From Kano Rice Trader to $7.3B Billionaire: Abdul Samad Rabiu’s Epic $2.2B Wealth Surge in Just 7 Months Shakes Nigeria’s Business World

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In one of the most extraordinary financial leaps in Nigeria’s business history, billionaire industrialist Abdul Samad Rabiu has seen his net worth soar from $5.1 billion in January 2025 to an astonishing $7.3 billion by August 9, 2025 — a remarkable $2.2 billion gain in just seven months.

The surge, driven by the exceptional performance of his companies BUA Cement and BUA Foods on the Nigerian Exchange (NGX), underscores Rabiu’s transformation from a small-time commodity trader in Kano to a commanding force in Africa’s business landscape.

Born in 1960 into a trading family in Kano, Rabiu’s early exposure to commerce set the foundation for his entrepreneurial journey. After completing his education in Nigeria and the United States, he returned in his twenties to take over the family business when his father fell ill. Those years taught him the art of supplier negotiations, market timing, and logistics — skills he would later deploy to build a vast industrial empire.

In 1988, he founded BUA International, starting with the importation of rice, sugar, edible oils, and steel. Yet, rather than remain dependent on imports, Rabiu shifted into manufacturing, a move that redefined his fortunes. In 2008, he launched a major sugar refinery, and by 2009, he entered the cement sector through the acquisition of the Cement Company of Northern Nigeria and the construction of large-scale plants in Obu and Okpella, Edo State. The cement business, capital-intensive and heavily reliant on resources and infrastructure, became a cornerstone of his wealth, providing steady growth over the years.

The real turning point came with the public listings of his companies. BUA Cement debuted on the NGX in January 2020 at a valuation of about ₦1.2 trillion ($3.3 billion), while BUA Foods followed in January 2022 with 18 billion shares. These listings brought in pension funds, institutional investors, and ordinary Nigerians, ensuring the longevity of the businesses while expanding their market influence.

In the first half of 2025, BUA Foods reported revenue of ₦912.5 billion with profits after tax of around ₦260 billion, while BUA Cement recorded robust sales growth and improved margins. With Rabiu retaining almost total control — 98% of BUA Cement and 95% of BUA Foods — the sharp rise in share prices translated directly into a massive personal windfall.

More than a tale of personal enrichment, Rabiu’s journey offers a blueprint for sustainable African wealth: produce essential goods locally, reinvest profits for long-term growth, and broaden access through public ownership. His success highlights the potential of homegrown manufacturing to drive economic stability, create jobs, and inspire a new generation of African entrepreneurs.

As Nigeria faces economic challenges, Rabiu’s rise stands as proof that strategic vision, combined with investment in local industry, can yield transformative results — both for individual fortunes and for the nation’s future.