Imagine a market trader in Kano who started by importing rice and steel in 1988. Fast forward to May 2026, and that same man is now the second richest person in Africa, worth nearly $20 billion, watching his companies’ share prices climb daily on the Nigerian Exchange.That’s the story of Abdulsamad Rabiu.
*Brief Summary*
Abdulsamad Rabiu, founder and chairman of BUA Group, became Africa’s second-richest person in early May 2026, overtaking South Africa’s Johann Rupert.
His net worth surged from about $10.4 billion at the start of 2026 to $18.6–$19.1 billion by May, driven by explosive gains in BUA Cement and BUA Foods. He now sits behind only Aliko Dangote on the continent.
*Key Highlights*
1. *Fastest wealth growth in Africa for 2026*: Rabiu added roughly $8.5–$8.9 billion year-to-date, the largest gain among African billionaires.
2. *Overtake happened in May 2026*: Bloomberg Billionaires Index placed his net worth at $19.1 billion on May 7, ahead of Johann Rupert’s $17.7 billion.
3. *Driven by listed companies*: BUA Cement shares surged over 134% year-to-date to ₦418, and BUA Foods posted a 14% rise in Q1 2026 profit after tax to ₦142.32 billion.
4. *Ownership stakes are massive*: Rabiu owns about 95.78% of BUA Cement and 92.64% of BUA Foods, making daily share price moves directly impact his fortune.
5. *Global ranking jump*: He moved from 5th richest in Africa in January to 2nd by May, and to 138th globally.
*Necessary Facts and Figures*
- *Net worth*: $18.6 billion to $19.1 billion as of May 2026, depending on the tracker.
- *Starting point*: $10.4 billion in January 2026, ranked 5th in Africa.
- *Year-to-date gain*: $8.47–$8.88 billion.
- *Core assets*: BUA Group, with BUA Cement and BUA Foods as the main drivers.
- *Behind Dangote*: Aliko Dangote remains Africa’s richest with $33.6–$34.4 billion.
*Recommendations*
1. *Watch the NGX*: BUA Cement and BUA Foods remain the engines. Investors tracking industrial stocks on the Nigerian Exchange can see real-time changes in Rabiu’s wealth.
2. *Focus on local manufacturing*: Rabiu’s rise shows the payoff in cement, food processing, and infrastructure within Nigeria’s market. Expansion into mining and energy gives BUA Group more upside.
3. *Track diversification*: While stock gains drove the jump, continued operational performance in sugar refining and manufacturing will determine if the $20 billion mark is breached and held.
*Conclusion*
Abdulsamad Rabiu’s climb from 5th to 2nd richest in Africa in just four months shows how fast industrial assets can reprice when listed companies rally.
His story is less about inheritance and more about scaling local manufacturing into publicly traded giants.
If BUA’s expansion continues and investor confidence holds, Nigeria’s industrial sector could see more billionaires rise alongside Dangote and Rabiu.
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