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Abdul Samad Rabiu, Chairman of BUA Group, has emerged as Africa’s biggest wealth gainer in the 2026 ranking of Africa’s richest individuals published by Forbes, after his net worth surged significantly over the past year.
According to the latest list, Rabiu’s fortune rose by 120 percent to $11.2 billion, marking the largest wealth increase recorded among the continent’s billionaires in the 2026 ranking. The sharp rise propelled the Nigerian industrialist from sixth place last year to third position among Africa’s wealthiest individuals.
The growth in Rabiu’s wealth was largely driven by the strong performance of BUA Cement, the flagship publicly listed company within the BUA Group. Shares of the cement producer surged by 135 percent over the past year, significantly outperforming the broader Nigerian Exchange, which has also experienced notable gains amid improving investor confidence.
With a net worth estimated at $11.2 billion, Rabiu now ranks behind luxury goods magnate Johann Rupert, whose wealth is valued at $16.1 billion, and Africa’s richest man, Aliko Dangote, who retains the top spot with an estimated $28.5 billion.
Rabiu’s rise in the rankings reflects the expanding footprint of the BUA Group across several sectors of the economy. The conglomerate has built major operations spanning cement manufacturing, food processing, sugar refining, infrastructure, mining and energy, reinforcing its position as one of Africa’s leading industrial groups.
The latest Forbes ranking also highlights broader growth in Africa’s billionaire class. The continent’s 23 billionaires now hold a combined net worth of $126.7 billion, representing a 21 percent increase compared to the previous year, buoyed by stronger equity markets and improved currency stability across several African economies.
Nigeria continues to feature prominently among Africa’s wealth centres, accounting for four billionaires on the list. In addition to Dangote and Rabiu, the ranking includes 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, while privately held companies were valued using comparable industry benchmarks.
Market analysts say Rabiu’s leap in the rankings underscores not only the remarkable performance of BUA Cement but also the broader momentum within Nigeria’s capital markets and the continued expansion of large-scale industrial enterprises across Africa’s largest economy.
They note that the development signals growing investor confidence in African manufacturing and infrastructure-driven businesses, sectors increasingly viewed as central to the continent’s long-term economic transformation.
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