Billionaire industrialist and philanthropist, Abdul Samad Rabiu, has emerged as Africa’s biggest wealth gainer in the 2026 ranking of the continent’s richest individuals released by Forbes, after a dramatic surge in his personal fortune over the past year.
The chairman of BUA Group recorded the sharpest increase in wealth among Africa’s billionaires, with his net worth climbing by an extraordinary 120 per cent to reach $11.2 billion, according to the latest assessment by the global financial publication.
The remarkable jump in Rabiu’s fortune has propelled him to the third position among Africa’s richest individuals, a significant rise from sixth place in the previous year’s ranking, further strengthening Nigeria’s dominance among the continent’s wealthiest business leaders.
Driving the surge is the stellar market performance of BUA Cement, Rabiu’s flagship publicly listed company, whose share price skyrocketed by 135 per cent within the past year, far outpacing the gains recorded across the broader Nigerian stock market.
Despite Rabiu’s rapid ascent, Africa’s richest man remains Aliko Dangote, whose fortune is estimated at $28.5 billion, maintaining his longstanding dominance at the summit of the continent’s wealth ladder.
Rabiu now trails only Dangote and South African luxury goods magnate Johann Rupert, whose wealth is currently valued at about $16.1 billion, placing the BUA chairman firmly among Africa’s top three billionaires.
Industry observers say Rabiu’s rapid rise reflects the growing influence of Nigeria’s industrial sector and the aggressive expansion strategy pursued by BUA Group across multiple sectors, including cement production, food processing, sugar refining, infrastructure development, mining and energy.
Beyond Rabiu’s personal surge, the latest Forbes list reveals a broader upswing in wealth among Africa’s billionaire class, with the continent’s 23 billionaires now controlling a combined fortune estimated at $126.7 billion.
The figure represents a 21 per cent increase compared to the previous year, buoyed largely by strong equity market performances across key African economies and a gradual stabilisation of regional currencies.
Nigeria remains a major hub of billionaire wealth on the continent, with four prominent business figures making the list, Dangote, Rabiu, telecommunications mogul Mike Adenuga, and energy investor Femi Otedola, highlighting the country’s expanding influence in Africa’s corporate and industrial landscape.