… BUA Group Chairman rises to third position among Africa’s richest as Aliko Dangote retains the top spot
By Rashidat Olushola Okunlade
Billionaire industrialist and philanthropist, Abdul Samad Rabiu, has emerged as Africa’s biggest wealth gainer in the Forbes 2026 ranking of Africa’s Richest People, following a dramatic surge in his net worth over the past year.
According to the latest list released by Forbes, Rabiu’s fortune soared by 120 per cent to $11.2 billion, representing the largest wealth increase recorded among Africa’s billionaires in the current ranking.
The remarkable growth has propelled the Nigerian business magnate to third position among Africa’s richest individuals, up from sixth place in 2025.
The sharp increase in Rabiu’s wealth was largely driven by the outstanding performance of BUA Cement Plc, his flagship publicly listed company, whose share price climbed by 135 per cent over the past year. The surge significantly outpaced gains recorded by the broader Nigerian Exchange Group, which has also experienced strong growth amid rising investor confidence.
Forbes estimates Rabiu’s net worth at $11.2 billion, placing him behind South African luxury goods magnate Johann Rupert, whose fortune is valued at $16.1 billion, and Africa’s richest man Aliko Dangote, who retains the top position with an estimated $28.5 billion.
Rabiu’s rise reflects the expanding influence of Nigeria’s industrial sector and the rapid growth of BUA Group, which has established significant operations across cement manufacturing, food processing, sugar refining, infrastructure, mining, and energy.
The 2026 Forbes ranking also highlights a broader rise in wealth among Africa’s billionaire class. According to the report, the continent’s 23 billionaires now hold a combined net worth of $126.7 billion, representing a 21 per cent increase compared to the previous year, driven largely by stronger equity markets and improved currency stability across several African economies.
Nigeria continues to rank among the continent’s leading hubs of billionaire wealth, accounting for four individuals on the list. They include Dangote, Rabiu, telecommunications mogul Mike Adenuga, and energy investor Femi Otedola.
Forbes stated that the 2026 ranking was compiled using stock prices and exchange rates as of March 1, 2026, while privately held companies were valued based on comparable industry benchmarks.
Analysts say Rabiu’s rapid climb in the ranking underscores both the strong performance of BUA Cement and the growing momentum of Nigeria’s capital markets, alongside the continued expansion of large-scale industrial enterprises across Africa’s largest economy.
The development is also seen as a signal of rising investor confidence in Africa’s manufacturing and infrastructure sectors, industries increasingly viewed as key drivers of the continent’s long-term economic transformation.
