Another Nigerian Billionaire Nears $10bn Mark after Dangote, Adenuga
- Aliko Dangote's wealth has surged past $30 billion, reinforcing his position as Africa's richest individual
- Also, another Nigerian, Abdul Samad Rabiu has moved near the $10 billion milestone, currently valued at approximately $9.8 billion
- Driving Rabiu's wealth growth are BUA Foods and Cement drive, amidst a booming Nigerian stock market
For nearly a decade, the $10 billion mark has remained one of the toughest milestones for Nigerian billionaires to cross.
Aliko Dangote was the first to do it, building a cement empire that transformed industrial manufacturing across Africa.
In 2016, Mike Adenuga briefly joined him, with Forbes estimating his fortune to be above $10 billion at the time.
Source: Getty Images
Adenuga’s net worth has since settled lower, currently around $6.4 billion.
Since then, Dangote has stood alone at the top. His wealth has continued to surge, recently climbing past $20 billion and making him the first African to reach that level.
Bloomberg now estimates Dangote’s net worth at $30.4 billion, reinforcing his status as Africa’s richest individual by a wide margin.
That long-standing exclusivity may soon come to an end.
Abdul Samad Rabiu edges closer to $10bn
Abdul Samad Rabiu, founder and chairman of BUA Group, is closing in on the same historic threshold.
According to Forbes, Rabiu’s net worth stands at about $9.8 billion as of this report, up from roughly $9.5 billion at the start of the year.
A $400 million increase in just a few weeks has narrowed the gap to around $200 million, putting him within striking distance of becoming the third Nigerian ever to hit the $10 billion mark.
Rabiu’s rise is not sudden, but the pace has accelerated sharply, driven by a powerful rally in Nigerian equities and strong earnings from his core businesses.
Market rally lifts BUA shares
Like Dangote, Rabiu built his fortune around cement, sugar, food processing and infrastructure.
According to a report by Billionaire Africa, these are sectors closely tied to population growth, urbanisation and everyday consumption in Africa’s most populous country.
However, the recent surge in his wealth reflects more than a long-term strategy. It also mirrors renewed optimism on the Nigerian Exchange.
The stock market rally has pushed total market capitalisation beyond the N100 trillion mark, lifting valuations across major listed companies.
Rabiu’s wealth is heavily linked to his equity holdings, particularly BUA Cement and BUA Foods, the two publicly listed pillars of his conglomerate.
BUA Cement shares recently rose by 2.5 per cent, extending a rally that has delivered gains of about 96 per cent over the past year.
The company produces 11 million tonnes annually, making it Nigeria’s second-largest cement producer.
Rabiu owns 97.66 per cent of the company, a stake now valued at about N5.9 trillion, or roughly $4.1 billion.
BUA Foods drives the biggest gains
An even stronger driver of Rabiu’s net worth has been BUA Foods. The food producers share prices have surged by 92.5 per cent year-on-year, lifting the value of his 92.63 per cent holding to N13.32 trillion, equivalent to about $9.28 billion.
These gains, however, are partly offset by debt. Bloomberg estimates Rabiu’s miscellaneous liabilities at around $2.98 billion.
This debt load continues to weigh on his net worth and explains why he remains just below the $10 billion line despite the rally in share prices.
Still, the trend is clear. Rabiu’s wealth growth is being driven by operating businesses with real earnings, not asset sales or financial engineering.
Strong earnings back the valuation surge
BUA Foods reported a profit of N405.2 billion for the nine months ended September 30, 2025, more than double the figure recorded in the same period a year earlier.
Revenue climbed to N1.42 trillion, supported by higher sales volumes and improved cost management, even amid inflation and supply chain pressures.
BUA Cement also delivered impressive results. Profit jumped to N289.86 billion for the same period, compared with N48.97 billion a year earlier.
Revenue rose to N858.7 billion, driven by higher cement prices and steady demand across construction projects nationwide.
An industrial empire years in the making
Rabiu’s numbers tell the story of scale built patiently over decades. BUA Group has grown into one of Africa’s most diversified industrial conglomerates, with operations that stretch from construction sites to food factories and household kitchens.
The recent market rally has amplified the value of those assets, turning years of operational growth into a visible leap in personal wealth.
Source: UGC
If Rabiu crosses the $10 billion threshold, he will join Dangote and Adenuga in a club that has remained remarkably small for Nigeria.
It would also mark the first time in years that more than one Nigerian sits above that level, even as Dangote continues to tower far ahead with a fortune estimated well above $20 billion.
Top 4 Nigerian billionaires start 2026 with $43bn
Legit.ng earlier reported that Nigeria’s richest men were kicking off 2026 better than 2025, led by industrialist Aliko Dangote, whose fortune more than doubled within a year.
According to Forbes billionaire rankings, Nigeria’s top four billionaires collectively control about $43 billion, up significantly from roughly $24.8 billion in January 2025.
Dangote remained Nigeria’s richest man, ranking 89th globally with an estimated net worth of $25.6 billion as at the start of January 2026.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
