Nigerian billionaire Abdulsamad Rabiu has seen his net worth climb to $12.3 billion, following strong stock performance from BUA Cement and BUA Foods.
The industrialist, founder and chairman of BUA Group, gained nearly $915 million in a single day, reinforcing his position as Africa’s fourth-richest individual. Analysts attribute the surge to robust domestic demand in staples and building materials, alongside growing investor confidence in Nigeria’s industrial sector.
Rabiu’s holdings in cement, sugar, flour, rice, and pasta continue to anchor his wealth, with private subsidiaries likely adding further economic influence beyond public estimates.
The increase highlights the rising global prominence of Nigerian-built industrial conglomerates, and the continued attractiveness of Nigeria’s equities for investors.