Latest rankings by the Bloomberg Billionaires Index indicate that Rabiu Abdulsamad has moved ahead of Naguib Sawiris, securing the fourth spot among Africa’s wealthiest figures.
Rabiu Abdulsamad has seen his fortune climb to $11.3 billion, reflecting a year-to-date increase of $1.21 billion. Although Naguib Sawiris holds a similar overall net worth, his gains this year about $700 million trail behind, placing him just below Abdulsamad in the continental ranking.
According to the Bloomberg Billionaires Index, Abdulsamad now ranks 302nd globally. At the beginning of the year, his wealth stood at $10.4 billion, positioning him fifth in Africa behind Sawiris, who then had $10.7 billion.
Last year marked a milestone for Abdulsamad as he solidified his place among Africa’s five richest individuals, alongside Aliko Dangote as one of the only two Black billionaires in that top bracket. He edged out long-standing African wealth figures Nassef Sawiris and Nathie Kirsh in previous rankings.
What’s Driving the Surge
A major contributor to the rise in his fortune is the strong performance of BUA Foods Plc, which posted a 91% jump in profit after tax for the 2025 financial year climbing to ₦507.73 billion from ₦265.99 billion a year earlier. Revenue also rose 18%, reaching ₦1.80 trillion compared with ₦1.53 trillion in 2024, based on unaudited results for the year ended December 31, 2025.
Beyond earnings growth, Abdulsamad’s expansion strategy points to long-term scaling. Recently, he held discussions with CBMI Construction Ltd. (SINOMA China) on establishing a new manufacturing line in northern Nigeria, a move that could raise BUA’s cement production capacity to nearly 20 million tonnes annually.
The conglomerate has also strengthened its footprint in the food sector through strategic collaborations. In December, BUA Foods signed an agreement with Bühler to develop a 32-tonne-per-hour rice processing plant.
Earlier in 2025, it partnered with Viteral Integrated Milling Systems to construct a 40-tonne-per-hour animal feed mill in Kano State, expected to be completed by mid-2027.
Additionally, a deal with Italian firm FAVA will boost annual pasta production by 400,000 metric tonnes through the installation of nine new long-cut production lines.
Collectively, these investments and operational gains have reinforced Abdulsamad’s upward trajectory among Africa’s wealthiest individuals.