Nigerian billionaire Abdul Samad Rabiu gains $500 million in under a month

Nigerian billionaire Abdul Samad Rabiu has bounced back from a $400 million decline in his fortune with a sharp recovery, gaining half a billion dollars in less than a month. This is tied to the steady climb of BUA Foods Plc shares on the Nigerian Exchange (NGX).

Forbes, which tracks the fortunes of the world’s wealthiest people, reports that Rabiu’s net worth rose from $7.2 billion on Aug. 27 to $7.7 billion by mid-September. The gain comes after a rough patch between Aug. 13 and Aug. 27, when his fortune slipped from $7.6 billion to $7.2 billion, erasing $400 million.

Rabiu stake in BUA Foods hits $7.02 billion

The reversal reflects the performance of BUA Foods, where Rabiu owns 92.63 percent. Over the past month, the company’s shares have risen 6.7 percent. That rally lifted the group’s market cap to N11.3 trillion ($7.5 billion) and boosted the market value of Rabiu’s stake to N10.47 trillion ($7.02 billion). The boost cements his position as the richest investor on the NGX.

Rabiu’s gains aren’t limited to stock market value. On Sept. 12, he received a dividend of N216.75 billion ($144.4 million) from his stake in BUA Foods, representing the bulk of the company’s final payout for the 2024 fiscal year. He is set for even larger payouts in the years ahead. The company’s net profit nearly doubled in the first half of 2025, rising to N260 billion ($169.8 million) from N130.9 billion ($85.5 million) in the same period last year.

BUA Foods half-year revenue rises to $596 million

BUA Foods credited its first-half 2025 results to higher sales volumes, favorable pricing, and reduced finance costs. Unaudited results for the six months ended June 30 showed revenue of N912.5 billion ($596 million), up 36 percent from N672.4 billion ($439.2 million) a year earlier. The gains spanned all business segments underscoring strong demand for its products.

Sugar sales grew 8 percent to N398.1 billion ($260 million), while flour sales surged 66 percent to N378.2 billion ($247 million). The pasta division delivered a 31 percent increase, generating N96.9 billion ($63.3 million). The biggest jump came from rice, where revenue skyrocketed to N39.3 billion ($35.7 million) from just N1.3 billion ($0.85 million) in the first half of 2024.