Nigerian billionaire Abdul Samad Rabiu becomes Africa’s second-richest as fortune hits $15.8 billion

Nigerian industrialist Abdul Samad Rabiu has moved closer to a fresh valuation milestone as his net worth rises to about $15.8 billion, placing him as Africa’s second-richest individual, according to Forbes estimates. The latest increase follows a sharp gain of roughly $1.8 billion in a single week, driven largely by a rally in shares tied to his cement business.

The shift in ranking puts Rabiu ahead of South African billionaire Johann Rupert, though Forbes’ Africa list continues to exclude individuals whose primary residence and business base are outside the continent. That distinction keeps Nigerian-born investor Natie Kirsh, whose wealth is estimated at $17.9 billion, outside the regional ranking due to his long-standing operations in the United States and the United Kingdom.

BUA Cement shares rise 24.8 percent in one week

The move up the rankings follows a sharp rise in Rabiu’s fortune over the past week. His net worth climbed from $14 billion on April 27 to about $15.8 billion, adding roughly $1.8 billion in a matter of days. He now sits behind fellow Nigerian industrialist Aliko Dangote, whose estimated wealth stands at $30.7 billion, keeping him firmly in place as Africa’s richest person.

Much of Rabiu’s recent gain is tied to his majority stake in BUA Cement, where he holds 95.78 percent. The company’s shares rallied during Nigeria’s earnings season, reflecting investor demand for cement stocks linked to construction activity. Within a week, the value of his stake rose from $7.9 billion to $9.8 billion, adding N2.7 trillion ($1.95 billion) to his fortune. Over the same period, the share price climbed 24.8 percent, from N335 ($0.24) to N418 ($0.30).

The rally followed stronger first-quarter results that pointed to higher sales and improved margins. For the three months ended March 31, 2026, BUA Cement reported profit of N176.4 billion ($130.5 million), more than double the N81.1 billion ($60.01 million) recorded a year earlier. Revenue rose to N354.98 billion ($262.63 million), up from N290.82 billion ($215.1 million). Bagged cement remained the main driver, contributing N340.58 billion ($252 million), while bulk cement sales increased to N14.4 billion ($10.65 million). (Shore Africa)