credited in reports to improved cost control, operational efficiencies, moderated pricing, easing inflation and relative foreign exchange stability.
Rabiu is the founder and chairman of BUA Group, one of Nigeria’s largest conglomerates with interests in cement, food production and manufacturing.
It has a subsidiary company, BUA Cement, which is Nigeria’s second largest producer of cement, and recorded a revenue of around ₦1.2tn in 2025.
Another subsidiary, BUA Foods is also considered to be the second largest pasta producer in the country.
