Abdul Samad Rabiu Climbs to 3rd on Forbes Africa Rich List After Net Worth Hits $11.2bn

• Nigerian billionaire Abdul Samad Rabiu recorded the largest single-year wealth gain on the African continent in 2026
• BUA Cement shares surged 135%, outpacing the Nigerian Stock Exchange's 81% growth over the same period
• Forbes' 2026 Africa Billionaires list reportedly featured 23 individuals with a combined fortune of $126.7 billion

Nigerian industrialist Abdul Samad Rabiu has leapfrogged several of Africa's wealthiest individuals to claim third place on the Forbes Africa rich list, after his net worth surged to $11.2 billion in 2026.

The billionaire's fortune nearly doubled from $5.1 billion the previous year, representing a $6.1 billion gain that Forbes identified as the largest annual increase recorded by any billionaire on the continent during the period.

The jump propelled Rabiu from sixth to third place on the continent's wealth rankings.

He now sits behind fellow Nigerian Aliko Dangote, who retained the top spot with an estimated net worth of $28.5 billion, and South African billionaire Johann Rupert in second place at $16.1 billion.

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BUA Cement powers Rabiu's rise

Much of the 66-year-old's growing fortune is tied to the performance of BUA Cement, a flagship business within his BUA Group conglomerate.

The company's shares climbed 135% over the previous year, comfortably ahead of the Nigerian Stock Exchange's own 81% gain during the same window.

Rabiu founded BUA Group in 1988 as a trading company focused on iron, steel and chemicals.

It has since grown into a diversified conglomerate spanning cement production, sugar refining and food processing.

He holds a reported 98.2% stake in BUA Cement Plc and approximately 95% of BUA Foods, a major player in Nigeria's food manufacturing sector.

Forbes' real-time tracker estimated his fortune at $12.5 billion as of 4 October 2026, reflecting continued movement in line with stock market activity.

Africa's billionaires add $20bn in combined wealth

The 2026 Forbes Africa Billionaires list counted 23 individuals whose total fortunes reached $126.7 billion, up $20.3 billion from the year before.

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South Africa led the field with seven billionaires, followed by Egypt with five, Nigeria with four and Morocco with three.

Beyond his business interests, Rabiu channels resources into social development through the Abdul Samad Rabiu Initiative, which funds education, healthcare and community projects across Africa.

Aliko Dangote shares tips for his success

Earlier, YEN.com.gh reported on Aliko Dangote’s business journey, including how he started in the cement trade and built companies operating across Africa.

Dangote said he lost his father at age eight and began with little, despite having a wealthy grandfather. He also recalled owning his first private jet before turning 23.

Source: YEN.com.gh