Nigeria’s billionaire race has taken a dramatic turn as Abdul Samad Rabiu, founder of the BUA Group, has overtaken Mike Adenuga to become the country’s second-richest man.

BUA, widely regarded for its adaptability in Nigeria’s turbulent economy, from wage increases to price adjustments, has recorded remarkable financial performance in recent months.

One of its flagship subsidiaries, BUA Foods, posted an impressive ₦260.07 billion profit, making it Nigeria's most profitable listed consumer goods company.

The company also reported ₦912.5 billion in revenue for the half-year, a 36% increase, and a 101% year-on-year rise in profit before tax (₦276.1 billion), largely driven by strong growth in its sugar, wheat, and pasta divisions, according to Nairametrics.

In addition, BUA Foods Plc approved a massive ₦216.7 billion dividend payout at its fourth annual general meeting, a move that significantly boosted Rabiu’s wealth and investor confidence.

All of these factors have contributed to a $1.6 billion surge in Abdul Samad Rabiu’s net worth, bringing it to $7.6 billion, according to Forbes. This represents a 21% increase from mid-year figures and firmly establishes him as Nigeria’s second-richest man, behind Africa’s wealthiest individual, Aliko Dangote.

Before this, Mike Adenuga, the founder of Globacom, held the second position with a stable net worth of $6.3 billion, down from $6.8 billion at the beginning of 2025.

Rabiu, meanwhile, began the year with $4.7 billion, climbed to $6 billion in June, and now sits at $7.6 billion as of October 10, 2025.

Dangote inches closer to $30 billion

According to Forbes' Real-Time Billionaire Index, at the top of the wealth chart, Aliko Dangote has seen an astonishing rise from $10.9 billion at the start of the year to $25.1 billion, inching ever closer to the $30 billion milestone, a level rarely seen among African billionaires.

A recent ranking by the Bloomberg Billionaire Index said Dangote's wealth hit $29 billion, driven by refinery and Dangote Cement activities.