Nigerian billionaire Abdulsamad Rabiu becomes Africa's third-richest after 120% wealth surge

Rabiu's net worth soared to $11.2 billion, marking the largest wealth gain in Africa this year.

Mar. 10, 2026 at 10:23am

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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, a 120% jump from 2025, making him the 284th richest person globally. Rabiu's flagship asset, BUA Cement, has driven much of his fortune, with shares rising 135% over the past year.

Why it matters

Rabiu's rapid wealth growth highlights the continued economic dynamism in Africa, particularly in the infrastructure and construction sectors. His success also underscores the rise of African billionaires and their growing influence on the global stage.

The details

Rabiu, chairman and founder of BUA Group, oversees a diversified conglomerate with interests in cement, sugar refining, agriculture, and real estate. BUA Cement announced plans in January 2026 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.

  • Rabiu's net worth soared to $11.2 billion in Forbes' 2026 ranking of the continent's wealthiest.
  • BUA Cement announced plans in January 2026 to expand capacity.

The players

Abdulsamad Rabiu

The chairman and founder of BUA Group, a diversified conglomerate with interests in cement, sugar refining, agriculture, and real estate.

BUA Cement

Rabiu's flagship asset, which has driven much of his fortune, with shares rising 135% over the past year.

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The takeaway

Rabiu's rapid wealth growth highlights the continued economic dynamism in Africa, particularly in the infrastructure and construction sectors, and underscores the rise of African billionaires and their growing influence on the global stage.