Rabiu Rises to Africa’s Fourth Richest as BUA Foods Profit Jumps 91%

Nigerian billionaire, Abdul Samad Rabiu has climbed to become Africa’s fourth richest individual, with an estimated net worth of $11.3 billion, according to the latest ranking by the Bloomberg Billionaires Index.

Rabiu’s rise in the continental wealth table follows a strong earnings performance by BUA Foods Plc, one of the flagship companies under his BUA Group conglomerate. The food manufacturing giant recently reported a 91 per cent increase in profit after tax, driven by expanded production capacity, improved operational efficiency and higher demand across its product lines. The company also recorded significant revenue growth during the financial year, supported by investments in new manufacturing and processing facilities. Analysts say the expansion has strengthened BUA Foods’ market position in key segments including sugar refining, flour milling, pasta production and rice processing. Bloomberg’s updated figures show that Rabiu has gained more than $1 billion in wealth in recent months, allowing him to move ahead of Egyptian businessman Naguib Sawiris in Africa’s billionaire rankings. His current valuation places him among the top 300 richest individuals globally. Rabiu’s wealth is largely tied to his controlling stakes in BUA Foods and BUA Cement Plc, both listed on the Nigerian Exchange. The strong performance of these companies has bolstered investor confidence and driven up share prices, contributing to his net worth growth. Industry observers note that the surge underscores the growing influence of Nigerian industrialists in Africa’s economic landscape, particularly in manufacturing and infrastructure development. They add that continued investment in domestic production could further consolidate Rabiu’s position in the coming months.