Billionaire Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu, has emerged as Africa’s greatest wealth gainer in the 2026 Africa’s Richest Individuals rating revealed by Forbes, after his internet value rose sharply over the previous 12 months.

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In accordance to the newest Forbes listing, Rabiu’s wealth surged 120 p.c to $11.2 billion, representing the biggest improve recorded among the many continent’s billionaires in the newest rating. The soar strikes Rabiu, who’s Nigerian, to third place amongst Africa’s richest people, up from sixth place a 12 months in the past.

The rise in Rabiu’s fortune was pushed largely by the robust efficiency of BUA Cement, his flagship publicly listed firm, whose shares surged by 135 p.c over the previous 12 months. The rally considerably outpaced gains in the broader Nigerian Trade, which has itself recorded robust development amid enhancing investor confidence.

Forbes estimates Rabiu’s internet value at $11.2 billion, putting him behind luxurious items tycoon Johann Rupert, whose fortune is estimated at $16.1 billion, and Africa’s richest man Aliko Dangote, who retains the highest place with an estimated $28.5 billion.

Rabiu’s rise underscores the rising affect of Nigeria’s industrial sector and the increasing footprint of BUA Group, which has constructed main operations throughout cement manufacturing, meals processing, sugar refining, infrastructure, mining and vitality.

The most recent Forbes rating additionally highlights a broader surge in wealth throughout Africa’s billionaire class. The continent’s 23 billionaires now maintain a mixed internet value of $126.7 billion, representing a 21 p.c improve from the earlier 12 months, as main fairness markets rallied and regional currencies stabilised.

Nigeria stays one of many continent’s main centres of billionaire wealth, accounting for 4 people on the listing, together with Dangote, Rabiu, telecommunications magnate Mike Adenuga, and vitality investor Femi Otedola.

Forbes mentioned the 2026 rating was calculated utilizing inventory costs and trade charges as of March 1, 2026, with privately held firms valued utilizing comparable business benchmarks.

Rabiu’s leap in the rating displays not solely the robust efficiency of BUA Cement but in addition the broader momentum of Nigeria’s capital markets and the continued enlargement of enormous scale industrial enterprises throughout Africa’s largest economic system.

Analysts say the event alerts rising investor confidence in African manufacturing and infrastructure pushed companies, sectors which can be more and more central to the continent’s financial transformation.