KEY POINTS
- Nigerian $10 billion wealth remains a rare milestone.
- Rabiu’s fortune has surged with NGX equity gains.
- Strong earnings underpin BUA Cement and Foods.
For nearly a decade, the $10 billion threshold has remained one of the most elusive benchmarks in Nigerian wealth. Aliko Dangote crossed it first, building a cement empire that transformed manufacturing across Africa. In 2016, Mike Adenuga briefly joined him, before slipping back below the line, according to Forbes.
Since then, Dangote has stood alone. His fortune has surged well past $20 billion, and Bloomberg now estimates his net worth at $30.4 billion, making him Africa’s richest individual. That exclusivity, however, may soon end.
Abdul Samad Rabiu, founder and chairman of BUA Group, is edging closer to the same milestone. Forbes estimates his net worth at $9.8 billion, up from $9.5 billion at the start of 2026, leaving him within roughly $200 million of the $10 billion mark and on course to become the third Nigerian to reach it.
Nigerian $10 billion wealth narrows gap
Rabiu’s ascent mirrors a familiar pattern in Nigeria’s billionaire ranks. Like Dangote, he built his fortune in cement, sugar, food processing and infrastructure sectors tied to population growth and everyday demand. What has accelerated his recent gains is a sharp rally on the Nigerian Exchange, which has pushed market capitalization above ₦100 trillion.
His wealth is overwhelmingly linked to listed equities. Shares of BUA Cement have climbed about 96 percent over the past year, valuing Rabiu’s 97.66 percent stake at roughly ₦5.9 trillion ($4.1 billion). BUA Foods has been an even stronger driver, with its shares rising 92.5 percent year on year, lifting the value of his 92.63 percent holding to about ₦13.32 trillion ($9.28 billion).
Bloomberg estimates Rabiu’s liabilities at $2.98 billion, a drag that keeps his net worth just shy of the Nigerian $10 billion wealth line.
Path to Nigerian $10 billion wealth
According to Billionaires Africa, the market rally has been matched by strong operating results. BUA Foods more than doubled profit to ₦405.2 billion for the nine months ended Sept. 30, 2025, as revenue rose to ₦1.42 trillion. BUA Cement reported profit of ₦289.86 billion, up sharply from a year earlier, supported by higher prices and steady demand.
Together, the figures point to an industrial empire generating cash as well as valuation gains. If Rabiu crosses the threshold, Nigeria would again have more than one individual above $10 billion though Dangote would remain far ahead.
