Nigerian billionaire Abdulsamad Rabiu has climbed to Africa’s third-richest position, according to Forbes’ 2026 ranking of the continent’s wealthiest.
His net worth soared to $11.2 billion, marking the largest wealth gain in Africa this year — a 120% jump, or $6.1 billion, from 2025.
Globally, Rabiu now ranks 284th richest in the world, just behind South African luxury goods tycoon Johann Rupert, who is worth $16.1 billion.
Rabiu, chairman and founder of BUA Group, oversees a diversified conglomerate with interests in cement, sugar refining, agriculture, and real estate.
BUA Cement Fuels Fortune
His flagship asset, BUA Cement, has driven much of his fortune, with shares rising 135% over the past year, outpacing the Nigerian Stock Exchange, which climbed 81% amid record corporate profits and a government push for increased pension fund equity investments.
In January 2026, BUA Cement announced plans to expand capacity, following Rabiu’s discussions with a Chinese construction partner. The proposed new production line in northern Nigeria would raise total annual output to 20 million tons, further cementing the company’s position in Nigeria’s infrastructure-driven economy.
Rabiu capped 2025 with the purchase of a Bombardier Global 8000, the world’s fastest civilian aircraft since the Concorde, capable of flying non-stop from Lagos to New York or Dubai to Houston.
Known for his philanthropy, Rabiu supports education, healthcare, and social development across Africa through the Abdul Samad Rabiu Initiative.
In December 2025, he distributed $20.7 million in cash rewards to long-serving BUA Group employees, one of the largest employee reward programs ever by a privately held Nigerian company.
