Abdul Samad Rabiu, Nigeria’s second richest man and one of Africa’s most influential industrialists, has maintained a significant presence in the continent’s business landscape.
As of March 2025, Rabiu’s net worth stands at an estimated $4.9 billion, according to Forbes, reflecting both his resilience in navigating Nigeria’s complex economy and the strength of his diversified business empire, BUA Group.
Early Life and Education
Born on August 4, 1960, in Kano, Nigeria, Abdul Samad Isyaku Rabiu comes from a notable business family. His father, Khalifah Isyaku Rabiu, was one of Nigeria’s most prominent businessmen during the 1970s, particularly active in the textile and commodities sectors.
Rabiu pursued his tertiary education at Capital University, Columbus, Ohio, where he studied Economics. He returned to Nigeria at the age of 24 to take over the management of the family’s business operations during a challenging period marked by his father’s detention under General Buhari’s military regime.
Formation and Growth of BUA Group
In 1988, Rabiu established BUA International Limited, focusing initially on commodity trading. The company’s early operations involved the importation of rice, edible oil, flour, and iron and steel. BUA gained momentum after securing a significant government contract to supply raw materials to Delta Steel Company, which allowed it to trade finished products in the Nigerian market.
By the 1990s, Rabiu began diversifying BUA into manufacturing. In 2001, BUA broke an eight-year monopoly in the Nigerian sugar industry by commissioning the second-largest sugar refinery in sub-Saharan Africa. The company’s strategic expansion continued with the acquisition of Nigerian Oil Mills Limited, Nigeria’s largest edible oil processing company, marking BUA’s entry into the food processing sector.
Diversification into Cement and Infrastructure
BUA’s most notable expansion came with its entry into the cement industry. In 2009, the group acquired a controlling interest in the Cement Company of Northern Nigeria (CCNN). This was followed by the construction of the BUA Obu Cement Plant in Edo State, which became operational in 2015. In 2020, CCNN merged with Obu Cement to form BUA Cement Plc, now one of Nigeria’s largest cement producers, with multiple plants and a combined production capacity of over 11 million metric tonnes annually.
Beyond manufacturing, BUA invested heavily in infrastructure, including ports, terminals, and energy projects. The BUA Ports and Terminals Limited significantly improved cargo handling in Nigeria’s eastern ports. Rabiu’s group also invested in power generation and other logistics infrastructure to support its industrial operations.
BUA Group’s Major Subsidiaries
BUA Cement Plc
BUA Cement is the second-largest cement producer in Nigeria. Listed on the Nigerian Exchange (NGX), it plays a crucial role in meeting Nigeria’s cement demand and supporting infrastructural development.
BUA Foods Plc
BUA Foods consolidates the group’s operations in sugar refining, flour milling, pasta production, edible oils, and rice milling. The company plays a central role in Nigeria’s food security drive and is one of the leading agribusinesses in the country.
BUA Oil Mills
One of Nigeria’s key producers of edible oils and related products, supporting Nigeria’s consumer goods and FMCG sectors.
BUA Ports and Terminals
The company operates major port terminals in Nigeria, contributing to improved trade logistics and import/export efficiency.
Net Worth and Financial Performance
Rabiu’s wealth is primarily derived from his holdings in BUA Cement Plc and BUA Foods Plc. As of early 2025, Rabiu owns approximately 96% of BUA Cement and significant stakes in BUA Foods. However, the sharp devaluation of the naira in late 2024, following economic reforms by the Nigerian government, significantly impacted his net worth, reducing it by $3.6 billion according to Billionaires.Africa.
Despite this setback, BUA Group’s companies have continued to post resilient financial results. BUA Cement and BUA Foods reported strong revenues and profitability, supported by steady demand for cement, sugar, and other essential food products.
Philanthropy and Social Impact
Rabiu is also recognized for his commitment to philanthropy through the BUA Foundation and the Abdul Samad Rabiu Africa Initiative (ASR Africa). These initiatives have committed billions of naira towards health, education, infrastructure, and social development projects across Nigeria and Africa.
Notable contributions include:
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Construction of the Centre for Islamic Studies at Bayero University, Kano.
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A ₦7 billion donation to the Nigerian security sector.
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Donations to health initiatives, including the construction of a 7,000-square-meter pediatric ward at Aminu Kano Teaching Hospital.
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Significant support during the COVID-19 pandemic, including the donation of ₦1 billion to Nigeria’s response efforts.
Recognition and Awards
Rabiu has received several national and international honors, including:
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Commander of the Order of the Niger (CON)
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Commander of the Federal Republic (CFR)
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Grand Commander of the Order of Merit of Niger (Republic of Niger)
These recognitions reflect his contributions to Nigeria’s economy and his philanthropic efforts.
Recent Developments (2024 – 2025)
Despite Nigeria’s macroeconomic challenges, BUA Group continued to advance its strategic projects. BUA Cement commissioned a new production line to boost capacity, while BUA Foods expanded its product offerings and distribution network.
Rabiu remains actively involved in Nigeria’s private sector advocacy, promoting policies that enhance industrialization, food security, and economic resilience.
Outlook
With the Nigerian government intensifying efforts to promote local manufacturing and reduce dependency on imports, BUA Group is positioned to benefit significantly. Rabiu’s focus on expanding capacity, investing in backward integration, and supporting infrastructural development aligns with Nigeria’s long-term economic objectives.
Net Worth Trend (2015 – 2025)
2015 – $1.2 billion
2017 – $1.9 billion
2019 – $3.1 billion
2021 – $5.5 billion
2023 – $7.6 billion
2025 – $4.9 billion
