According to Forbes’ 2026 ranking of the continent’s wealthiest, Nigerian billionaire Abdulsamad Rabiu is now Africa’s third richest person.
His net worth increased to $11.2 billion, the greatest wealth rise in Africa this year – a 120% increase, or $6.1 billion, over 2025.
Rabiu is now the world’s 284th richest person, trailing only South African luxury goods mogul Johann Rupert, who is worth $16.1 billion.
Rabiu, the chairman and founder of BUA Group, leads a conglomerate with holdings in cement, sugar refining, agriculture, and real estate.
His flagship asset, BUA Cement, has fuelled much of his fortune, with shares increasing 135% in the last year, outperforming the Nigerian Stock Exchange, which rose 81% on record corporate profits and a government push for expanded pension fund stock investments.
BUA Cement announced plans to expand capacity in January 2026, following Rabiu’s discussions with a Chinese building partner. The proposed new production plant in northern Nigeria would increase total yearly output to 20 million tons, bolstering the company’s position in Nigeria’s infrastructure-based economy.
Rabiu capped 2025 by purchasing a Bombardier Global 8000, the world’s fastest civilian aircraft since the Concorde, capable of flying nonstop from Lagos to New York or Dubai to Houston.
Rabiu, known for his philanthropy, founded the Abdul Samad Rabiu Initiative to promote education, healthcare, and social development throughout Africa.
In December 2025, he presented $20.7 million in cash awards to long-term BUA Group employees, one of the largest employee reward schemes ever implemented by a privately held Nigerian company.