HomeBusinessAbdul Samad Rabiu Fortune Rebounds By $500 Million

Abdul Samad Rabiu Fortune Rebounds By $500 Million

Published on


KEY POINTS


  • Abdul Samad Rabiu’s fortune rebounds to $7.7 billion.
  • BUA Foods stake now worth more than $7 billion.
  • Rising food sales and dividends fuel billionaire’s gains.

Abdul Samad Rabiu, Nigerian billionaire and founder of BUA Group, has clawed back losses in dramatic fashion, adding half a billion dollars to his fortune in less than a month.

Forbes data shows Rabiu’s net worth jumped from $7.2 billion on Aug. 27 to $7.7 billion by mid-September, reversing a $400 million slide earlier in August. The recovery is tied to a rally in the shares of BUA Foods Plc, his flagship company listed on the Nigerian Exchange (NGX).

Rabiu’s stake in BUA Foods tops $7 billion

Rabiu owns 92.63 percent of BUA Foods, now valued at N10.47 trillion ($7.02 billion). The company’s share price has climbed 6.7 percent in the past month, lifting its market cap to N11.3 trillion ($7.5 billion) and cementing Rabiu’s status as the NGX’s richest investor.

Dividend windfall strengthens billionaire’s position

On Sept. 12, Rabiu received a dividend of N216.75 billion ($144.4 million) from BUA Foods, the bulk of its final payout for the 2024 fiscal year. Furthermore his net profit nearly doubled in the first half of 2025, setting him up for even larger payouts in the years ahead.

Food sales surge across all divisions

According to Billionaires Africa, BUA Foods posted revenue of N912.5 billion ($596 million) in the first half of 2025, up 36 percent year-on-year. Sugar sales rose 8 percent, flour surged 66 percent, pasta jumped 31 percent, and rice revenue exploded to N39.3 billion ($35.7 million) from just N1.3 billion ($0.85 million) a year earlier.

Latest articles

FG domestic borrowing hits N8.1tn in Q1 2026

FG domestic borrowing reached N8.1 trillion in the first quarter of 2026, a 7.4 percent year-on-year rise that already overshoots the quarterly benchmark the 2026 Appropriation Act implies.

Manufacturing sector taxes climb to N2.05tn in 2025

Nigeria's manufacturing sector contributed N2.05 trillion in total taxes in 2025, with VAT and Company Income Tax both posting double-digit gains, according to the National Bureau of Statistics.

Flood swamps Lagos primary school as pharma company’s canal project leaves children out of class

A pharmaceutical company's construction project has blocked a Lagos canal, flooding a primary school and keeping hundreds of children out of class.

SDP’s Adebayo confirms 2027 presidential bid, warns Nigeria is drifting toward one-man rule

SDP leader Prince Adewole Adebayo has confirmed a 2027 presidential run and warned that Nigeria risks one-man rule, not a one-party state.

More like this

FG domestic borrowing hits N8.1tn in Q1 2026

FG domestic borrowing reached N8.1 trillion in the first quarter of 2026, a 7.4 percent year-on-year rise that already overshoots the quarterly benchmark the 2026 Appropriation Act implies.

Manufacturing sector taxes climb to N2.05tn in 2025

Nigeria's manufacturing sector contributed N2.05 trillion in total taxes in 2025, with VAT and Company Income Tax both posting double-digit gains, according to the National Bureau of Statistics.

Flood swamps Lagos primary school as pharma company’s canal project leaves children out of class

A pharmaceutical company's construction project has blocked a Lagos canal, flooding a primary school and keeping hundreds of children out of class.