Abdul Samad Rabiu nears $10b, set to join Dangote, Adenuga

For nearly a decade, the $10 billion line has stood as one of the hardest markers for Nigerian wealth. Aliko Dangote crossed it first, building a cement empire that reshaped manufacturing across Africa. In 2016, Mike Adenuga (now at $6.4 billion) followed, briefly joining that rare circle with a net worth above $10 billion, according to U.S. business magazine Forbes.

Since then, Dangote has stood alone, with his fortune climbing well beyond that level and recently rising above $20 billion, making him the first and only African to reach that mark. Bloomberg pegs his net worth at $30.4 billion, reinforcing his position as Africa’s richest person.

That exclusivity may soon end. Abdul Samad Rabiu, the chairman and founder of BUA Group, is closing in on the same milestone. Forbes estimates his net worth at $9.8 billion at the time of drafting this report, up from $9.5 billion on Jan. 1, 2026, after a $400 million increase this year. The gap between Rabiu and the $10 billion mark has narrowed to about $200 million, putting him on the verge of becoming the third Nigerian to ever reach that level of wealth.

Market rally lifts BUA shares

Rabiu’s rise follows a familiar Nigerian pattern. Like Dangote, he built his fortune in cement, sugar, food processing and infrastructure, sectors tied closely to population growth and everyday consumption. But the timing of his recent gains reflects something more immediate: a powerful rally on the Nigerian Exchange that has lifted share prices across the board and pushed the bourse’s market capitalization above the N100 trillion mark.

The surge in Rabiu’s net worth is rooted almost entirely in his equity holdings. His wealth is closely linked to the performance of BUA Cement and BUA Foods, the two publicly listed pillars of his business empire. BUA Cement’s shares rose 2.5 percent recently, extending a rally that has delivered gains of about 96 percent over the past year. The cement giant produces 11 million tonnes annually and ranks as Nigeria’s second-largest producer. Rabiu owns 97.66 percent of the company, a stake now valued at N5.9 trillion, or about $4.1 billion.

An even larger driver has been BUA Foods. Shares of the food producer have climbed 92.5 percent year-on-year, lifting the value of Rabiu’s 92.63 percent holding to N13.32 trillion, roughly $9.28 billion. Debt has tempered those gains. Bloomberg estimates Rabiu’s miscellaneous liabilities at about $2.98 billion, a figure that continues to weigh on his net worth and keeps it just below the $10 billion line. Even so, the direction of his fortune reflects the strength of his core businesses rather than financial engineering or one-off asset sales.

BUA Foods, BUA Cement earnings jump

Strong operating performance has accompanied the rise in Rabiu’s wealth. BUA Foods reported a profit of N405.2 billion ($283.5 million) for the nine months ended Sept. 30, 2025, more than double the figure a year earlier. Revenue climbed to N1.42 trillion ($987 million), helped by higher sales and tighter cost management despite inflation and supply chain pressures.

BUA Cement also posted sharp gains. Profit rose to N289.86 billion ($200 million) for the same period, compared with N48.97 billion a year earlier, driven by higher prices and steady demand. Revenue increased to N858.7 billion ($590 million), while assets and equity expanded. Together, the results point to businesses that are not only benefiting from rising share prices but are also generating cash and earnings at a faster pace.

Industrial empire propels Rabiu’s net worth

For Rabiu, the numbers tell a story of scale built patiently over years. His group has grown into one of Africa’s most diversified manufacturing and industrial conglomerates, with operations that touch construction sites, food factories and household kitchens. The market rally has amplified the value of those assets, turning operational strength into a visible jump in wealth.

If Rabiu crosses the $10 billion mark, he would join Dangote and Adenuga in a club that has remained strikingly small for Africa’s most populous nation. It would also be the first time in years that more than one Nigerian is above that threshold. Dangote, now worth more than $20 billion and, by Bloomberg’s estimate, $30.4 billion, would remain far ahead.