Abdulsamad Rabiu Ascends to Fourth Richest in Africa as Dangote Approaches $32 Billion Milestone
Nigerian industrial magnate Abdulsamad Rabiu has achieved a significant milestone in global wealth rankings, surpassing Egyptian telecoms tycoon Naguib Sawiris to become Africa's fourth richest individual, according to the latest Bloomberg Billionaires Index data. Rabiu's net worth now stands at an impressive $11.3 billion, reflecting a substantial year-to-date gain of $1.21 billion that has propelled him up the continental wealth ladder.
Wealth Rankings Reshuffle Signals Nigerian Industrial Strength
While Sawiris maintains a comparable fortune of $11.3 billion, his comparatively modest gain of $700 million this year has positioned him just behind the Nigerian businessman in continental rankings. This development marks another significant achievement in Rabiu's steady ascent among the world's ultra-wealthy elite. At the beginning of the year, Rabiu's fortune was estimated at $10.4 billion, placing him fifth in Africa behind Sawiris, who then held $10.7 billion.
Globally, Rabiu now ranks as the 302nd wealthiest person worldwide, a testament to his growing international financial influence. Meanwhile, Africa's richest man, Aliko Dangote, continues to consolidate his dominant position with a net worth approaching the remarkable $32 billion threshold. This reinforces Dangote's status not only as Africa's wealthiest individual but also as one of the most influential industrialists on the global stage.
BUA Foods' Spectacular Performance Drives Wealth Surge
The primary catalyst behind Rabiu's rising fortune has been the extraordinary performance of BUA Foods Plc. According to detailed financial reports, the company achieved a remarkable 91 percent increase in profit after tax for the 2025 fiscal year, soaring to N507.73 billion from N265.99 billion in the previous period. Revenue also expanded significantly by 18 percent to N1.80 trillion, up from N1.53 trillion in 2024, based on unaudited results for the year ended December 31, 2025.
This exceptional earnings growth has substantially boosted investor confidence and market valuation, directly impacting Rabiu's personal net worth. The surge in wealth among Nigeria's top billionaires underscores the growing clout of the country's manufacturing and industrial sectors, demonstrating resilience and growth potential even amid broader economic challenges.
Aggressive Expansion Strategy Fuels Long-Term Growth
Rabiu's business trajectory reflects an ambitious and strategic expansion approach that promises continued growth. Recently, he engaged in discussions with CBMI Construction Co., Ltd. to explore establishing a new manufacturing line in northern Nigeria. If successfully completed, this project could elevate BUA Cement's production capacity to nearly 20 million tonnes per year, significantly enhancing the company's market position.
In the food processing segment, BUA Foods has secured several strategic partnerships designed to deepen production capacity and expand market reach. In December, the company signed a significant agreement with Bühler Group to construct a 32-tonne-per-hour rice processing facility. Earlier in 2025, BUA partnered with Viteral Integrated Milling Systems to build a 40-tonne-per-hour animal feed mill in Kano State, strategically located in the region's grain-producing hub near major livestock markets, with completion expected by mid-2027.
Additionally, a collaboration with Italian firm Fava S.p.A. will expand annual pasta production by 400,000 metric tonnes through the installation of nine new long-cut production lines, further diversifying BUA's product portfolio and manufacturing capabilities.
Nigeria's Billionaire Momentum Reflects Continental Business Evolution
Rabiu's ascent and Dangote's expanding fortune represent a broader narrative of resilience and ambition within Nigeria's private sector. Strategic investments in food processing, cement production, and large-scale manufacturing continue to drive substantial wealth creation at the highest levels of Nigerian business. As Africa's business landscape undergoes significant transformation, Nigeria's industrial heavyweights are not only maintaining their continental influence but are actively strengthening their footprint on the global economic stage.
The combined fortunes of Africa's wealthiest individuals reached a symbolic milestone in 2025, surpassing the $100 billion threshold for the first time in continental history. Current estimates indicate Africa is now home to 22 billionaires with an aggregate net worth of approximately $105 billion, a substantial increase from $82.4 billion and 20 billionaires recorded the previous year. This acceleration roughly tracks the 22 percent upswing in major global stock indices over the same period, reflecting broad investor optimism and recovering commodity prices that have benefited African industrialists.
