From Cement to Fortune: How Abdul Samad Rabiu Became Africa’s Second-Richest Man.

There’s a new name turning heads in the world of African wealthand it’s not Aliko Dangote.

Abdul Samad Rabiu, the softspoken Nigerian industrialist behind BUA Group, has just surged to become the second richest person on the continent. According to the latest data from the Bloomberg Billionaires Index, Rabiu’s net worth has hit an estimated $18.6 billion.

That eye-popping figure didn’t come out of nowhere. Over the course of 2026 alone, his fortune has grown by roughly $8.47 billion making him Africa’s fastest-growing billionaire this year.

What’s behind the jump? A powerful mix of cement, sugar, flour, and smart industrial expansion. BUA Group, his sprawling conglomerate, has seen improved market valuations and steady demand across Nigeria’s key economic sectors. At a time when many fortunes are shrinking, Rabiu’s has been quietly climbing from about $15.9 billion recently to its current height.

This leap has pushed him past South Africa’s Johann Rupert, whose net worth dipped to $17.9 billion after losing nearly $1.76 billion this year.

Still, the top spot remains firmly held by fellow Nigerian Aliko Dangote, whose fortune stands at $34.4 billion, placing him 66th globally. But analysts say Rabiu’s trajectory is the one to watch driven by investor confidence in his long term industrial strategy.

Meanwhile, other familiar Nigerian names like Mike Adenuga ($6.5 billion) and Femi Otedola ($1.3 billion) didn’t make the global top 500 this time around. Otedola, however, made waves in 2025 after selling a majority stake in Geregu Power for over N1 trillion.

Forbes had already flagged Rabiu’s astonishing rise, noting his wealth grew more than 120% in a year from $11.2 billion to over $15 billion before Bloomberg’s latest update cemented his position even higher.

For now, Abdul Samad Rabiu stands firmly as Africa’s second richest man, proof that Nigerian industrialists continue to shape the continent’s wealth story one bag of cement at a time.