Abdul Samad Rabiu now third richest in Africa as wealth jumps 120% to $11bn

Abdul Samad Rabiu, founder and chairman of BUA Group, has emerged as the biggest gainer among Africa’s billionaires after his net worth surged by $6.1 billion over the past year.

According to the latest ranking by Forbes on Monday, Rabiu’s fortune rose by about 120 percent (or $6.10 billion) to $11.2 billion, moving him to third place on the continent’s rich list — from the sixth spot.

Rabiu was valued at $5.1 billion in April 2025.

The increase in wealth, according to the publication, was largely driven by the strong performance of BUA Cement, as the value of it share surged by about 135 percent over the past year.

“The combined firm, called BUA Cement Plc, trades on the Nigerian stock exchange; Rabiu owns 98.2% of it. He also owns 95% of publicly traded food conglomerate BUA Foods,” Forbes said.

The publication said Rabiu built his fortune through investments in cement, sugar, and other industrial businesses.

His latest wealth jump places him behind Johann Rupert, South African luxury goods magnate, and Nigeria’s Aliko Dangote, who remains Africa’s richest person.

Rabiu, who has consistently ranked among the top 10, has seen his wealth fluctuate significantly in recent years.

According to Forbes, the billionaire’s net worth rose from $4.9 billion in 2021 to $6.9 billion in 2022 and peaked at $8.2 billion in 2023.

However, it declined to $5.2 billion in 2024 and slipped further to $5.1 billion in 2025.