Nigerian billionaire Abdul Samad Rabiu has taken a financial hit, with his net worth falling by $301 million in just 24 hours after a reassessment of his debt profile.

The review, which looked at his liabilities and the value of his stakes in publicly listed firms, cut his fortune down to $7.5 billion from $7.8 billion, according to Forbes’ real-time billionaires index.

Why the loss Happened

The decline came as global borrowing costs continue to rise, tightening the financial space for business leaders across Africa. 

For Rabiu, who has relied on loans and financing to grow his BUA Group empire, the adjustment is a reminder of how debt can weigh heavily even when assets are growing. Bloomberg had previously estimated his liabilities at nearly $3 billion in 2023, showing the scale of obligations that sit beside his wealth.

Cement and food keep his fortune strong

Despite the sudden dip, Rabiu’s wealth has actually grown impressively this year. Since January, he has gained more than $2.4 billion, rising from $5.1 billion to his current $7.5 billion. 

This is largely thanks to the strong performance of BUA Cement and BUA Foods, his two flagship companies.

• Rabiu owns 97.66% of BUA Cement, Nigeria’s second-biggest cement company, now valued at about $3.6 billion, a 72% increase this year as demand for building materials continues to climb.
• His 92.63% stake in BUA Foods is worth over $7.1 billion, after the company’s share price jumped nearly 52% in 2025. The food giant plays a vital role in Nigeria’s supply chain, producing sugar, flour, rice, pasta, and edible oils.

Rabiu’s earnings are not just tied to stock movements. In September, he received a massive $144 million dividend payout from BUA Foods after the company’s profit nearly doubled in the first half of 2025.