Nigerian billionaire industrialist, Abdulsamad Rabiu, has added $2.2 billion to his fortune in the first seven months of 2025, driven by strong share price gains in his flagship companies, BUA Cement Plc and BUA Foods Plc.
At the start of the year, Rabiu’s net worth was estimated at around $5.1 billion. As of August 9, 2025, Forbes’ real-time billionaire tracker pegs his wealth at $7.3 billion, representing a $92 million daily gain (+1.25%) and placing him 480th on the global rich list.
Rabiu is the founder and chairman of BUA Group, a diversified conglomerate with interests in cement production, sugar refining, and real estate. He controls significant stakes in the group’s publicly listed companies owning 98.2% of BUA Cement and 95% of BUA Food
A breakdown of Abdulsamad Rabiu’s networth increase
BUA Cement has recorded one of the most remarkable stock rallies on the Nigerian Exchange (NGX) this year. The stock closed at N168.60 per share on Friday, August 8, 2025, a 3.7% drop from its previous close of N175.00. However, the company’s share price has surged 81.3% year-to-date from its opening price of N93.00 in January.
In the past month alone, BUA Cement has gained 82%, ranking as the fourth-best performing stock on the NGX over that period. The company has also delivered a 101% gain over the past three months, reflecting sustained investor interest.
BUA Foods performance year to date
BUA Foods has similarly posted strong gains in 2025. The stock closed at N574.90 per share on August 8, compared to N415.00 at the start of the year an increase of 38.5% year-to-date. Over the last four weeks, the company’s share price has advanced 25.3%, placing it among the top performers on the exchange in the period.
The company’s growth has been driven by its expansive product portfolio, including sugar, flour, pasta, and edible oils, along with its extensive distribution network across Nigeria.
What we know
Rabiu’s wealth growth has also been influenced by his shareholding decisions. In June 2023, he increased his direct ownership in BUA Cement by 56.37%, bringing his total stake to 96.12%. The transaction further consolidated his control of the cement producer.
This move came after years of calculated expansion within the group. In early 2020, Rabiu merged his privately-owned Obu Cement with the publicly listed Cement Company of Northern Nigeria (CCNN), creating BUA Cement Plc. The merger positioned the company as one of Africa’s largest cement producers, with operations spanning multiple plants in Nigeria.
Rabiu, the son of a Kano-based businessman, inherited land from his father and ventured into business in 1988 by importing iron, steel, and chemicals. Over the decades, he has transformed BUA Group into one of Nigeria’s largest industrial enterprises.
Today, BUA Cement and BUA Foods rank among the most valuable companies on the NGX, and their strong 2025 performance has solidified Rabiu’s position as one of Africa’s wealthiest individuals.
