Nigerian industrialist Abdul Samad Rabiu has recorded the most significant wealth increase among Africa’s billionaires in Forbes’ 2026 ranking, with his net worth soaring 120% to $11.2 billion over the past year. This surge elevates him to third place on the continent’s richest list, a jump from sixth position the previous year.
According to Forbes, Rabiu’s fortune now trails only luxury goods magnate Johann Rupert, estimated at $16.1 billion, and Aliko Dangote, who retains the top spot with $28.5 billion. The primary driver of this growth is BUA Cement, Rabiu’s flagship publicly traded company, whose shares rallied 135% in the last year. This performance far exceeded gains in the broader Nigerian Exchange, which has itself strengthened amid improving investor sentiment.
Rabiu’s rise reflects a broader trend of wealth expansion across Africa. The continent’s 23 billionaires now hold a combined net worth of $126.7 billion, a 21% increase from the prior year, fueled by robust equity markets and stabilising regional currencies. Nigeria continues to lead in billionaire representation, with four individuals on the list, including Dangote, Rabiu, telecommunications tycoon Mike Adenuga, and energy investor Femi Otedola.
Forbes computed the 2026 rankings using stock prices and exchange rates as of March 1, 2026, valuing privately held firms through comparable industry benchmarks. Rabiu’s leap underscores the growing influence of BUA Group, which has diversified into cement manufacturing, food processing, sugar refining, infrastructure, mining, and energy, cementing its role in Nigeria’s industrial landscape.
Analysts note that this momentum signals increasing investor confidence in African manufacturing and infrastructure-driven sectors, which are central to the continent’s economic transformation. As urbanisation and development accelerate, businesses in these core industries are positioned for sustained growth, potentially attracting further domestic and international investment and reshaping Africa’s economic trajectory.
