Abdulsamad Rabiu Becomes Africa’s Second-Richest Man

Abdul Samad Rabiu is now Africa’s second-richest person. His net worth stands at $15.8 billion, according to Forbes real-time rankings. He trails only Aliko Dangote, but the gap is narrowing.

The story is not just about money. It is about how he built it. Rabiu did not build his fortune from oil wells or mining rights. He built it from cement, sugar and food, the basic products millions of Africans use every day.

Who Is Abdul Samad Rabiu?

Abdul Samad Rabiu was born on August 4, 1960, in Kano, northern Nigeria.

His father, Khalifah Isyaku Rabiu, ranked among Nigeria’s most respected industrialists in the 1970s and 1980s. So Rabiu did not learn business only from books. He grew up around trade, factories and deals.

He later studied Economics at Capital University in Columbus, Ohio, in the United States.

Rabiu returned to Nigeria in 1984 and joined his father’s business. That experience gave him a practical business education. Four years later, in 1988, he launched his own company at 28.

How BUA Group Started

Rabiu founded BUA International Limited in 1988.

The company started with commodity trading. It imported rice, edible oil, flour, iron and steel.

The idea was simple. Nigeria needed essential goods, and Rabiu saw a chance to supply them better.

His first major breakthrough came in 1990. Delta Steel Company, a government-owned firm, contracted BUA to supply raw materials. In return, BUA received finished iron products.

That deal gave the young company capital, credibility and access to heavy industry.

Through the 1990s, Rabiu expanded into steel billets and iron ore. He also supplied several rolling mills across Nigeria.

BUA was no longer just a trading company. It was becoming an industrial player.

The Acquisitions That Changed BUA

In 2001, BUA acquired Nigerian Oil Mills Limited. At the time, it was Nigeria’s largest edible oil processing company.

In 2005, Rabiu added two flour-milling plants in Lagos and Kano.

Then came a defining move in sugar.

In 2008, BUA commissioned the second-largest sugar refinery in sub-Saharan Africa. Before then, one major player had dominated Nigeria’s sugar supply for years.

Rabiu broke that dominance. His refinery brought fresh competition into the market and changed how sugar reached Nigerian consumers.

This became his pattern. He identified a bottleneck, built capacity and forced competition.

Cement Became the Big Wealth Driver

Rabiu entered the cement industry in 2009.

He acquired a controlling stake in Cement Company of Northern Nigeria. He then began building a $900 million cement plant in Edo State. The plant was completed in 2015.

In January 2020, he made his biggest cement move.

He merged his privately owned Obu Cement Company with the listed Cement Company of Northern Nigeria. The deal was valued at $3.3 billion.

The new company became BUA Cement Plc. At listing, it ranked as Nigeria’s third-largest company by market capitalisation.

BUA Foods Strengthened the Empire

Rabiu did not rely on cement alone.

In December 2021, he brought his sugar, edible oil, rice, flour and pasta businesses under one listed company, BUA Foods Plc.

He owns about 93 percent of BUA Foods.

The company ranks as Nigeria’s second-largest pasta producer. It also controls a major share of the country’s sugar and edible oil markets.

Together, BUA Cement and BUA Foods sit among the most valuable listed companies in sub-Saharan Africa.

Both trade on the Nigerian Exchange. That gives investors a clear view of their market value.

It also gives Rabiu’s wealth a transparent public valuation.

Rabiu’s Philanthropy

Rabiu also has a growing public profile outside business.

In 2021, he launched the Abdul Samad Rabiu Africa Initiative, known as ASR Africa.

Through the initiative, he committed $100 million every year to health, education and social development projects across Africa.

ASR Africa has supported hospitals, universities and infrastructure projects in several countries.

Through the BUA Foundation, Rabiu also funded a 7,000-square-metre paediatric ward at Aminu Kano Teaching Hospital.

He also supported the Centre for Islamic Studies at Bayero University Kano.

Why Rabiu’s Rise Matters

Rabiu’s rise says a lot about Nigeria’s industrial economy.

Many of Africa’s biggest fortunes came from oil, mining and luxury assets. Rabiu’s wealth came from manufacturing.

He built around cement, sugar, flour, rice, pasta and edible oil.

These products connect directly to homes, builders, workers and local supply chains.

His rise shows that Nigeria can still produce industrial wealth at a global scale.

It also shows that African capital markets can reward strong companies when investors trust their numbers and growth story.

For investors, policymakers and entrepreneurs, the BUA story offers a clear lesson.

Africa’s next big fortunes may not come only from natural resources. They may come from building the products people use every day.

Frequently Asked Questions

What is Abdul Samad Rabiu’s net worth in 2026?

Forbes’ real-time data places his net worth at $15.8 billion as of April 2026. This makes him Africa’s second-richest person.

How did Abdul Samad Rabiu make his money?

Rabiu built his fortune through BUA Group, the Nigerian conglomerate he founded in 1988. His wealth comes mainly from BUA Cement Plc and BUA Foods Plc.

Who is richer, Dangote or Rabiu?

Aliko Dangote remains Africa’s richest person. His estimated net worth stands at $28.5 billion. Rabiu ranks second with $15.8 billion.

What companies does BUA Group own?

BUA Group controls BUA Cement Plc and BUA Foods Plc. It also has interests in sugar refining, port operations, real estate and infrastructure.