Abdul Samad Rabiu Climbs to 3rd on Forbes Africa Rich List After Net Worth Hits $11.2bn

Nigerian billionaire Abdul Samad Rabiu recorded the largest single-year wealth gain on the African continent in 2026BUA Cement shares surged 135%, outpacing the Nigerian Stock Exchange's 81% growth over the same periodForbes' 2026 Africa Billionaires list reportedly featured 23 individuals with a combined fortune of $126.7 billionGhana’s top stories, now easier to find. Discover our new search feature!

Nigerian industrialist Abdul Samad Rabiu has leapfrogged several of Africa's wealthiest individuals to claim third place on the Forbes Africa rich list, after his net worth surged to $11.2 billion in 2026.

Abdul Samad Rabiu climbs to 3rd on Forbes Africa Rich List after his net worth hits $11.2bn. Image credit: Abdul Samad Rabiu Source: FacebookThe billionaire's fortune nearly doubled from $5.1 billion the previous year, representing a $6.1 billion gain that Forbes identified as the largest annual increase recorded by any billionaire on the continent during the period.

The jump propelled Rabiu from sixth to third place on the continent's wealth rankings.

He now sits behind fellow Nigerian Aliko Dangote, who retained the top spot with an estimated net worth of $28.5 billion, and South African billionaire Johann Rupert in second place at $16.1 billion.

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Much of the 66-year-old's growing fortune is tied to the performance of BUA Cement, a flagship business within his BUA Group conglomerate.

The company's shares climbed 135% over the previous year, comfortably ahead of the Nigerian Stock Exchange's own 81% gain during the same window.

Rabiu founded BUA Group in 1988 as a trading company focused on iron, steel and chemicals.

It has since grown into a diversified conglomerate spanning cement production, sugar refining and food processing.

He holds a reported 98.2% stake in BUA Cement Plc and approximately 95% of BUA Foods, a major player in Nigeria's food manufacturing sector.

Forbes' real-time tracker estimated his fortune at $12.5 billion as of 4 October 2026, reflecting continued movement in line with stock market activity.

The 2026 Forbes Africa Billionaires list counted 23 individuals whose total fortunes reached $126.7 billion, up $20.3 billion from the year before.

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South Africa led the field with seven billionaires, followed by Egypt with five, Nigeria with four and Morocco with three.

Beyond his business interests, Rabiu channels resources into social development through the Abdul Samad Rabiu Initiative, which funds education, healthcare and community projects across Africa.

Earlier, YEN.com.gh reported on Aliko Dangote’s business journey, including how he started in the cement trade and built companies operating across Africa.

Dangote said he lost his father at age eight and began with little, despite having a wealthy grandfather. He also recalled owning his first private jet before turning 23.

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Grace Asare (Entertainment Editor) Grace Appiah Asare is an Entertainment Editor at YEN.com.gh. She holds a bachelor’s degree. She has more than five years of experience as a journalist and has worked with Scooper News and Opera News, where she produced engaging news content focusing on entertainment and politics. Grace also offered volunteer services at Tales of Africa, where she produced several articles highlighting African talents. She joined yen.com.gh in 2026. Contact: grace.asare@yen.com.gh