• Abdul Samad Rabiu is now the richest investor on NGX, with ₦15.23 Trillion in BUA Foods and Cement, surpassing Dangote.
• Aliko Dangote’s NGX wealth is ₦9.48 Trillion from Cement, Sugar, and NASCON; his unlisted refinery boosts his net worth.
• Rabiu and Dangote’s ₦24.71 Trillion in NGX holdings make up 26.9% of the market, dominating manufacturing.

Abdul Samad Rabiu became the wealthiest investor on the Nigerian Exchange (NGX), surpassing Aliko Dangote, based on market data from the close of trading on Friday, August 8, 2025. This historic shift is driven by the soaring valuation of Rabiu’s listed companies and marks the first time in two decades that Dangote has been overtaken on Nigeria’s domestic bourse. The achievement highlights the rising prominence of Rabiu’s BUA Group and underscores the intense competition between these two Kano-born industrialists, whose businesses dominate Nigeria’s economic landscape.

Rabiu’s NGX wealth is driven by his substantial stakes in BUA Foods Plc and BUA Cement Plc. He holds 92.6% of BUA Foods, which has 18 billion shares outstanding, priced at ₦574.90 each, resulting in a market capitalization of approximately ₦10.35 trillion. His 95.2% stake in BUA Cement, with 33.86 billion shares valued at ₦175.10, contributes a market value of ₦5.93 trillion. Together, Rabiu’s equity in these two companies totals ₦15.23 trillion, equivalent to roughly US$9.83 billion at the parallel-market exchange rate of ₦1,550 to the US dollar. The surge in BUA Foods’ share price, up 109% in 2025, reflects strong investor confidence in Nigeria’s consumer goods sector.

In contrast, Aliko Dangote’s NGX portfolio, while significant, now trails Rabiu’s. Dangote owns 86.7% of Dangote Cement Plc, with 39.7 billion shares at ₦245.00 each, contributing ₦8.44 trillion. His 80.8% stake in Dangote Sugar Refinery Plc, with 12.9 billion shares at ₦75.00, adds ₦0.78 trillion. Additionally, his 74.7% stake in NASCON Allied Industries Plc, with 5.8 billion shares at ₦61.00, is valued at ₦0.26 trillion.

Summing these, Dangote’s NGX wealth totals ₦9.48 trillion, or approximately US$6.12 billion at the same exchange rate. This places him about ₦5.75 trillion (US$3.71 billion) behind Rabiu, a gap widened by the fact that Dangote Petroleum Refinery & Petrochemicals Plc, a major asset, remains unlisted on the NGX.

The combined NGX holdings of Rabiu and Dangote amount to ₦24.71 trillion, representing approximately 26.9% of the NGX’s total equity market capitalization of ₦92 trillion. Their dominance is particularly stark in the manufacturing and fast-moving consumer goods sectors, where their companies account for a significant share of the market. BUA Foods, BUA Cement, Dangote Cement, Dangote Sugar, and NASCON are cornerstones of Nigeria’s industrial economy, collectively driving innovation and investment in these critical sectors, even as the broader market navigates inflationary pressures and currency volatility.

While Rabiu leads on the NGX, Dangote’s overall wealth remains superior due to his extensive unlisted assets, notably the 650,000 barrels-per-day Lagos-based Dangote Petroleum Refinery, which is not yet quoted on the exchange. Forbes estimates Dangote’s net worth at US$23.9 billion, far exceeding Rabiu’s, driven by these off-exchange ventures.

However, Rabiu’s ascent on the NGX underscores the growing financial clout of BUA Group and signals a shift in Nigeria’s capital market dynamics. As both tycoons continue to expand their influence, their rivalry is poised to shape Nigeria’s economic future, with investors closely watching their next moves.

Idriss Linge