Nigerian billionaire Abdul Samad Rabiu has risen to become the third-richest person in Africa, after his net worth jumped by about 120 percent to roughly $11.2 billion, according to the latest ranking from Forbes.
Rabiu, the founder and chairman of BUA Group, saw his fortune increase significantly over the past year, largely driven by strong performance in his publicly traded companies, particularly BUA Cement and BUA Foods.
According to the ranking, Rabiu’s wealth climbed from about $5.1 billion in 2025 to over $11 billion in 2026, marking one of the largest increases among Africa’s billionaires this year. The increase pushed him up from sixth place to third place on the continent’s rich list.
A major driver of this growth has been the sharp rise in the share price of BUA Cement, where Rabiu holds a controlling stake of about 98 percent. The company’s strong market performance significantly boosted the value of his holdings. Rabiu also controls roughly 95 percent of BUA Foods, another key pillar of the BUA business empire.
With the new ranking, Rabiu now sits behind only Aliko Dangote, Africa’s richest man, and Johann Rupert, the South African luxury goods magnate.
The latest list also highlights Nigeria’s continued presence among Africa’s wealthiest individuals. Alongside Dangote and Rabiu, other Nigerian billionaires on the ranking include Mike Adenuga and Femi Otedola.
Overall, Africa’s billionaire class has seen notable gains in recent months. The continent’s 23 billionaires collectively added more than $20 billion to their fortunes, reflecting stronger performances across sectors such as manufacturing, commodities, telecommunications, and luxury goods.
