Nigerian industrialist Abdul Samad Rabiu has risen to become the fourth richest person in Africa, according to the latest Bloomberg Billionaires Index, with an estimated net worth of $11.3 billion. This places him ahead of Egyptian billionaire Naguib Sawiris, whose year-to-date wealth gains have been smaller, and positions Rabiu as roughly the 302nd wealthiest person in the world.
At the start of 2026, Rabiu’s net worth was about $10.4 billion, placing him fifth on the continent. His climb this year has been driven by strong financial results from his flagship company, BUA Foods Plc, and other industrial interests. Bloomberg’s ranking shows a year-to-date gain of roughly $1.21 billion in his estimated wealth, compared with Sawiris’s gain of about $700 million over the same period.
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BUA Foods has been a key force behind the rise, delivering a 91 percent increase in profit after tax for the 2025 fiscal year, according to the company’s unaudited results. Profit after tax climbed to N507.73 billion from N265.99 billion the previous year, while revenue grew by 18 per cent to N1.80 trillion in the same period.
The company’s earnings reflect expanding production capacity and stronger sales across its portfolio, which includes sugar refining, flour milling, pasta, rice and other packaged food lines. BUA Foods has also entered several strategic partnerships designed to enhance processing capabilities and broaden market reach, including plans for major rice processing and animal feed facilities in northern Nigeria.
Asides the food segment, Rabiu’s broader industrial interests include BUA Cement Plc.
