Meet Abdulsamad Rabiu: Africa’s 3rd Richest Man That is Worth $11 Billion

Abdul Samad Isyaku Rabiu, born on August 4, 1960, is a Nigerian businessman and philanthropist. He is the founder and chairman of BUA Group, a major Nigerian conglomerate active in manufacturing, infrastructure, and agriculture. The group generates revenues exceeding $2.6 billion. Rabiu was also formerly the chairman of the Nigerian Bank of Industry (BOI).

His late father, Khalifah Isyaku Rabiu, was one of Nigeria’s foremost industrialists in the 1970s and 1980s, giving Abdul Samad early exposure to business.

Rabiu was born and raised in Kano, Nigeria, and he is of Hausa heritage. He studied at Capital University in Columbus, Ohio, United States, before returning home to oversee the family business. This period coincided with his father’s detainment under General Muhammadu Buhari’s administration over alleged rice import duties.

In 1988, Rabiu started BUA International Limited, initially focusing on commodity trading. The company imported rice, edible oil, flour, and iron and steel.

By 1990, BUA began working with the government-owned Delta Steel Company, supplying raw materials in exchange for finished products. This partnership provided an early boost for the young company.

Over the years, BUA expanded into steel production, importing iron ore and building rolling mills across Nigeria. The group then moved into food and consumer goods, acquiring Nigerian Oil Mills Limited, the largest edible oil processing company in the country.

In 2005, BUA established two flour-milling plants in Lagos and Kano. By 2008, the company broke an eight-year monopoly in the Nigerian sugar industry, commissioning the second-largest sugar refinery in sub-Saharan Africa.

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In 2009, BUA acquired a controlling stake in a publicly listed cement company in Northern Nigeria and started constructing a $900 million cement plant in Edo State, completed in 2015.

Abdul Samad Rabiu’s fortune has soared in recent years. According to Forbes, his net worth jumped by $6.1 billion over the past year, a 120% increase, bringing him to $11.2 billion. This rise moves him to third place among Africa’s richest individuals, behind Aliko Dangote and Johann Rupert.

Most of this wealth comes from BUA Cement, whose shares surged about 135% in the last year. Rabiu owns 98.2% of BUA Cement Plc and 95% of BUA Foods, both publicly traded on the Nigerian Stock Exchange.

His wealth trajectory over recent years has been volatile. Forbes reports:

• $4.9 billion in 2021

• $6.9 billion in 2022

• $8.2 billion in 2023

• $5.2 billion in 2024

• $5.1 billion in 2025

The surge this year underscores his focus on cement, sugar, and industrial investments, which continue to drive his fortune upward.