Rabiu’s Net Worth Hits $12.3bn as BUA Foods, BUA Cement Rally at NGX
- Abdulsamad Rabiu’s net worth rose to $12.3 billion as of February 18, 2026, according to Bloomberg
- His wealth increased by $915 million in one day, with a year-to-date gain of $2.13 billion
- Rabiu owns 98% of BUA Cement and 93% of BUA Foods, making them key contributors to his fortune
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Nigerian businessman Abdulsamad Rabiu’s net worth has risen to an estimated $12.3 billion as of February 18, 2026, according to figures tracked by Bloomberg.
Data from the Bloomberg Billionaires Index shows that Rabiu’s wealth increased by $915 million in a single day, representing an 8.1% jump. His year-to-date gain stands at $2.13 billion, equivalent to about 21%.
Source: Twitter
This reflects continued investor confidence in Rabiu’s listed companies. He is the founder and chairman of BUA Group, a diversified conglomerate with interests in cement, food processing, infrastructure, and manufacturing.
His BUA Cement is Nigeria’s second-largest cement company with a revenue of 876 billion Nigerian naira ($602 million) in 2024. His BUA Foods is also the second-largest pasta producer in the country.
BUA performances on NGX as Cement drives wealth growth
The report linked the surge to gains in BUA Foods Plc and strong performance in cement and consumer staples stocks on the Nigerian Exchange (NGX).
Rabiu’s flagship subsidiary, BUA Cement Plc, is Nigeria’s second-largest cement manufacturer. The company generated N876 billion (about $602 million) in revenue in 2024, underlining its significant role in the country’s construction and infrastructure value chain.
According to the company’s first-quarter 2025 financial report, Rabiu owns approximately 98% of BUA Cement, both directly and through affiliated entities.
This substantial stake makes cement the largest contributor to his wealth, particularly amid ongoing infrastructure expansion and capacity growth across Nigeria.
Similar growth in pasta company
In the consumer goods segment, Rabiu holds a 93% stake in BUA Foods, based on its third-quarter 2025 financial disclosure. The company is Nigeria’s second-largest pasta producer and continues to expand its footprint in key staples such as sugar, flour, rice, and edible oils.
Bloomberg’s estimates also account for liabilities, acquisition costs, insider transactions, taxes, market performance, and philanthropic commitments. Several privately held businesses within BUA Group are not fully reflected in public valuations due to limited disclosures, resulting in what analysts describe as a conservative assessment of his fortune.
Employee rewards and leadership transition
In December 2025, Rabiu announced a cash reward programme worth about $20.7 million for long-serving employees across BUA Group.
The announcement was made during the BUA Night of Excellence Long Service Awards held at Eko Hotel & Suites on December 13, 2025.
The awards recognised staff contributions across cement, sugar, flour, food processing, and infrastructure-related manufacturing businesses.
The group has also signalled a generational shift in leadership. In 2026, BUA Foods appointed Isyaku Abdulsamad Rabiu, also known as Khalifa Rabiu, as Chief Officer, Global Procurement and Strategic Operations, effective January 29, 2026.
Source: UGC
About Rabiu – Kano-born economist turn billionaire
Abdulsamad Rabiu hails from a prominent business family. He was born in 1960 in Kano. His late father, Isyaku Rabiu, founded Isyaku Rabiu & Sons, which operated in manufacturing, finance, and real estate.
After studying Economics at Capital University in the United States, Rabiu returned to Nigeria at age 24 to support the family business.
He established BUA Group in 1988, initially focusing on imports of food, iron, and steel before expanding into large-scale manufacturing. A major turning point came with the acquisition of Cement Company of Northern Nigeria (CCNN) in 2009.
BUA Cement was listed on the NGX in January 2020, followed by BUA Foods in January 2022. These listings have since positioned Rabiu among Africa’s wealthiest industrialists.
BUA Cement signs $240m deal with Chinese company
Legit.ng earlier reported that BUA Cement, a subsidiary of the BUA Group has signed a $240 million agreement with a China-based enginering firm, CBMI, to build a new cement line at its Sokoto plant.
According to the company, the expansion project will add 3 million metric tons to annual output, raising total capacity to 20 million tons.
The Sokoto plant is the only cement facility in Nigeria’s North-West and is key to regional supply.
Source: Legit.ng
