In one of the most dramatic wealth surges in Nigeria’s corporate history, billionaire industrialist Abdul Samad Rabiu has grown his net worth from $5.1 billion in January 2025 to $7.3 billion by August 9, 2025 — a staggering $2.2 billion gain in just seven months.
The leap is fueled by the stellar performance of BUA Cement and BUA Foods on the Nigerian Exchange (NGX), where Rabiu maintains near-total control — owning 98% and 95% of the companies respectively. Both firms have delivered robust financial results in 2025, with BUA Foods posting ₦912.5 billion in revenue and ₦260 billion in profits after tax in the first half alone, while BUA Cement enjoyed strong sales growth and improved margins.
Rabiu’s rise is the culmination of a decades-long journey that began in Kano, where he was born in 1960 into a trading family. After studying in Nigeria and the United States, he returned in his twenties to run the family business when his father fell ill. His early lessons in supplier negotiations, market timing, and logistics laid the foundation for his future empire.
In 1988, Rabiu founded BUA International, initially trading rice, sugar, edible oils, and steel. He later pivoted to manufacturing, launching a major sugar refinery in 2008 and moving into cement production in 2009 through the acquisition of the Cement Company of Northern Nigeria and the development of large-scale plants in Obu and Okpella, Edo State.
The public listings of BUA Cement in 2020 and BUA Foods in 2022 marked turning points, attracting pension funds, institutional investors, and everyday Nigerians, securing the companies’ market dominance.
More than a personal triumph, Rabiu’s story underscores the power of local manufacturing as a driver of sustainable African wealth. By producing essential goods domestically, reinvesting profits, and expanding public ownership, he has built an industrial model that generates jobs, boosts economic resilience, and inspires the continent’s next generation of entrepreneurs.
As Nigeria navigates economic headwinds, Rabiu’s ascent is proof that strategic vision and investment in local industry can deliver transformative results for both individual fortunes and national prosperity.
