Abdul Samad Rabiu, Chairman of BUA Group, has emerged as Africa’s biggest wealth gainer in the 2026 Forbes Africa’s Richest People ranking. His net worth surged 120% to 11.2 billion, representing the largest increase recorded among the continent’s billionaires.
Okay News reports that the latest Forbes list shows Rabiu moved to third place among Africa’s richest individuals, up from sixth position a year ago. The Nigerian industrialist and philanthropist saw his fortune driven largely by strong performance of BUA Cement, his flagship publicly listed company.
BUA Cement shares surged by 135% over the past year. This rally significantly outpaced gains in the broader Nigerian Exchange, which has recorded strong growth amid improving investor confidence.
Forbes estimates Rabiu’s net worth at 11.2 billion, placing him behind luxury goods tycoon Johann Rupert at 16.1 billion. Africa’s richest man Aliko Dangote retains the top position with an estimated 28.5 billion.
Rabiu’s rise underscores the growing influence of Nigeria’s industrial sector and the expanding footprint of BUA Group. The conglomerate has built major operations across cement manufacturing, food processing, sugar refining, infrastructure, mining, and energy.
The latest Forbes ranking highlights 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% increase from the previous year. This growth comes as major equity markets rallied and regional currencies stabilized.
Nigeria remains one of the continent’s leading centers of billionaire wealth, accounting for four individuals on the list. These include 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. Privately held companies were valued using comparable industry benchmarks.
Rabiu’s leap reflects not only strong performance of BUA Cement but also broader momentum of Nigeria’s capital markets. The continued expansion of large-scale industrial enterprises across Africa’s largest economy drives this growth.
Analysts say the development signals growing investor confidence in African manufacturing and infrastructure-driven businesses. These sectors are increasingly central to the continent’s economic transformation.
