Abdulsamad Rabiu Becomes Africa's 2nd Richest Man

Abdulsamad Rabiu, a Nigerian billionaire and chairman of BUA Group, has seen his net worth rise to $19 billion, positioning him as Africa's second richest man. This significant increase in wealth occurred overnight due to the performance of BUA Food PLC, which reported a 14% rise in profit after tax for the first quarter of 2026, reaching 142.32 billion naira.

Despite a slight dip in revenue, the company maintained steady prices and improved efficiency, contributing to the profit increase. Rabiu, who founded BUA Group, began his business journey in 1988 as a small trader in commodities like rice and flour, eventually expanding into manufacturing to help Nigeria produce its own goods.

His business endeavors have significantly contributed to the Nigerian economy, and he is also known for his philanthropic efforts, pledging $100 million annually to support health, education, and social development across Africa.