Abdul Samad Rabiu Overtakes Rivals to Become Africa’s 4th Richest on Bloomberg Ranking
Story: Written by Amarachi February 18,2026
Nigerian industrialist Abdul Samad Rabiu has climbed to fourth place among Africa’s wealthiest individuals, according to the latest Bloomberg Billionaires Index, with an estimated fortune of $11.3 billion.
The new ranking places Rabiu ahead of Egyptian tycoon Naguib Sawiris and positions the Nigerian businessman at about 302nd globally. At the beginning of 2026, Rabiu was ranked fifth in Africa with a net worth of roughly $10.4 billion, highlighting a strong rise within a short period.
Bloomberg data shows Rabiu’s wealth grew by about $1.21 billion year-to-date, driven largely by improved earnings from his core business interests, particularly BUA Foods Plc. By contrast, Sawiris recorded an estimated gain of around $700 million over the same period.
BUA Foods played a central role in the surge after posting a 91 per cent jump in profit after tax for the 2025 financial year. Unaudited figures show profit rose to ₦507.73 billion, up from ₦265.99 billion a year earlier, while revenue expanded by 18 per cent to ₦1.80 trillion.
The strong performance reflects higher production capacity and growing demand across the company’s food portfolio, including sugar, flour, pasta, rice, and other packaged staples. The firm has also pushed forward with strategic partnerships aimed at scaling rice processing and animal feed production, particularly in northern Nigeria.
Analysts say Rabiu’s rise underscores the growing influence of Nigeria’s industrial and consumer goods sector in shaping Africa’s billionaire rankings.
