Abdulsamad Rabiu Becomes 4th Richest Man in Africa As Net Worth Rises to New High

• The net worth of Abdulsamad Rabiu, Nigeria second richest man has increased by over 4 billion in 2025
• Forbes reports that Rabiu who started the year as $5.1 billion net worth is now one step away from Egypt billionaire, 4th richest in Africa
• Rabiu net worth has been on the rise thanks to the strong performance of his various companies listed on NGX

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian industrialist Abdulsamad Rabiu is getting closer to become the 5th richest man in Africa following surge in his net worth.

According to Forbes, Rabiu net worth has surged to $9.2 billion as at Monday, October 27.

His latest net worth represents a $4.2 billion increase when compared to $5.1 billion he opened the year.

The rise in his net worth has now made him Africa 4th richest man on the Forbes list ahead of Egyptian billionaire Nassef Sawiris.

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Rabiu 4th richest man in Africa

Egyptian billionaire Nassef Sawiris who has not had a great 2025 started the year as the 4th richest man.

Sawiris open the year with a net worth of $9.6 billion it has now dropped to $8.8 billion as at October 27.

This means that Rabiu is now ahead of Sawiris with a gap of more than $500 million.

It is now expected that Nigerian billionaire will soon become the next African with a net worth of $10 billion due to the performance of his two flagship companies BUA Cement and BUA Foods on the NGX.

The shares of BUA Foods have risen by about 66% this year, while BUA Cement’s stock has surged by roughly 93%.

This impressive rally has boosted the market value of Abdul Samad Rabiu’s 92.6% stake in BUA Foods to N12.2 trillion and his 97.66% holding in BUA Cement to N5.96 trillion.

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The surge follows strong business performances in the first half of 2025.

BUA Foods reported revenue of N912.5 billion for the six months ending June 30, a 36% increase from the previous year. Net profit for the period nearly doubled to N260 billion from N130.9 billion, driven by higher sales volumes, improved pricing, and lower financing costs.

Similarly, BUA Cement’s revenue climbed from N363.94 billion in the first half of 2024 to N580.3 billion a year later, while profit soared from N34.25 billion to N180.89 billion, highlighting its growing dominance in Nigeria’s construction and building materials sector.

Dangote becomes first African in history with net worth of over $30bn

Earlier, Legit.ng reported that Africa’s wealthiest man, Aliko Dangote, has finally crossed a net worth of $30 billion, the first time any African has achieved such a feat.

According to the Bloomberg Billionaires Index, Dangote increased by $2.25 billion to $30.3 billion as of October 24, 2025, ranking him 73rd among the world’s richest individuals.

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The latest surge in Dangote’s wealth follows the recent commissioning of Dangote Cement’s new 3-million-tonne-per-year plant in Attingué, Côte d’Ivoire.

Source: Legit.ng