Abdul Samad Rabiu, chairman of Nigeria’s BUA Group, has emerged as Africa’s biggest wealth gainer in the 2026 Forbes billionaire rankings, after his net worth surged 120 percent to $11.2 billion within a year.
The dramatic rise represents a $6.1 billion increase, the largest gain recorded among all African billionaires in the latest ranking. The surge pushed Rabiu from sixth place in 2025 to third place in 2026, making him the third-richest person in Africa.
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Forbes attributes the sharp rise in Rabiu’s wealth primarily to the strong performance of BUA Cement, his flagship publicly listed company. Shares of BUA Cement increased by about 135 percent over the past year, significantly outperforming the broader rally on the Nigerian Exchange, which rose around 81 percent during the same period.
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Rabiu’s diversified conglomerate, BUA Group, operates across several sectors including cement production, sugar refining, agriculture, and real estate. The cement business remains the main driver of his fortune as Nigeria continues to expand infrastructure development, boosting demand for building materials.
With his wealth now estimated at $11.2 billion, Rabiu ranks behind South African luxury goods magnate Johann Rupert, whose fortune stands at about $16.1 billion, while Nigerian industrialist Aliko Dangote retains the top position as Africa’s richest person.
Rabiu’s climb also saw him overtake several prominent African billionaires, including Mike Adenuga, Naguib Sawiris, and Nicky Oppenheimer, highlighting the impact of rising equity markets and strong corporate performance across the continent.
The latest Forbes assessment shows Africa’s billionaire class collectively growing richer, with 23 billionaires now worth about $126.7 billion combined, reflecting stronger stock market performance and expansion of major industrial groups across the continent.
Image Credit: Daily post
Source: Daily Post
