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.
