Nigerian billionaire Abdulsamad Rabiu becomes Africa’s third-richest after 120% wealth surge
Nigerian billionaire Abdulsamad Rabiu has climbed to Africa’s third-richest position, according to Forbes’ 2026 ranking of the continent’s wealthiest.
Black News 
![Mr Abdulsamad Rabiu said cement dealers capitalised on the situation, inflating prices to as much as ₦7,000 or ₦8,000 per bag while purchasing from BUA at ₦3,500. [X, formerly Twitter]](https://ocdn.eu/pulscms/MDA_/7a865372eae3de85c4e72ab56cdeb0a1.jpg)
Nigerian billionaire Abdulsamad Rabiu has climbed to Africa’s third-richest position, according to Forbes’ 2026 ranking of the continent’s wealthiest.
- Abdulsamad Rabiu became Africa’s third-richest person in Forbes’ 2026 ranking, with a net worth of $11.2 billion.
- He gained $6.1 billion in a year—Africa’s largest increase—mainly from BUA Cement shares rising 135%.
- Rabiu is the chairman and founder of the diversified BUA Group, which operates in cement, sugar, agriculture, and real estate.
- BUA Cement announced plans to expand production to 20 million tons annually, highlighting Nigeria's infrastructure growth.
Nigerian billionaire Abdulsamad Rabiu has climbed to Africa’s third-richest position, according to Forbes’ 2026 ranking of the continent’s wealthiest.
His net worth soared to $11.2 billion, marking the largest wealth gain in Africa this year — a 120% jump, or $6.1 billion, from 2025.
Globally, Rabiu now ranks 284th richest in the world, just behind South African luxury goods tycoon Johann Rupert, who is worth $16.1 billion.
Rabiu, chairman and founder of BUA Group, oversees a diversified conglomerate with interests in cement, sugar refining, agriculture, and real estate.
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BUA Cement Fuels Fortune
His flagship asset, BUA Cement, has driven much of his fortune, with shares rising 135% over the past year, outpacing the Nigerian Stock Exchange, which climbed 81% amid record corporate profits and a government push for increased pension fund equity investments.
In January 2026, BUA Cement announced plans to expand capacity, following Rabiu’s discussions with a Chinese construction partner. The proposed new production line in northern Nigeria would raise total annual output to 20 million tons, further cementing the company’s position in Nigeria’s infrastructure-driven economy.
Rabiu capped 2025 with the purchase of a Bombardier Global 8000, the world’s fastest civilian aircraft since the Concorde, capable of flying non-stop from Lagos to New York or Dubai to Houston.
Known for his philanthropy, Rabiu supports education, healthcare, and social development across Africa through the Abdul Samad Rabiu Initiative.
In December 2025, he distributed $20.7 million in cash rewards to long-serving BUA Group employees, one of the largest employee reward programs ever by a privately held Nigerian company.
