Nigerian industrialist Abdulsamad Rabiu has recorded the largest increase in wealth among African billionaires after his net worth surged by an estimated $6.1 billion over the past year, bringing his total fortune to $11.2 billion, according to Forbes.
The dramatic rise, representing a 120% increase, propelled Rabiu to third place among Africa’s richest individuals, up from sixth in the previous ranking. Forbes reported that he was valued at approximately $5.1 billion in April 2025 before the latest surge.
Much of Rabiu’s wealth growth is linked to the stellar performance of BUA Cement, whose shares climbed around 135% over the past year. Rabiu holds roughly 98.2% of the publicly listed cement company and controls about 95% of BUA Foods, a food manufacturing company listed on the Nigerian Exchange Limited.
Rabiu built his empire through strategic investments in cement production, sugar refining, and other large-scale manufacturing ventures. His ascent now places him behind South African luxury goods entrepreneur Johann Rupert and fellow Nigerian tycoon Aliko Dangote, who remains Africa’s richest person.
Forbes noted that Rabiu’s fortune has experienced fluctuations in recent years, rising from $4.9 billion in 2021 to $6.9 billion in 2022, then $8.2 billion in 2023, before declining to $5.2 billion in 2024 and $5.1 billion in 2025, before rebounding sharply this year.
In a move to further strengthen his cement empire, BUA Cement recently signed a $240 million deal with China-based engineering firm CBMI to build a new 3-million-metric-ton-per-annum production line at its Sokoto plant. The project includes the construction of cement line six, a dedicated power plant, and supporting infrastructure. Once completed, the facility will boost BUA Cement’s total production capacity to 20 million metric tons per year.
BUA Cement highlighted the strategic importance of the Sokoto plant, noting it is the only cement production facility in Nigeria’s North-West zone and a key driver for improving cement supply in the region.
