Abdul Samad Rabiu emerges Africa’s biggest wealth gainer as networth hits $11.2bn — Forbes

Chairman of BUA Group, Abdul Samad Rabiu, has emerged as Africa’s biggest wealth gainer in the 2026 Forbes ranking of Africa’s richest people after his fortune surged significantly over the past year.

According to the latest ranking, Rabiu’s net worth jumped 120 per cent to $11.2 billion, the largest increase recorded among African billionaires in the 2026 list. The rise moves the Nigerian businessman to third place on the continent, up from sixth position in the previous year.

The sharp increase in his wealth was largely driven by the strong performance of BUA Cement, his flagship publicly listed company. Shares of the cement producer rose by about 135 per cent over the past year, significantly outperforming the broader Nigerian Exchange Limited, which has also experienced notable gains amid rising investor confidence.

Forbes estimates Rabiu’s fortune at $11.2 billion, placing him behind South African luxury goods tycoon Johann Rupert, whose net worth is estimated at $16.1 billion, and Africa’s richest man Aliko Dangote, who retains the top position with $28.5 billion.

Rabiu’s rise reflects the growing influence of Nigeria’s industrial sector and the expanding operations of BUA Group, which has built major businesses in cement production, sugar refining, food processing, infrastructure, mining and energy.

The latest Forbes ranking also shows a broader rise in wealth among Africa’s billionaires. The continent’s 23 richest individuals now hold a combined net worth of $126.7 billion, representing a 21 per cent increase from the previous year as equity markets strengthened and regional currencies stabilised.

Nigeria remains one of Africa’s leading hubs for 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 calculated using stock prices and exchange rates as of March 1, 2026, with privately held companies valued using comparable industry benchmarks.

Analysts say Rabiu’s rise highlights growing investor confidence in African manufacturing and infrastructure-driven businesses, sectors increasingly seen as central to the continent’s long-term economic transformation.