Abdulsamad Rabiu, a Nigerian billionaire, has risen to become Africa’s third wealthiest individual, as per Forbes’ 2026 assessment of the continent’s richest people.
His personal fortune surged to $11.2 billion, representing the most significant wealth increase on the African continent this year—a remarkable 120% leap, or $6.1 billion, compared to 2025.
On a global scale, Rabiu now holds the 284th position in wealth, trailing only Johann Rupert, the South African luxury goods magnate, whose net worth is $16.1 billion.
Rabiu advanced from the sixth to the third wealthiest individual in Africa, outperforming notable billionaires including Naguib Sawiris, Mike Adenuga, Nathan Kirsh, Nassef Sawiris, and Nicky Oppenheimer.
As chairman and founder of BUA Group, Rabiu presides over a diverse conglomerate involved in cement production, sugar refining, agricultural ventures, and real estate.
BUA Cement Powers Wealth Accumulation
BUA Cement, his primary asset, has been a major catalyst for his wealth, with its shares increasing by 135% in the last year. This performance significantly surpassed the Nigerian Stock Exchange’s 81% rise, driven by unprecedented corporate earnings and government initiatives encouraging greater pension fund investments in equities.
In January 2026, BUA Cement revealed intentions to boost its production capacity, following Rabiu’s talks with a Chinese construction collaborator. This planned new production line in northern Nigeria is expected to elevate the company’s total yearly output to 20 million tons, thereby solidifying its role within Nigeria’s infrastructure-dependent economy.
Rabiu concluded 2025 by acquiring a Bombardier Global 8000, which holds the title of the fastest civilian aircraft globally since the Concorde, capable of direct flights from Lagos to New York or Dubai to Houston.
Renowned for his philanthropic efforts, Rabiu champions education, healthcare, and social advancement across Africa via the Abdul Samad Rabiu Initiative.
During December 2025, he allocated $20.7 million in monetary incentives to long-term employees of BUA Group, representing one of the most substantial employee reward schemes ever implemented by a private Nigerian firm.