Abdul Samad Rabiu, billionaire industrialist and chairman of BUA Group, has emerged as Africa’s biggest wealth gainer in the 2026 Africa’s Richest People ranking published by Forbes.
According to the latest Forbes list, Rabiu’s wealth surged 120 percent to $11.2 billion, representing the largest increase recorded among the continent’s billionaires in the latest ranking.
The jump moves Rabiu, who is Nigerian, to third place among Africa’s richest individuals, up from sixth position a year ago.
The rise in Rabiu’s fortune was driven largely by the strong performance of BUA Cement, his flagship publicly listed company, whose shares surged by 135 percent over the past year.
The rally significantly outpaced gains in the broader Nigerian Exchange, which has itself recorded strong growth amid improving investor confidence.
Forbes estimates Rabiu’s net worth at $11.2 billion, placing him behind luxury goods tycoon Johann Rupert, whose fortune is estimated 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 underscores the growing influence of Nigeria’s industrial sector and the expanding footprint of BUA Group, which has built major operations across cement manufacturing, food processing, sugar refining, infrastructure, mining and energy.
The latest Forbes ranking also highlights a broader surge in wealth across Africa’s billionaire class. The continent’s 23 billionaires now hold a combined net worth of $126.7 billion, representing a 21 percent increase from the previous year, as major equity markets rallied and regional currencies stabilised.
Nigeria remains one of the continent’s leading centres of billionaire wealth, accounting for four individuals on the list, including Dangote, Rabiu, telecommunications magnate Mike Adenuga, and energy investor Femi Otedola.
Forbes said the 2026 ranking was calculated using stock prices and exchange rates as of March 1, 2026, with privately held companies valued using comparable industry benchmarks.
Rabiu’s leap in the ranking reflects not only the strong performance of BUA Cement but also the broader momentum of Nigeria’s capital markets and the continued expansion of large scale industrial enterprises across Africa’s largest economy.
Analysts say the development signals growing investor confidence in African manufacturing and infrastructure driven businesses, sectors that are increasingly central to the continent’s economic transformation.