Abdulsamad Rabiu, the Nigerian billionaire industrialist, has become Africa’s third-richest person with an estimated net worth of $11.2 billion, according to the latest ranking by Forbes.
Rabiu’s wealth increased dramatically over the past year, rising by $6.1 billion, the largest gain recorded by any African billionaire in 2026. The surge represents a 120% increase from 2025 and places him 284th among the richest people globally.
Much of this growth is linked to the strong performance of BUA Cement, a major part of the diversified BUA Group conglomerate founded by Rabiu. Over the past year, BUA Cement shares climbed 135%, significantly outperforming the broader Nigerian stock market.
The rise in his fortune also pushed Rabiu ahead of several prominent African billionaires, including Naguib Sawiris, Mike Adenuga, Nathan Kirsh, Nassef Sawiris, and Nicky Oppenheimer.
Rabiu’s business empire spans multiple industries. Through BUA Group, he oversees operations in cement production, sugar refining, agriculture, and real estate. In early 2026, BUA Cement announced plans to expand its production capacity with a new line in northern Nigeria, which will raise the company’s total output to 20 million tons annually, supporting the country’s growing infrastructure sector.
Beyond business, Rabiu is known for philanthropy through the Abdul Samad Rabiu Initiative, which funds projects in education, healthcare, and social development across Africa. In December 2025, he also distributed $20.7 million in cash rewards to long-serving employees of BUA Group—one of the largest staff reward programs by a private Nigerian company.
Rabiu also made headlines for purchasing the Bombardier Global 8000, currently considered the world’s fastest civilian aircraft since the Concorde, capable of flying long-distance routes such as Lagos to New York without stopping.
His rapid wealth growth highlights the increasing role of industrial and infrastructure businesses in shaping Africa’s billionaire landscape.
