Chairman of the BUA Group, Abdul Samad Rabiu, has taken delivery of a Bombardier Global 8000 private jet valued at approximately $81 million (about ₦110 billion), further underscoring his growing status as one of Africa’s most influential business figures.
The acquisition was disclosed through a post on the billionaire industrialist’s Instagram page and comes months after reports emerged that the purchase agreement had been finalised in December 2025 at BUA’s Dubai office following weeks of negotiations.
The Bombardier Global 8000 is regarded as one of the most advanced business aircraft in the world. With a top speed of Mach 0.95 and a range of about 8,000 nautical miles (14,800 kilometres), the aircraft is currently considered the fastest civilian jet since the retirement of the Concorde. It can accommodate up to 19 passengers and is designed for ultra-long-range travel.
Industry analysts estimate that fully customised versions of the aircraft can cost between $85 million and $95 million, depending on interior specifications and luxury fittings.
The new aircraft will be added to the BUA Group’s existing corporate aviation fleet, which already includes a Challenger 350 and a Global 6500. The addition strengthens what is considered one of the most sophisticated private aviation fleets owned by an African conglomerate.
The jet acquisition comes amid a remarkable surge in Rabiu’s wealth and the continued expansion of his business interests.
The billionaire entrepreneur has recorded one of the strongest gains in personal wealth on the continent over the past year. After surpassing fellow African billionaires such as Mike Adenuga and Nassef Sawiris in continental wealth rankings, Rabiu has risen to become Africa’s second-richest individual.
His net worth is estimated at about $11.2 billion in 2026, representing a gain of approximately $6.1 billion, or 120 per cent, from the previous year. The increase is regarded as the largest wealth growth recorded by any African billionaire during the period.
Rabiu’s fortune is largely tied to the performance of his diversified business empire, which spans cement manufacturing, sugar refining, agriculture, food processing and real estate development.
A major driver of the wealth increase has been the strong performance of BUA Cement, whose shares have surged by about 135 per cent over the past year. The growth significantly outpaced gains recorded by the broader Nigerian stock market, which benefited from improved corporate earnings and increased participation by pension fund managers in equities.
The group’s food subsidiary, BUA Foods, has also continued to post resilient financial results despite economic headwinds.
According to the company’s unaudited first-quarter 2026 financial statement, profit after tax rose to ₦142.32 billion from ₦125.28 billion recorded in the corresponding period of 2025.
Although revenue declined by 11 per cent to ₦394.6 billion, reflecting moderated product pricing, easing inflationary pressures and improved foreign exchange stability, the company maintained strong profitability levels.
Analysts say the combination of strong corporate performance, expanding industrial investments and rising market valuations has helped consolidate Rabiu’s position among Africa’s wealthiest business leaders while reinforcing the growing influence of BUA Group across key sectors of the Nigerian economy.
