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Nigerian billionaire and industrialist Abdul Samad Rabiu has strengthened his standing among Africa’s wealthiest individuals, rising to become the continent’s fourth richest person with an estimated net worth of $11.3 billion, according to the Bloomberg Billionaires Index.
The latest ranking shows Abdul Samad surpassing Egyptian telecom magnate Naguib Sawiris after recording stronger year-to-date gains.
While both men currently hold similar total fortunes, Abdul Samad’s wealth increased by about $1.21 billion since the start of the year, compared with Sawiris’ $700 million rise. Globally, the Nigerian businessman now sits around 302nd place on the rich list.
At the beginning of the year, Abdul Samad’s net worth stood at $10.4 billion, placing him fifth in Africa behind Sawiris. His climb reflects a steady upward trajectory that began last year when he entered Africa’s top five richest individuals for the first time, joining fellow Nigerian billionaire Aliko Dangote as one of the only Black businessmen on that elite continental ranking.
Record corporate performance suatain fortune
Much of Abdul Samad’s rising wealth is tied to the exceptional financial performance of BUA Foods Plc, a major subsidiary within his industrial empire.
The company reported a per centent surge in profit after tax for the 2025 fiscal year, climbing to 507.73 billion naira from 265.99 billion naira the previous year. Revenue also rose significantly, increasing per centent to 1.80 trillion naira compared with 1.53 trillion naira in 2024.
This reflects improved operational efficiency, expansion of production capacity, and a deliberate strategy focused on strengthening supply chains and widening distribution networks across Nigeria and beyond.
Industrial expansion and alliances
Abdul Samad’s conglomerate has also accelerated its industrial growth plans through partnerships and infrastructure investments. In the cement sector, he recently held talks with CBMI Construction Ltd., a subsidiary of SINOMA China, to explore the construction of a new manufacturing line in northern Nigeria. If completed, the project could raise the group’s cement production capacity to nearly 20 million tonnes annually through its cement arm, BUA Cement.
In the food processing segment, the company has launched several initiatives designed to expand output and deepen market penetration. In December, BUA Foods signed an agreement with Swiss engineering firm Bühler to build a 32-tonne-per-hour rice processing plant.
Earlier in 2025, the company partnered with Turkish firm Viteral Integrated Milling Systems to develop a 40-tonne-per-hour animal feed mill in Kano. The facility, scheduled for completion by mid-2027, will be located close to major livestock markets in the region’s grain-producing belt.
In addition, a separate deal with Italian manufacturer FAVA will expand pasta production capacity by 400,000 metric tonnes annually through the installation of nine long-cut pasta lines.
Analysts say Abdul Samad’s rise signals a broader trend in which African industrialists who control diversified manufacturing and food supply chains are gaining wealth rapidly amid growing demand for local production.
His sustained investment in infrastructure, processing capacity, and strategic global partnerships positions his business group for continued expansion, which could further strengthen his ranking among Africa’s richest individuals.
