Abdulsamad Rabiu adds $2.2 billion in under a month as BUA stocks surge

Nigerian industrialist Abdulsamad Rabiu has seen his net worth rise by $2.2 billion in less than 30 days, driven by a strong rally in shares of his listed companies, BUA Cement Plc and BUA Foods Plc.

Data from the Bloomberg Billionaires Index shows that Rabiu’s wealth increased from $11.8 billion on March 1, 2026, to $14 billion by the end of the month, reflecting renewed investor appetite for Nigerian equities.

The surge is largely linked to strong performance in BUA Cement, which has benefited from sustained demand and improved market sentiment in the manufacturing and construction sectors.

Investor confidence in his companies has strengthened alongside broader bullish trends in the Nigerian stock market, which has seen increased activity across key industrial stocks.

BUA Cement and BUA Foods rally boosts market valuation

BUA Cement Plc (NGX: BUACEMENT) has been a major driver of Rabiu’s wealth growth, closing at N326.70 per share on March 27, 2026.

The stock has gained about 83% year-to-date, rising sharply from N178.50 at the beginning of the year, and ranking among the top-performing equities on the Nigerian Exchange.

In the past four weeks alone, the stock has surged by 49%, making it one of the strongest short-term performers on the exchange.

Rabiu holds an estimated 98% stake in BUA Cement, directly and through related entities, making the company’s market performance highly impactful on his net worth.

See also: BUA Cement executives acquire shares worth over N201 million

BUA Foods Plc has also contributed significantly to the increase in valuation, closing at N798.00 on March 27, 2026.

While trading activity in BUA Foods has been relatively moderate compared to other large-cap stocks, the company still recorded substantial transaction value over the reviewed period, reflecting steady investor interest.

Rabiu owns about 93% of BUA Foods, according to company disclosures, reinforcing his dominant position in both listed entities.

BUA Foods remains a major player in Nigeria’s food manufacturing sector, particularly in pasta production and other consumer goods.

Together, the two companies form the core of Rabiu’s industrial empire and remain central to his wealth performance in public markets.

Other privately held businesses within the BUA Group are not included in Bloomberg’s valuation due to limited financial disclosure.

Despite this, Rabiu’s rising fortune highlights the broader recovery and renewed optimism in Nigeria’s equities market, particularly within large-cap industrial stocks.