Lagos, July 2025 – Nigerian industrialist Abdul Samad Rabiu has seen his fortune surge to $6 billion, marking a $900 million increase since January 2025, according to the latest Forbes ranking.
The BUA Group chairman’s wealth growth – driven by strong performances of BUA Foods and BUA Cement – now places him within striking distance of becoming Nigeria’s second-richest person, trailing only telecom mogul Mike Adenuga ($6.4 billion).
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Johann Rupert (Richemont) remains Africa’s second-wealthiest at $17 billion, benefiting from sustained luxury goods demand.
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Aliko Dangote retains top spot with $24.2 billion, underscoring Nigeria’s dominance in Africa’s billionaire rankings.
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Wealth creation is shifting beyond oil/gas, with cement, telecoms, and FMCG sectors driving new fortunes.
“Africa’s ultra-wealthy are rewriting the rules – their diversified empires now outperform global markets,” noted a Forbes analyst.
