Abdulsamad Rabiu's fortune nearly doubled in just four months this year. The BUA Group chairman has emerged as Africa's best-performing billionaire in 2026.
According to Bloomberg's Billionaires Index, Rabiu started 2026 as the continent's fifth-richest person. His net worth stood at roughly $10.4 billion then.
By May, everything changed dramatically. His wealth had climbed to approximately $19.1 billion, vaulting him to second place across Africa.
This meteoric rise bumped Johann Rupert of South Africa into third position. Rupert's fortune dipped to about $17.7 billion following valuation issues at his Remgro firm.
Globally, Rabiu now ranks as the 138th wealthiest person in the world. Only Aliko Dangote, with $34.4 billion, sits ahead of him on the continent.
What drove this explosion in wealth? His listed companies on the Nigerian Exchange performed spectacularly.
BUA Foods reported a 14 percent jump in profit after tax during the first quarter. The company earned N142.32 billion in that period alone.
BUA Cement's results were even more impressive. Profits more than doubled year-on-year, surging 117.4 percent to N176.4 billion.
Strong macroeconomic fundamentals helped considerably. A steadier naira and falling inflation allowed his companies to cut costs and manage finances more effectively.
But there's another critical element to his wealth explosion. Rabiu maintains near-total control of both his major firms.
He owns roughly 98.2 percent of BUA Cement and 95 percent of BUA Foods. Nigerian Stock Exchange filings confirmed these ownership figures.
This concentrated structure means he captures nearly all gains from share price increases. When his companies' valuations soared, so did his personal fortune.
His rivals couldn't say the same. Other prominent Nigerian billionaires like Mike Adenuga and Femi Otedola saw their rankings slip.
Rabiu's strategy capitalized on Nigeria's resilient manufacturing sector. While continental competitors struggled, he thrived.
The shift underscores a widening wealth gap among Africa's industrial titans. Rabiu has firmly cemented himself as a major global industrial player.
