Abdul Samad Rabiu has surpassed South African billionaire Johann Rupert to claim the spot of Africa’s second-wealthiest individual, according to the Bloomberg Billionaires Index.
Rabiu’s net worth climbed to $18.6 billion this year, putting him at 138th globally and making him the continent’s best-performing billionaire in 2026. The $8.47 billion year-to-date gain is among the largest recorded worldwide.
The surge stems from stronger valuations across his cement, food, and manufacturing businesses. Rabiu’s fortune was estimated at roughly *$15.9 billion* just months ago, highlighting the rapid pace of growth in his industrial holdings.
23 Things You Might Not Know About Abdul Samad Rabiu
He was born August 4, 1960*, in Kano, Nigeria.
His father, Khalifah Isyaku Rabiu, was one of Nigeria’s top industrialists in the 1970s and 80s
He attended Federal Government College, Kano for secondary school
He studied Economics at Capital University in Columbus, Ohio
He returned to Nigeria at age 24 to help run the family business when his father faced legal issues over rice import duties
He founded BUA Group in 1988
He started with commodity trading — importing rice, edible oil, flour, pasta, and iron/steel rods
He later expanded into manufacturing and infrastructure
BUA has grown into one of Nigeria’s largest privately-owned conglomerates such as: Cement: BUA Cement Plc, BUA Foods Plc, covering sugar, rice, flour, pasta, and edible oils and Infrastructure & Agriculture: Ports, logistics, real estate, agriculture, and construction
In 1990, he secured a deal with Delta Steel Company to supply raw materials
He acquired a controlling stake in Cement Company of Northern Nigeria in 2005
He commissioned the 2nd largest sugar refinery in sub-Saharan Africa in 2008, breaking Dangote’s monopoly at the time
As of 2026, BUA Group generates over $2.6 billion in annual revenue
He ranked among Nigeria’s richest people, with Forbes and Bloomberg estimating his net worth at over $14 billion in 2026
He was listed by Forbes at $11.2 billion in 2020
He holds Nigerian national honors: Commander of the Order of the Federal Republic (CFR) and Commander of the Order of the Niger (CON)
He was named African Industrialist of the Year in 2016
He is the inaugural and current President of the France-Nigeria Business Council
He founded ASR Africa – Abdul Samad Rabiu Africa Initiative, funding health, education, and social development across Africa
Through the BUA Foundation, he funded projects like a 7,000 sqm pediatric ward at Aminu Kano Teaching Hospital and the Centre for Islamic Studies at Bayero University Kano
He was a former Chairman of the Nigerian Bank of Industry (BOI)
He is married to Hannatu Musawa, later divorced
He is known as an industrialist, businessman, and philanthropist who built BUA from trading into heavy manufacturing
