…net worth rises from $6.1bn to $11.2bn
By Damilare Adeleye
The Chairman of BUA Group, Abdulsamad Rabiu has emerged as the third richest individual in Africa following a remarkable surge in his net worth.
According to a report released on Tuesday by Forbes, Rabiu’s fortune soared by 120%, rising from $6.1 billion to $11.2 billion.
This marks one of the most significant wealth increases recorded on the continent this year.
Nigerian NewsDirect understands that the report underscored the growing wealth of Africa’s elite, revealing that 23 billionaires now command a combined fortune of $126.7 billion representing a 21% increase from 2025 levels.
The report showed that the continent’s billionaires added a total of $20.3 billion to their fortunes, buoyed by strong equity market performance and improved currency stability across key African economies.
Rabiu, who was previously ranked sixth in 2025, now trails South African luxury magnate Johann Rupert, who occupies the second position with an estimated net worth of $16.1 billion.
Forbes reported that shares of BUA Cement rose by 135%, outperforming the Nigerian Stock Exchange (NGX), which is up by 81%.
This record high follows listed companies reporting record profits and the government requiring Pension Fund Administrators to increase holdings in equity investments.
Meanwhile, renowned industrialist Aliko Dangote retains his position as the richest person in Africa with an estimated net worth of $28.5 billion.
The report revealed that Dangote is $4.6 billion richer in 2026, as shares of his NGX-listed cement company surged nearly 69% since last March.
Dangote Cement also doubled its profits in 2025 to a record one trillion Naira.
“The Nigerian native, who plans to take his oil refinery public later this year, recently announced his company had signed a $400 million deal with a Chinese machinery company to accelerate plans for doubling the refinery’s full capacity by 2029,” the report noted.
Other notable gainers include Michiel Le Roux, founder of Capitec Bank, whose fortune climbed to $3.8 billion as the bank’s shares jumped by 57%, outperforming the Johannesburg Stock Exchange.
In contrast, Egyptian investor Nassef Sawiris maintained a relatively stable net worth of $9.6 billion making him the only billionaire on the list whose wealth remained unchanged.
Sawiris holds stakes in global firms, including sportswear giant Adidas, where he is expected to assume the role of chairman.
Despite the overall growth, four billionaires recorded declines in their fortunes.
Among them is Moroccan real estate developer Anas Sefrioui who lost $300 million following a sharp drop in shares of Group Addoha.
Similarly, Nigerian businessman Femi Otedola saw his net worth fall by $200 million after divesting a significant portion of his holdings in Geregu Power. Both men are currently ranked among the least wealthy billionaires on the continent, each worth $1.3 billion.
The report further highlighted structural trends within Africa’s billionaire class, disclosing that 14 of the 23 individuals (61%) are self-made.
However, the demographic remains heavily skewed, there are no female billionaires on the list, and nearly all members are above the age of 60. Regionally, South Africa leads with seven billionaires, followed by Egypt (five), Nigeria (four), and Morocco (three).
On its methodology, the publication explained that net worth estimates were calculated using stock prices and currency exchange rates as of the close of business on March 1, 2026.
Net worth changes were measured against Forbes’ 2025 Billionaires list. To value privately held businesses, the publication started with estimates of revenues or profits and applied prevailing price-to-sales or price-to-earnings ratios for similar public companies.