Nigeria's 2nd richest man Abdul Samad Rabiu gains N2.7 trillion this week from BUA Cement shares

Abdul Samad Rabiu added N2.7 trillion ($1.95 billion) to his fortune in 4 trading days as BUA Cement shares surged 24.8% between Monday April 27 and Thursday April 30, driven by first-quarter results that showed profit more than doubling from a year earlier and volumes expanding across the company's distribution network.

Rabiu holds 95.78% of BUA Cement, a position amounting to 32,437,676,294 shares. At the start of the week, that stake was worth N10.86 trillion ($7.88 billion), with the stock trading at N335. By Thursday's close, with the share price at N418, the same holding was worth N13.56 trillion ($9.8 billion). The N2.7 trillion gain represents one of the largest single-week wealth increases recorded by any individual on the Nigerian Exchange this year.

The move pushed BUA Cement's year-to-date gain to 134.1%, making it one of the standout performers on the entire NGX in 2026. The company's total market capitalisation rose to N14.2 trillion ($10.2 billion), cementing its position as the fourth most valuable listed entity on the exchange.

What the Q1 numbers showed

The rally was earnings-driven. BUA Cement's results for the 3 months ended March 31, 2026 showed profit after tax of N176.4 billion ($130.5 million), more than double the N81.1 billion ($60.01 million) it posted in the same period a year earlier. Revenue rose 22% to N354.98 billion ($262.63 million) from N290.82 billion ($215.1 million).

Bagged cement, which drives the bulk of the group's revenue, rose to N340.58 billion ($252 million) from N290.69 billion. The bulk cement segment showed a more dramatic shift, climbing to N14.4 billion ($10.65 million) from N130.73 million a year earlier, a jump that reflects growing demand from large-scale construction and infrastructure projects that require cement in unpackaged volumes.

The balance sheet strengthened in tandem with the income statement. Total assets grew to N1.98 trillion ($1.46 billion) at March 31 from N1.85 trillion at year-end 2025. Shareholders' equity rose to N849.27 billion ($628.5 million) and retained earnings climbed to N638.69 billion ($472.64 million) from N462.31 billion ($342.1 million), reflecting the accumulation of strong earnings after the FY2025 dividend payout.

Capacity and expansion

BUA Cement operates at an installed capacity of 11 million tonnes per year, making it Nigeria's second-largest cement producer. The group is now advancing a plan to nearly double that to 20 million tonnes per year through a $240 million investment programme that includes a new power plant and related infrastructure upgrades designed to lower unit production costs while expanding output. That expansion ambition, combined with the Q1 results, is part of what investors are pricing into the stock.

The dividend and the broader wealth picture

On top of the share price appreciation, Rabiu is expected to collect a dividend of N324.4 billion ($237 million) from BUA Cement as the largest shareholder, based on the N10 per share declared for FY2025 applied across his 32.4 billion-share position. The dividend and the capital gain together represent a week that significantly extended an already remarkable run of wealth accumulation from his cement business.

The gains at BUA Cement compound what has already been a transformative period for Rabiu's net worth. Earlier in April, BUA Foods posted Q1 2026 profit of N141.9 billion ($103.4 million) on margins that expanded substantially despite a revenue decline. The FY2025 full-year results from both companies, released in March and April 2026, drove Rabiu's net worth from $11.2 billion at the time of Forbes's annual Africa rich list to approximately $14 billion on the Forbes real-time tracker in the weeks that followed.

At 65, Rabiu is now Africa's third-wealthiest individual, behind Aliko Dangote at approximately $32.5 billion and Johann Rupert at approximately $15 billion. The gap between him and Rupert has narrowed to the point where another strong earnings week from either listed company could close it further. He is the biggest mover on the Nigerian Exchange this week, and by any measure, one of the biggest movers on the African wealth landscape this year.