According to Bloomberg’s Billionaire Index, Nigerian businessman Rabiu Abdulsamad has surpassed Egyptian billionaire Naguib Sawiris to become Africa’s fourth richest person.
- Rabiu Abdulsamad, a Nigerian businessman, has advanced to become Africa’s fourth richest person with a net worth of $11.3 billion, surpassing Naguib Sawiris.
- This milestone also positions Abdulsamad as the world’s 302nd wealthiest person, based on Bloomberg’s Billionaire Index.
- His financial growth was powered by significant successes in his company, BUA Foods Plc, which recorded a 91% increase in profit after tax during the fiscal year.
- BUA has engaged in strategic partnerships and infrastructure advancements in various sectors, enhancing operational capacity and market reach.
Abdulsamad now has a net worth of $11.3 billion, up $1.21 billion year to date, while Sawiris, who has the same overall net worth, has had a lesser year-to-date gain of $700 million, putting him just behind Abdulsamad.
The Nigerian industrialist, per Bloomberg’s billionaire index, is currently the 302nd wealthiest person in the world.
Abdulsamad’s net worth at the start of the year was $10.4 billion, ranking him fifth on the continent behind Sawiris, who at the time boasted a net worth of $10.7 billion.
Last year marked the first time Abdulsamad cemented his place among Africa’s top five wealthiest people, joining Aliko Dangote as the only two black billionaires on the prestigious list.
He replaced Nassef Sawiris and Nathie Kirsh from last year’s rankings, both of whom have historically topped the African section of the index.
Rabiu Abdulsamad’s recent wins
The increase in Abdulsamad’s wealth growth can be attributed to the excellent performance of BUA Foods Plc, which recorded a 91% increase in profit after tax for the fiscal year 2025, increasing to N507.73 billion from N265.99 billion the previous year.
As seen in the Punch newspaper, revenue increased 18% to N1.80 trillion, up from N1.53 trillion in 2024, according to the company’s unaudited financial figures for the fiscal year ending December 31, 2025.
Abdulsamad’s growth plans also suggest a long-term strategy for scaling operations.
Last month, the Nigerian billionaire met with CBMI Construction Ltd. (SINOMA China) to explore establishing a new manufacturing line in northern Nigeria, which could boost BUA’s cement output to almost 20 million tons per year.
Furthermore, BUA, the conglomerate controlled by Abdulsamad Rabiu, recorded a remarkable performance in the last fiscal year.
The company entered into a series of strategic partnerships in the food sector to enhance production capacity and broaden market reach.
In December alone, BUA Foods signed a deal with Bühler to build a new 32-tonne-per-hour rice processing facility.
DON’T MISS THIS: From $4.7 billion to $7.6 billion, Abdulsamad Rabiu knocks Wale Adenuga down a spot
Earlier in 2025, BUA collaborated with Türkiye’s Viteral Integrated Milling Systems to construct a 40-tonne-per-hour animal feed mill in Nigeria’s northern state of Kano, which is slated to be finished by mid-2027.
The mill will be positioned in the state’s grain heartland, close to major animal markets.
In addition, an agreement with the Italian business FAVA would increase annual pasta output by 400,000 metric tons by creating nine long-cut production lines.
Source: businessinsiderafrica.com
