Abdulsamad Rabiu’s Net Worth Jumps by $4bn, Becomes Africa’s Second-Richest Black Billionaire
- Abdulsamad Rabiu's net worth surged to $14.6 billion, ranking him third in Africa's wealth hierarchy
- BUA Cement and BUA Foods drive Rabiu's fortune, showcasing strong performance in the construction and food sectors
- Rabiu's ambitious expansion strategies aim to further solidify his market dominance and challenge Aliko Dangote's position
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian billionaire Abdulsamad Rabiu has recorded a remarkable surge in his fortune, adding more than $4 billion to his net worth in 2026 and strengthening his position among Africa’s wealthiest individuals.
According to the Bloomberg Billionaires Index, Rabiu’s net worth has climbed to $14.6 billion, reflecting a year-to-date increase of approximately $4.47 billion.
Source: Getty Images
The sharp rise has propelled him to 197th position globally and third overall in Africa, while also cementing his status as the second-richest Black person on the continent, behind only Aliko Dangote.
This marks a significant leap from the start of the year, when Rabiu’s fortune stood at $10.4 billion, placing him fifth in Africa’s wealth rankings.
Rapid Rise in Africa’s wealth rankings
Rabiu’s ascent through the billionaire ranks has been swift and decisive. Earlier in the year, he trailed Egyptian businessman Naguib Sawiris, who had a slightly higher net worth.
However, by early February, Rabiu overtook Sawiris to become Africa’s fourth richest man, as his wealth rose to $11.3 billion. At the time, his gains outpaced Sawiris’ growth, signalling stronger momentum in Rabiu’s business empire.
Within weeks, his net worth climbed further to $12.5 billion, pushing him up to 267th globally and reinforcing his standing among Africa’s elite billionaires.
Now, with his latest surge, Rabiu has moved even closer to the very top, narrowing the gap with Dangote and solidifying his influence in Africa’s economic landscape.
What’s driving the growth?
The primary driver behind Rabiu’s expanding fortune is the strong performance of his flagship companies, particularly BUA Cement and BUA Foods.
BUA Cement has benefited significantly from rising demand in Nigeria’s construction and infrastructure sectors.
The company reported revenue of ₦1.18 trillion in 2025, up from ₦876 billion in 2024, highlighting sustained growth and investor confidence.
This strong financial performance has translated directly into Rabiu’s rising valuation, as both local and international investors continue to back his businesses.
Aggressive expansion strategy
Beyond strong earnings, Rabiu’s wealth growth is also tied to an ambitious expansion strategy across key sectors.
In January 2026, he held talks with CBMI Construction Ltd. (SINOMA China) to establish a new cement production line in northern Nigeria. The proposed project could increase BUA Cement’s total capacity to nearly 20 million tonnes annually, further strengthening its market dominance.
The group has also made significant moves in the food sector:
- Rice Processing Plant: In December 2025, BUA Foods partnered with Bühler to build a rice processing facility with a capacity of 32 tonnes per hour.
- Animal Feed Mill: Earlier, the company collaborated with Viteral Integrated Milling Systems of Türkiye to develop a 40-tonne-per-hour feed mill in Kano State, expected to be completed by mid-2027.
- Pasta Production Expansion: A deal with Italian firm FAVA is set to boost pasta output by 400,000 metric tonnes annually through nine new production lines.
These strategic investments are designed to expand production capacity, deepen market reach, and position BUA as a dominant force across multiple industries.
Closing in on the top spot
Rabiu’s continued rise highlights not just personal wealth accumulation but also the growing strength of indigenous Nigerian enterprises.
With sustained expansion, strong revenues, and strategic partnerships, the billionaire industrialist is steadily narrowing the gap with Africa’s richest man, Dangote.
If current trends continue, Rabiu could further reshape the continent’s wealth hierarchy in the near future.
Source: Getty Images
Forbes tags Femi Otedola as Africa’s poorest billionaire
Legit.ng earlier reported that Nigeria’s billionaire businessman, Femi Otedola, has been tagged as Africa’s “poorest billionaire” in the latest ranking released by Forbes, sparking reactions from Nigerians on social media.
According to the 2026 Africa Billionaires List, the continent’s wealthiest individuals have grown significantly richer over the past year.
The combined fortune of Africa’s 23 billionaires rose to about $126.7 billion, largely driven by a strong rally in regional equity markets.
Source: Legit.ng
