Rabiu’s Fortune Soars 120% to $11.2bn, Emerges Africa’s Biggest Wealth Gainer in 2026 Forbes Ranking; Dangote Retains No.1 Spot
Rabiu’s Fortune Soars 120% to $11.2bn, Emerges Africa’s Biggest Wealth Gainer in 2026 Forbes Ranking; Dangote Retains No.1 Spot
Chairman of BUA Group, Abdul Samad Rabiu, has recorded the biggest wealth increase among Africa’s billionaires in the 2026 ranking released by Forbes, after his net worth surged by 120 percent to $11.2 billion, moving him to third place on the continent’s rich list.
According to the latest Africa’s Richest People ranking, Rabiu climbed from sixth position last year to third, marking the largest gain recorded among African billionaires within the period under review.
The sharp rise in his fortune was largely driven by the strong performance of BUA Cement, his flagship publicly listed company, whose shares jumped by about 135 percent over the past year. The rally significantly outperformed the broader Nigerian Exchange, which also posted notable 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 stands at $16.1 billion, while Africa’s richest man, Aliko Dangote, retained the top position with an estimated $28.5 billion.
Rabiu’s rise highlights the growing influence of Nigeria’s industrial sector and the expanding footprint of BUA Group, which has built major operations across cement manufacturing, sugar refining, food processing, mining, infrastructure, and energy.
The 2026 Forbes ranking also shows 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, driven by stronger equity markets and more stable regional currencies.
Nigeria remains one of Africa’s leading centres of billionaire wealth, with four individuals on the list Dangote, Rabiu, telecommunications magnate Mike Adenuga, and energy investor Femi Otedola.
Forbes said the 2026 ranking was compiled using stock prices and exchange rates as of March 1, 2026, while privately held companies were valued using comparable industry benchmarks.
Analysts say Rabiu’s leap reflects not only the strong performance of BUA Cement but also the renewed momentum in Nigeria’s capital market and the continued expansion of large-scale industrial enterprises, sectors increasingly seen as central to Africa’s economic transformation.
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