• Nigerian billionaire adds $5.78 billion to his fortune in under four months

• Gains driven by strong stock performance of BUA Cement and BUA Foods

• Rabiu rises to third-richest person in Africa, ahead of Nicky Oppenheimer

Nigerian billionaire Abdul Samad Rabiu has seen his net worth rise by 57% since the start of 2026, driven largely by a sharp increase in the share prices of his publicly listed companies on the Lagos exchange.

According to the Bloomberg Billionaires Index, Rabiu added $5.78 billion to his wealth in less than four months, bringing his total fortune to $15.9 billion as of April 27, 2026. This surge allowed him to overtake South Africa’s Nicky Oppenheimer, whose net worth stood at $14.3 billion on the same date, making Rabiu the third-richest person in Africa.

He now ranks behind fellow Nigerian Aliko Dangote, with $33.6 billion, and South African billionaire Johann Rupert, with $18 billion, in Bloomberg’s list of Africa’s wealthiest individuals.

The 65-year-old industrialist derives most of his wealth from his controlling stake in BUA Group, a conglomerate whose flagship businesses include BUA Cement and BUA Foods. Both companies have posted strong stock market gains in recent months, supported by solid demand and strong financial performance in 2025.

BUA Cement reported a net profit of 356 billion naira (about $260 million) in 2025, up 382% from the previous year. The company currently has an installed production capacity of 17 million tons per year, making it Nigeria’s second-largest cement producer after Dangote Cement. It has also begun construction of a new 3-million-ton plant in Edo State, launched in the third quarter of 2024 and expected to come online in the first quarter of 2027.

BUA Foods, which produces pasta, rice, edible oils, flour, and sugar, reported a net profit of 518.4 billion naira in 2025, a 95% increase compared with the previous year.

Walid Kéfi