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Nigerian billionaire industrialist Abdul Samad Rabiu has seen his net worth drop by $400 million over the past three weeks, following a pullback in the share price of his publicly listed cement company, BUA Cement — the country’s second-largest cement producer.
The decline comes after investors on the Nigerian Exchange (NGX) booked profits following a sharp rise in the company’s shares, which had reached levels not seen since February 2024, when the stock peaked at N185 ($0.12) per share.
Rabiu’s net worth drops $400 million
Earlier this month, Forbes pegged Rabiu’s net worth at $7.6 billion. Since August 13, his wealth has fallen to an estimated $7.2 billion, reflecting a steep decline in the market value of his 97.66 percent stake in BUA Cement. Over the past 21 days, the company’s shares have lost more than 17 percent of their value, directly impacting Rabiu’s fortunes.
The drop in his net worth has also affected his global ranking. Rabiu now sits at 512 on Forbes’ list of the world’s richest individuals. In Nigeria, however, he remains the country’s second-richest person, trailing Aliko Dangote, whose net worth is estimated at $24.4 billion.
The recent dip in BUA Cement’s share price follows the initial excitement over the company’s first-half 2025 financial results. While the results were strong, investor enthusiasm has cooled amid caution on the Nigerian Exchange (NGX).
BUA Cement H1 profit soars
BUA Cement, Nigeria’s second-largest cement producer, with the capacity to produce 11 million tons of cement annually, posted revenue of N580.3 billion ($380 million) in the first half of 2025, up from N363.94 billion ($237.7 million) a year earlier.
The growth was fueled by steady demand for building materials, supported by rising investments in residential and commercial real estate, as well as large-scale infrastructure projects across the country.
Stronger sales translated into a significant boost in profits. BUA Cement’s net income jumped from N34.25 billion ($22.4 million) in the first half of 2024 to N180.89 billion ($118.1 million) over the same period in 2025. Earnings per share increased from N1.01 ($0.0066) to N5.34 ($0.035), reflecting the company’s solid position in Nigeria’s industrial sector.
