Nigerian billionaire and business leader Abdul Samad Rabiu has recorded the largest increase in personal wealth among African billionaires in the latest ranking released by Forbes.
According to the 2026 list of Africa’s richest individuals, Rabiu’s net worth rose dramatically over the past year, reaching an estimated $11.2 billion. The increase represents a growth of about 120 percent, making him the continent’s top wealth gainer during the period.
The development also moved the Nigerian industrialist to third position among Africa’s richest people, improving from the sixth place he held the previous year.
What Drove the Wealth Increase
Analysts attribute the surge largely to the strong performance of BUA Cement, the flagship company under the BUA Group.
Shares of the cement manufacturer reportedly climbed significantly in the past year, outperforming broader gains in the Nigerian Exchange.
Africa’s Richest Individuals
Despite Rabiu’s strong gains, Aliko Dangote remains Africa’s richest person with an estimated fortune of $28.5 billion, while South African luxury goods billionaire Johann Rupert ranks second with about $16.1 billion.
Africa’s Billionaire Wealth Rising
The Forbes report noted that Africa’s 23 billionaires now control a combined net worth of about $126.7 billion, reflecting an increase of more than 20 percent compared with the previous year.
Nigeria continues to dominate the list with four billionaires, including Rabiu, Dangote, Mike Adenuga, and Femi Otedola.
Experts say the growth highlights the increasing role of manufacturing, infrastructure, and industrial investments in driving economic expansion across Africa.
